world. In fact, quite a bit of work goes into



determining and setting prices.





Essentially, there are only three prices that can be



set for an eBay auction: the ‘buy it now’ price, the



reserve price, and the starting bid price. Of these



three, the starting bid price is the only one that is



required for an eBay auction. The reserve price and



the ‘buy it now’ price are optional. The starting bid



price is fairly simple – never set it higher than $50 or



so – no matter what your item is really worth. This



low opening price will get bidders to your auction.





Setting low starting bid prices creates the need for a



reserve price. A reserve price is the absolute lowest



price that you want to get for your item. You may sell



the item below the reserve price, but you will not be



required to. In other words, if you set your reserve



price at $100, and your highest bid is only $50, you



do not have to sell the item to the highest bidder.



You can close the auction without any negative



feedback or repercussions. Set your reserve price



at the absolute lowest price you are willing to sell



your item for. Keep what the item is worth, as well



as what it cost you in mind.





The ‘buy it now’ option will allow you to set a price,



and buyers can buy the item immediately, without



bidding, for that set price. This option can be used



for any type of item, and it should be set to match



your reserve, give or take a few dollars. This option



is great if you have multiple identical items to sell.





Shipping has a price, and potential buyers take this



into consideration when they are looking at an



auction. If you can see your way clear to offer free



shipping, you will find that people are placing more



bids. Make sure that your potential buyers realize



that you are offering free shipping!





Before setting any prices, you need to determine



what the item is really worth. The value of the item in



different markets might be quite high. However, you



are selling on eBay, and it is a different world



altogether! Find out the price that similar items sold



for on eBay before setting any prices. If it is a



collectable, or a high ticket item, have the item



evaluated to ensure that you aren’t going to lose