When do you drop your prices on your eBay listings?
This recently came up in our group. How long do you let a listing sit before you start dropping the price?
We have different points of view on pricing so we’ll share our process with our business model. Our business focuses on selling high profit items. We’re getting items for as cheap as we can in the local market and we’re selling them for lots of money on eBay. An average sale for us is typically $1,000-$2,000. We typically spend $50-$100 to make $1,000 or more on an item.
Most resellers are doing volume and they might have a system where they do a coupon or sale at the 10-day mark or 20-day mark. We don’t typically offer these type of sales. Because our items are unique items, they may take some time to sell.
What You Can Do Before Dropping The Price
There’s a lot of other things you can do before you drop your price. I don’t really drop my price on items for the public to see. We will send out offers occasionally to interested buyers, but that’s only for people who’ve marked to watch the item. We sometimes will play around with the price to show shipping included in the price or separate it out.
My goal is to price items right the first time. When I look at pricing an item, I look at the retail price of the item if it was new, what a good sale price would be off the retail value, and eBay comps.
We want to also look at whether there are any sold or active listings on eBay so we can be competitive with other listings. We don’t want to give the item away if someone has a lower price, but we try to make ours stick out with videos, good pictures, and quality descriptions.
We have 100% feedback on what we do because we’re not selling a ton of items so it’s easier for us to keep a positive feedback score and make sure our buyers are happy.
Audit Your Listing
If an item isn’t selling, audit your listing. Look at the pictures and maybe take better ones. Change your description and look at what other active listings are doing so you can make yours stick out more. Videos are important for items where a buyer wants to see the item works.
Promoted Listings
Another option to boost sales is to do a promoted eBay listing. You have to do eBay’s minimum, which is 2% of the sale price. When I use the tool, I only do the minimum. I feel like they work a little bit harder when you have the promoted listing. You have to make sure you have the profit there to be able to do the promoted listing.
Another thing that can help your item sell is adding more inventory. The eBay algorithm likes to see regular listings and usage, so adding new listings can help get your items sold. Plus, the more inventory you have, the more you can sell!
Also with vintage items that are 20-40 years old, you can set your own prices and don’t come down on those quickly. People will pay for items that have the nostalgia factor. Happy flipping!
Show Notes
Check out our free workshop: https://learn.fleamarketflipper.com/flipping-workshop-new–0b9f0
Follow us on Instagram: https://www.instagram.com/fleamrktflipper/
You can find us at: https://fleamarketflipper.com/
FURTHER RESOURCES
FREE Workshop How To Turn Your Passion of Flipping Items Into A Profitable Reselling Business
Download These 47 Household Items To Resell TODAY!
