What you need to know before selling ANYTHING on eBay this weekend
Flogging your stuff on eBay may seem like an easy option but don't get caught out by these profit-eating fees
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THE internet is full of rags-to-riches stories about how someone sold something old on eBay for ten times its original cost.
So when it comes to flogging stuff online, it's no wonder most of us turn to the online auction website.
Brits are set to go into a selling frenzy this bank holiday as eBay reveals that on average 9.4 million listings go live this weekend.
And while it's true that you can make a fortune when you're doing it right, you can also end up selling something for less than you had anticipated.
If you become an eBay entrepreneur, then you could be like Laura Rose who made up to £30,000 by selling her clothes on the website - but you could end up with egg on your face, like this seller who made a loss when he sold his new Jane Austen £10 note for less than a tenner.
To be an eBay pro, you'll need to follow these tips and tricks so you don't get caught out by anything unexpected.
Always set a reserve price
We all know that setting a low starting price will attract buyers - but you don't want to end up selling your goods for less than they're worth.
Setting a reserve price means that you can still set a low starting price, with the guarantee you won't get less than what you want for it.
If the auction doesn't reach your hidden reserve price, then the item won't sell and you are not obliged to hand it over to the highest bidder.
However, if your item does sell for more than the reserve price then you'll be charged a fee of four per cent for the privilege of setting one.
Watch out for seller's fees
You can list up to 20 things for free every month but there is a charge if you sell.
If you manage to sell your item then eBay will charge you ten per cent of the money you made - this includes postage and packaging.
So if you sold something for £100, eBay will charge you £10. You need to take this into account when you pick a starting price for your stuff.
The sellers fees vary depending on what it is you're selling. For example, if you're selling a car it will .
PayPal also charges sellers. Even though the online payment system is free to use when you're buying something, it will charge you 3.4 per cent of the final amount, plus 20p for each transaction.
Add this on top of your eBay fees and it's a sum that could really eat into your profit.
Sometimes, eBay does hold promotional days or weekends where you can list as many items for free as you like. Stay on top of when they are by signing up to their newsletter through the My Account section.
If you're not sure what fees eBay will charge you, you can work it out with their to see if it's worth listing anything.
Be honest with what your are selling
Firstly, lying about what you're selling is breaking consumer law.
Secondly, you don't want to end up in a situation where you've gone to the effort of listing your stuff, sold it and posted it only for it to be returned.
If it's not in perfect condition, don't say that it is, and if it's got any scratches or blemishes point them out with high quality photographs.
You don't want to be stung with refunds and returns.
Set the right amount for postage and packaging
A seller on eBay is required to pay for the postage up front so bear this in mind when setting the separate postage fee.
The auction site offers set postage fees base on what sellers with similar products charged but these might not be the best option for you.
Use the Royal Mail price finder to get an idea of what it will cost you.
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Always get proof of postage to avoid dodgy buyers who claim they never received their parcel.
Close your auction on Sunday when eBay's at its busiest
According to eBay, the website is at its busiest on Sunday evenings so try to end your auction then.
Avoid times when hardly anyone is on the site. There's no point in ending your sale at 3am when most people are asleep.
Check the TV listings to make sure your listing ends doesn't clash with popular programmes so that you get the most people possible bidding on your stuff.
eBay data from 2016 and 2017, reveals that more than 100 million searches will take place over the last bank holiday in May, with between 9pm and 10pm on the Monday being the best time to list items for sale.
Sell your stuff for free on other sites
You can avoid eBay's fees altogether by selling your things on classified sites, like Gumtree or Preloved.
These site normally attract local buyers who will collect the goods themselves and pays cash - that means no eBay or PayPal fees or even postage and packaging.
Facebook also offers a sellers service, Marketplace, which allows you to get rid of your unwanted things for free.
It works in a similar way to the classified sites, so cash in hand and no postage costs.
There are also other auction sites like eBid and CQout who charge lower seller's fees than eBay.
On the downside, your auctions aren't likely to get as much exposure, which means less bids so they might not sell for as much.
TOP TIPS FOR SELLING ON EBAY
- Download the app: eBay has focused on making selling even easier and faster, especially when it comes to the app which benefits from seamless integration with your phone’s camera.
- Think like a buyer: Fill the title with as many key words as possible, take photos and write a description that really sells your product.
- Pick your price: Price for success by comparing your items to ones sold in the past 90 days – even see the likeliness of a sale for some listings
- Pick your duration: You also need to consider the duration: a seven-day auction that ends on Sunday gives more time to garner interest and watchers, but if you’re selling a unique item you might want to select ‘good til cancelled’ which gives you plenty of time to get your item in front of buyers with no end date.
- Consider allowing offers: To attract more buyers, allow shoppers to make offers on your listings. You can choose to accept, decline or make a counteroffer.
- Use eBay delivery: When it comes to packaging up and sending your parcel, eBay has secured great prices on tracked services that can be dropped off at thousands of locations nationwide. You’ll save money, be protected and can do it all through the eBay site.
- Go free: Increase your chances of selling by offering your buyer free shipping, you can always include the cost in your price.
Latest on eBay
Know the law if you're becoming a professional trader
There's a difference between flogging your secondhand stuff and someone who specialises in selling goods.
If you're a trader - someone who buys things with the intention of selling them on - then you must .
This applies even if you're selling second-hand things too, and buyers have the right to up to 14 days to return the product.
eBay will charge you a set monthly fee, depending on the size of your business, for using their site for you to make regular income.
Selling your things on eBay can be a big money earner, even if what you're selling doesn't seem worth it.
Earlier this year, we reported how you can make hundreds of pounds a year by selling your rubbish - even leftover loo roll tubes.
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