Making Money with Online Auctions
When you say ‘making money online’, most people will automatically think of the world’s most popular auction site – eBay. It is no secret that a lot of
money can be made from auction sites such as eBay, so here follows a basic guide to auction sites, and how you can make money from them.
What are Auction Sites?
Auction sites are ‘marketplaces’ on the Internet, where you can buy and sell unwanted items, allowing people to bid on them.
How can I make money with Auction Sites?
There are many books written about trading on auction sites and how to make a profit (see the Amazon links to the right), but the below is intended to
be a quick guide, with tips as to how to maximise your profit.
- Buy low and sell high - as with any business, this is key to making a profit.
- Take time over your listing – there are so many poor adverts on eBay which don’t sell the product for what it’s worth (if at all), whereas a good
listing can sell an average product for far more. You can find many free listing templates on google, which can help make your listing look
impressive and therefore encourage bids.
- Always use an image - this helps you to sell your item more effectively. Many people see a listing without an image as a risk,
as it gives a sense that there’s something to hide.
- Choose your listing title wisely - this is how people will find your item. Use combinations of keywords that will ensure your product is found
within the search listings.
- Auction Snipers - when buying items yourself, you can use an ‘auction sniper’ to ensure you win the item. This places a successful bid at the last second, to ensure
you’re the highest bidder at closing time, even when you’re not at your pc.
- Know the ‘hot items’ at present – for example, Jimmy Choo shoes have just gone on sale at H&M as limited edition items, and are now selling
for double the price on eBay. The same happened with the Kate Moss collection for TopShop, and Buzz Lightyear dolls in previous years. Knowing the
in demand items at present, will help you maximise your profit.
Some other Online Auction Sites
ubid.com
Amazon Auctions
bidalot.com