Many sellers are terrified of starting their auctions at $.01 and not having a reserve price. They are afraid that if they do this then the item that they're selling will sell for less than its worth. First of all, an auction is capitalism at its best. Whoever is willing to pay the most gets the item. Basically, whatever the highest bid ends up being IS what the item is worth. Of course, if you have read the rest of this article then you'd know that there are many things that you can do to receive higher bids on your auction like adding photos and writing a great description. However, the Powersellers that I spoke with all told me that they begin 99% of their auctions at $.01 with no reserve; the rare exception being extremely expensive items that they have never sold before. You see, one Powerseller that I interviewed told me about a little experiment that he conducted on several occasions. Basically, what he did was place identical items up for auction which he knew that he normally had sold for $300 (with a starting bid of $9.99) in the past, placed them in the same categories and began and ended them at the exact same times. The only difference between the two auctions was that one auction he began at $.01 and the other he began at $25. In fact, if one searched for the particular item that he was selling, these two auctions would show up right next to each other. At the end of the auction, the one that began at $.01 had received 63 bids and ended with a winning bid of $343. That's $43 more than he had ever made off a previous sale. The auction that began at $25 ended with only 43 bids and a final price of $287 for a difference of $56! Remember that everything was exactly the same except for the starting bid price. Why does this happen? It's pretty simple really. First of all, you'll receive bids from a larger number of unique bidders and remember that every time someone is outbid, they receive a notice that they have been outbid. In affect, eBay is promoting your item for you even more. Second, more bids draw more bidders. Ask yourself this: when you are scrolling through eBay listings, what catches your eye more: an auction with 3-4 bids or an auction with 20. Some people claim that it doesn't make a difference but the numbers prove otherwise. Bids beget more bids. Finally, people always want to "win!" You know, when you go to Wal-Mart and buy something, they don't say "You Won!" do they? Of course not! But on eBay, you're the "winning bidder!" The more people that you draw into your auction then the more people you will have wanting to win. Don't be scared! Always start your auction at $.01 and "no reserve." This option always makes more money. But there is one exception to this rule: don't do it when you are just beginning to sell an extremely expensive item that you have to put a lot of your money on the line. For example, when I first started selling sporting tickets on eBay, I really had no idea what I was doing or how to effectively list an item. But once I figured that out, it really didn't matter how much I bought the tickets for because when I listed them at $.01 and no reserve, I made about 18% more per sale! Special note: if you have no reserve on your auction, always put "no reserve" (minus the quotes) in your auction title or, if you don't have enough space for that, then put "nr" in the title. Do this because many people are opposed to auction with reserves and so they will always search for their keyword plus "no reserve" or "nr" and if your title doesn't have these keywords then they won't see it. Well, that's it! Armed with these secret eBay strategies, you too should be well on your way to making a very substantial income on eBay. However, should you wish to obtain even more information about how to make money on eBay and the rest of the Internet, please visit our eBay store for some fabulous informational products?
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