Internet Auction Riches

In part one we covered the popularity and the possibilities that internet auctions can bring you. In part two we discussed how to set an auction business on ebay. And in this final installment we will discuss tips and tricks to shoot your ebay profits through the roof.

With internet auctions you make your money when you buy. What this means is that if you did not buy the item for a low enough price, you will not be able to make a great profit. You need to research the price of an item before you put it up for an auction and before you buy it. While you are researching pay attention to price, which categories the item has sold the best, quality of photos, and which key points in the description have worked best in the past. This will give you the keys to auction success. Think about that for a moment; find the item that you would like to sell and mimic a previously successful auction.

The way you do this kind of research is by doing a “closed auction search.”

On ebay:

1. Go to the main page at www.ebay.com
2. Click on “Search”
3. Click on “Advanced Search”
4. Type in a name of your item or key words for your item.
5. Click on the box that says “Completed Items Only” under “Refine Your Search.”
6. You will have a listing of all completed auctions for that item. Be sure to take notes of anything different about those items and your items. Items with the same name do not mean they will sell for the same price.

We discussed launching your auctions manually in part two. This means you will be creating your auction on the auction sites “sell your item” page. This process is very time consuming and if you plan on becoming a full time internet auctioneer. To simplify the auction process you will need a Auction Management Service. Here is a list of some of the time saving and profit enhancing features a auction management service provides.

1. Inventory management
2. Online stores
3. Auction listing templates
4. Automated check out service
5. Auction launching
6. Merchandising
7. Auction tracking
8. Payment tracking
9. Fulfillment tracking
You will be able to have 300 auctions going on at one time.

Avoid reserves if possible:

bidders will try to bid just enough to meet the reserve without going over, this could discourage some bidders. But if you need to make a certain amount of money on the item, go ahead and protect your investment.

Start bidders early:

If you have any past customers email them. Let them know about your new auctions.

Cross-reference all of your auctions:

In all of your auctions you will need to make mention of the other auctions you have running at the same time.

If you have read parts (1 of 3) of my internet auction breakdown, you are more than ready to launch your very own internet auction business. The world of internet auctions can be very profitable and exciting. Get started today. I hope I will see your listing soon.