Are you retired and looking for a new hobby that includes making money? EBay is a great place to sell goods or crafts. But it’s not as easy as it looks. An auction business takes time, research and know-how.
Many retirees have written me about their eBay experiences. They claim several advantages over younger sellers. Retirees can go to the shipping offices when lines are short. They can hit yard sales any day of the week to find hidden gems. And they have more time to address customer questions.
Sound interesting? Before you begin, here are some things you should know about eBay:
There are fees. You must register and create a seller’s account.
Credit- or debit-card information is required to confirm your identity. Or, you can use the ID Verify program. This service verifies your name, home address and phone number for $5.
When you list an item, eBay will charge a fee. This runs from 25 cents to $4.80, depending on the starting or reserve price of your item.
If the item sells, you also pay a final value fee. This starts at 5.25 percent for items $25 or less. The fee rises with the price. You pay nothing if your item doesn’t sell.
Research what sells. People will buy nearly anything. Your junk is their treasure. Bidding wars have started over vintage clothing, out-of-print books, music records, promotional cups from fast-food joints and more.
Before posting an item, search eBay for the same item to find the going rate. If you think the market is saturated, hold off selling it.
Describe it well. When listing an item, the title should be exact.
Avoid generalities such as “teddy bear.” “Vintage 1950s Steiff Teddy Bear” will attract more attention. The description should include the item’s condition. Describe other relevant information, such as size and weight. Be honest about defects. Buyers will rate you.
Finally, check your spelling. A search for “teddy bear” will miss your listing for “teddie bear.” Also, proper grammar and correct spelling will garner greater trust.
Photograph it. Shoppers are less likely to purchase something sight unseen. So you’ll want to display the item in the best possible light. Don’t use your cellphone’s camera or a webcam. Use a digital camera. Purchase one, if necessary. Take several pictures from different angles and choose your best shot.
Set the price. You can start the bidding as low as a penny. But you run the risk of selling a $500 item for a buck. If you set the starting bid too high, you could discourage bidding.
There are two ways around this. You can set a reserve price. If bidding doesn’t meet your reserve, you can refuse to sell. You also can set a Buy It Now price. A purchaser can buy the item without bidding. Set the Buy It Now price slightly above your hoped-for auction price.
Payment and shipping. PayPal is the common way of transacting payment. PayPal guarantees payment if you follow its rules. Read this agreement carefully.
When shipping the item, ensure that it can be tracked. For added protection, make the bidder sign for the package.
