So you have set up your ebay and paypal accounts and linked them. You know how to post and add pictures to start listing your goodies. But wait! You are missing something big.
Did you do your research? That’s right, this is the one of the biggest things people overlook.
I ran into a lady who was impressed by the profit margins just for a “easy-pickup-and-grap” at the local thrift shop.
She asked me if I ever failed….the answer was a BIG FAT YES! When I started, I failed all the time. I considered quitting, and saying Ebay wasn’t worth it. I am glad I stuck with it and did some research.
When I first started, I picked up designer name brands that I was familiar with. That bombed completely.
Research is knowing what will sell and what the profit margin will look like. Below are some tips to help you get started in the right direction.
1. Don’t be scared to buy out of your comfort zone. – Most important
Remember you are not buying for you and your likes and taste, but others. I have brought some crazy things to the counter and as I am paying for them the cashier asks quitely, “What are you going to do with that?” I have to giggle and say, “Make $75.00 on Ebay”.
True story: I was at a police auction with over 300 people crammed in one small area with tons of items, and I had my eyes only set for a coffee can of car fobs.
Everyone laughed at me for bidding of the can o’ fobs, which I stole for $10.00. Snickers from all sides ensued. One woman asked really loud….”What are you going to do with those?”
….I whispered in her ear, so that no one else could hear, but her, “Do you see each one of these fobs? Most are high-end car fobs and are worth $10.00-$70.00 a piece on Ebay. Her laughter turned to solemn amazement as she ran her hand through the fobs to estimate the value of the can’s worth…
Everyone else was left to wonder what I had told her…as they saw her immediate reaction. No one was snickering, but asking the lady, “What did she tell you?” …I could see one by one, everyone mockery turn to awe.
Won’t lie it was a great feeling, and I profited hundreds of dollars. Don’t be scared to buy what others might overlook.
2. Is it unusual?
This one ties into #1. The unusual sells. If you have never seen it heard of it. It is time to research it. More than likely it is going for a pretty penny on Ebay for it’s rarity or unusualness.
3. Is it hot?
Do a quick scan of what the snapshot looks like right now. (Not 2 weeks ago – Yes, it can change that fast.) You might think well I made hundreds of dollars on crochet blankets…I am going to do it again this season. Nothing lasts forever! People are fickle and will change on a dime. Always do research on the item you think is a sure thing.
4. Is the market flooded?
Even if it a sure thing, do research to see how many of them are selling currently. If there are too many on the market, that will drive the value way down and is the death of many good flippers. Go to Ebay’s site and in filters click “sold” to see how many are selling and at what price.
There are many other little tips, but I promised myself to keep each post short and simple to read. I will dump a few more are time goes on.
