Last week we had a mystery commenter make a very bold claim: he bought items on eBay and sold the exact same items on eBay with a 50% markup. He said it did it every week consistently, making about $5k+ every month. He was a part-time seller for a long time until he was recently laid off from his job.
As you know, we love numbers and facts so I began speaking to him through email. This is how I got to know Chris the Coin Guy. I couldn’t believe that the same exact item could be sold twice on eBay (sometimes in the same week) for that big of a profit. It’s like a snake eating its tail. He agreed to do an interview and explain his process buying and selling coins if he could remain anonymous. I’ve seen his eBay store and can verify that all his claims are true.
What’s interesting to me is that Chris says that he capitalizes on the inefficiency of eBay auctions. Yes, sellers think the market will set the best price…but as Chris points out, most buyers don’t obsessively follow every auction. He wins about 25% of the auctions he bids on for way under what a coin is worth. Then he puts it back on eBay at Fixed Price for the price it should sell for. It’s unbelievable he can do this regularly.
The eBay forums are full of people who hypothesize how eBay works. Great to hear from sellers who lay out their process and share their numbers. No mystery involved. No one can argue with a seller who can pay their bills at the end of the month.