Learn how to find the right selling price for used items.
Pricing used items for resale can be challenging if you don’t have experience or know how to look up comps (comparables). There are many factors to consider when pricing your used items for resale on eBay: Are you offering shipping, what profit do you want, and how much will fees cost you? Is it a common item or rare? Here are some tips on how to be prepared to price your used items on eBay.
Do Your Research
Do you know your item’s brand name, make, and model? If not, it’s time to do some research. Some brands of products will sell for more than others. For example, if you were selling a purse, you wouldn’t just post “purse” as your item title on eBay. You’d want to say Louis Vuitton cross-body purse and maybe include the model. If you don’t know the model, go to google and start searching for purses that are similar. Then you know what the retail is, and you can begin to get an idea of what to sell it for. That’s just one example, but it applies to all items.
Look At Comps
If you’re new to reselling, looking at comps is a great way to learn how to price your items. To look at comps (comparables), go to eBay. Search for the item you are selling. You can see what others are selling the same item for. To see what the item sold for, click the button to filter by sold items. Sold items show the final price an item sold for and if it was “buy it now,” best offer accepted, or an auction.
Price Lower As You Build Feedback
As you’re starting your reselling business, you may have to price your items a little lower than comps to compete with sellers with established feedback. Once you build feedback, you’ll be able to price in the range of other sellers. You can get your feedback up faster by purchasing items you’d normally buy on Amazon through eBay. As a buyer, you also build feedback, so this can be a quick way to increase the amount of feedback you have.
Know Your Numbers
It’s essential to know what you want to make from an item to know what price to sell it at. Once you know the goal profit, you can estimate fees and shipping to get an idea of what you should charge.
We like to 10x our profit, which means if we bought something for $100, we’d sell it for at least $1,000 to 10x the investment. If we can 20x our investment, it’s even better.
That doesn’t mean we charge extremely high prices for everything. Because we sell high-profit items, we aim to sell our items for 50% of retail. When people are looking for used items, they are looking for a deal. By providing items at half of regular retail, we are giving them a great deal and making a profit.
As you gain more experience, you’ll know how to price used items faster. If you niche down, it’ll become even easier to price your items faster. The biggest tip is to do your research before you buy an item, so you know whether it’s worth it to buy the item or not.
Are you ready to make $100 this week? Download our free PDF.