Selling Too Cheap? Are Dealers Better?
Newbie Sellers, is your low feedback stopping you getting the best price. It's OK if you are selling lots of low priced items, or some old junk, but if you have high value items to sell, you probably are short-changing yourself by selling on eBay. It may not be what you want to hear, but it is probably just an unfortunate fact of life.
Another dealer just told us (2nd September 2006) he had seen a 2006 gold proof £5 crown sell for £460!. Naturally, we took a look, item # 190024899557, and sure enough it sold for £460.59.
Our fellow dealer commented that it perhaps sold for such a low price because the seller had a low feedback (5), and it is highly likely that many potential buyers would not risk sending payment of £400 to £500 to a relatively unknown seller. We had already noticed this happening many times over. Buyers are happy to risk a few pound on a piece of cheap junk, but are understandably reluctant to bid for high priced items from a low feedback seller.
It seems like the seller used a starting price of £50, which is rather pointless, as it cost about £1.50 listing fee, as against 15 pence to start at £0.99; and only £2 to start at £500. At lest he did not appear to use a reserve, which would have cost him an extra £5. After selling costs of over £20, he would have come out with less than £440! Most UK dealers would have snatched his hand off at about £450, we are actually advertising to buy these at £500. Our July Coin News advert quotes our Buy - Sell Prices as £500 and £575 respectively, and even on eBay our staring price is £595, allowing for most of the £20 in final value fees.
If the seller gets paid by PayPal, he could find costs him another £20 to £30 in PayPal fees, and perhaps more in exchange rate losses.
This seller lost out by at least £60, and possibly more.
We Sent the Seller an E-mail
We know this is too late, but...
Did you know our buying price for these crowns is £500, as published in July issue of Coin News.
We would have sent you a cheque by return post for £500, and this would also have saved you eBay selling fees, and all the work of creating the listing.
(Actually, we don't know if this is in breach of eBay's policies, but there isn't time to re-read them all again, and we don't see that it should do them any harm).
We suggest that if you only have a low feedback, that you stick to selling lower price items initially. For higher price items, either wait until you have more feedback, use a higher starting price, create an "About Me" page with information about yourself to help give confidence to potential buyers, and phone one or two reputable dealers first, you may be pleasantly surprised!
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Selling Too Cheap? Are Dealers Better? Thrown £60 Away?
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9 September 2006
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