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I was just wondering how you all handle low ball pricing and shipping when you see the same (or very similar) item you are getting ready to list listed with a price and/or shipping way below what you know should be the actual value. I am especially wondering how you list your item when you see that there are other sellers of the same item or similar item low balling while only one or two actually have it priced at or above its pricing and/or shipping value.
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The thought on here in the past and words from the “sage” Jay and Ryanne was always price high. Then you wait it out until all of the other lower priced ones sell. Then yours will be the only one left and then you are good to go at your priceing. Then as new people come along and do the same research after you, they see your price(s) and price accordingly and you all then set the new bar level.
We also use other sources to arrive at our prices and many times we are way higher than what is currently [if there are any] listed on Ebay, and even then we sell at times before the lower one sells.
My take is, if there is one nut who doesn’t know the difference between anything and nothing and they don’t research and in turn prices low, then another fruit cake comes along and only uses Ebay as a pricing guide and also prices at the first fruit cakes low prices, then you have the blind leading the blind down a dark alley on a moonless night. Sooner or letter they will disappear and then knowledgeable people will again reign the roost and higher prices will prevail. That’s why we use other databases, even though they are older prices to use as a back up source. I know Jay prefers to only use Ebay recent 90 day solds. But if you had 10 nut jobs all price something at $10 and they all sold and that is all you use to go by, then guess what, you will probably price at about $10 or more yourself. But then I look at another source and see 40 have sold in the last 16 months and every one was over $50 each, then $65 will be price and I don’t care about those 10 people at $10. Works for us. I hate it when I am priced at what most people have sold for on Ebay. Most don’t do anywhere the research we do. Now, this goes for unique one of a kind items, not easily gotten, mass produced items.
I assume Jay still has the same mind set as when he said this way back when about pricing high and waiting until you come to the top. Another part of the list it and forget it strategy.
Mike at MDC Galleries in Atlanta
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the blind leading the blind down a dark alley on a moonless night. How true.
What alternative sources of pricing history do you recommend? I use Terapeak and I am considering Worthpoint.
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In many ways we are helping decide the market. Unless you’re selling a commodity item, then you get to choose where you want to set the price.
Selling weird, vintage items where the value is based on nostalgia and quality is very different than selling HDMI cables and pork bellies.
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Worthpoint all the time, especially for the unique items. Kovels antique guide for higher priced antiques, Google of course and then occasionally Ruby Lane and Wayfair for newer more recent commoditiy type items but we try to stick with older pieces when we can.
Mike at MDC Galleries and Fine Art in Atlanta
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Which Worthpoint service are you using Mike. There are three options and I think it’s time to expand my sources for pricing.. Thanks
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SCJ: We have the entry basic level now. We used to have a higher level but found that we so seldom used the benefits. At the entry level you get to see the item & photos, the description, the category it was listed in, the price it sold for and the date. We use the search box to narrow down to the type of item just like we and everyone else uses Ebay solds and then sort by highest to lowest. Then start scrolling down and looking for something that matches. We use the description as inspiration for our description but don’t just copy and paste. We just re-type and paraphrase sometimes, then price our items at or above the higher levels of what we find. But as Jay say careful not to go so far back, like 10 years or so.
We have a special pricing of $14 per month, but that is because we have been a subscriber from way back and we did not opt in to the upgrades and price increases through the years, they have just let us be grandfathered in at that rate.
Try just the basic for now and see how you like it. You can cancel at any time so try for a couple of months. Unless you are going to be researching Asian chop marks, pottery and pewter hallmarks and other very detailed data, then the basic should do you just fine.
Please let us all know how you like it, what benefits or not you think it offers and post back.
Good luck
Mike, Susan and Lisa the team at MDC Galleries in Atlanta
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I have a theory on garage sales: There are two types. The first are the annoying people trying to get the highest price on their goods. The second group are people who just want to get rid of their items at any low price.
When the second group moves their items to ebay, look out below!
There are people on ebay running a business (us) and there are people cleaning out their closets (and/or) “hobby” sellers. Sometimes we just have to wait out the hobby people for the prices to return to “normal”.
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Agree with the above. The sellers who price ridiculously low (and with free shipping!) are amateurs. I guess they’re not actually trying to make money. They’re just having an online garage sale, trying to clean out space. Once they’re stuff is gone, then our items will be there at a reasonable price.
This is only true for the vintage, weirder, offbeat stuff. If you’re competing on new commodity items that are being pumped out by Chinese factories, then it’s a race to the bottom. Everyone selling the same item means you must compete on price. There seem to be some sellers willing to make pennies on the dollar. I’ve even read how some big sellers push out stuff below profit margin just to flush out the smaller sellers.
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Yes.. and don’t forget the recent posts here about the e-packet deal with China. They can sell something for $2.00 and “Free Shipping” because of that E-Packet set-up whereby they can “export and we import” those cheaply made items without VAT and export-import fees. I think I read where the Chinese could mail something less than a lb. for about $.25.
But we have had some good sales the past few moths. Highest ever, with sveral sales in the $200 to $300 range with one at $880. These types of items are just not found every day and not mass produced.
Jay hit the nail on the head, we run businesses with thoughts about, COGS, gross and net profit margins, what we do and do not sell, taxes, expenses, demand, rarity, uniqueness, etc. Many sellers are just clearing out their house, down sizing, or just tired of having non-used things hanging around. They are only interested in just moving things out BUT still want to get a few bucks back in return. If space was the only issue, then just donate, but they want a few bucks, but could care less about what the market will bear, market value and the such.
Mike at MDC Galleries in Atlanta
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The majority of the items I sell are unique on eBay, or there are a few (2-5) similar items available.
When there are similar items available, I try to make mine the cheapest within a reasonable range. For example, a Sony Discman may be $25 to $35 with other sellers, so I will price mine at $23 to move it quickly.
When I have an item that a lot of people are selling (for example a Sony Playstation 2 system) I price it based on the “average” for a similar item, but make it geographically enticing with a good local shipping rate. Most items I sell like this go within a few hundred miles of my location.
I don’t bother competing on commodity items with Chinese sellers – you can’t win at their game.
My eBay strategy is to move inventory fast – 30-50% of my items I try to move within a month. For example, my current 30 day running sales are 104 items sold out of 318 that are/were listed in that period – so I’m not too happy – hoping sales pick up the next few weeks.
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Pork bellies, Jay? I had to go and check that out and, yes, they sell pork bellies on eBay!
O.O!!!
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I guess i really meant Pork Belly Futures: https://en.wikipedia.org/wiki/Pork_belly#Futures
It’s the iconic item traded on wall street. It’s a commodity that has a known price.
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In reference to non-commodity items:
If you price your items (moderately) higher than the competition, you can attract certain buyers. The price conveys higher quality and/or better service. Also, high quality pictures can help convey this.
For example, the other day I listed a vintage percolator from the 60s. Every sold listing was in the $50 range or less. Current listings (10 to 15 sellers) were anywhere from $30 to $50. I priced mine at $75 and it sold the next day. It was the highest price for this item by about $25 and was probably equal in condition to most of the others. The only difference was a higher price and a bit better pictures.
Another example is a brand-new baseball cap that had the logo for NBC. I picked up 10 of these hats brand new at a local flea market. Another seller (who lives nearby) also had apparently picked up the same hats (way more than I had). He was selling them at about $8 for a set of two of the hats (with free shipping). I sold mine for $25 each plus shipping. Now, to be fair, I’m certain he sold more of these items than I did, but I still managed to sell all of mine at my asking price, even though the buyer could have gotten 2 of the identical product from him for way less. However, I had better pictures and my price conveyed a higher quality product.
Anyway, my point is don’t always race to the bottom. Be willing to price high. Some buyers seem to seek out sellers that have higher prices.
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This is excellent information and all your sharing is so invaluable. Thank you for being so open and for all you do to help each other.
We have been getting some very low ball (offensively low) offers on some of our items. In one case I raised the price on an item after one of those low ball offers came in (it made me mad!) and sold the item shortly thereafter.
QUESTION: We have 11 bottles of Mink Shampoo (vintage). Right now we are the only people listing them. I have them listed at the going rate of about 35/bottle. I had an offer for 24/bottle awhile back from a “private” buyer/seller. He/she were very polite and we agreed to stay in touch if I decide to work out a deal with them.
What would you do? Wait it out and see if your item sells? (so far none have sold).
And this private seller/buyer has really great ratings but I cannot learn anything else about them because all their info is blocked. Why would someone do that?(In case you are interested the name is *quebert* (with the asterisks).
Any input on this would be GREATLY appreciated.
Thank you.
Sigal
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Thanks Jay!
Any thoughts about “private” buyers/sellers?
Why would someone who does a LOT of selling and buying go private?
Sigal
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You mean people on eBay with private feedback?
–Could be a seller, but most people just have a buying and selling account
–some people buy “intimate” items that they want to remain private
–some people just choose privacy when given the choice.I guess I’m confused your concern? That this person will buy from you and sell them higher? If $35 is the going rate, then $24 is a good deal. There’s not much room for more profit there after shipping and fees.
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With slow selling vintage items, it often makes sense to take a fair offer so you can clear it out quickly. I’ve kicked myself more than a few times for rejecting decent offers on weird items. Offer them the bottles at 25 each and then invest that money in new inventory so you can make even more money.
As for private buyers, they probably just care about personal privacy online. Besides, I don’t think vintage shampoo is a product category that would be appealing to scammers, if that is what worries you. This is just a buyer looking to get a discount on a niche item by buying in bulk.
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Thank you Zack and Jay. Both of your inputs are excellent and Tony and I both agree with you.
Yes, I was concerned that this buyer would flip the item (again we are new!) and Zach, yes, I am kicking myself just about now.
The buyer was super nice and we agreed to stay in touch so I am reaching out to him/her now and we’ll see what happens.
Thank you sooooooooooooooo much for your input.
Sigal
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