Lately I have been seeing some high dollar sets sell for substantially less that they should because the sellers are new to eBay. My suggestion to maximize your profits is either A ) wait to sell them until you have a somewhat solid eBay account or B ) use a friends well established account to sell your in demand set. There might be more options but these are the two I can think of at the moment. I have seen some serious profits being thrown away because the seller has little or no feedback. Guess that's just the way eBay goes sometimes.

Good tip.  I was contemplating on whether or not to finally open an ebay acount to sell but haven't yet...heck I haven't even bought anything on ebay before haha.  With 0 feedback I probably wouldn't get as much back for something say like the 41999 crawler perhaps or the Robin redcycle polybag compared to a 'trusted' seller.  I would have to list for lower if there's competition.  As other members have mentioned it's best for new accounts to sell small things but more frequently first like minifigs to build up feedback. 

I opened my ebay account in 2003.  I only use it a few times a year.  In 10 years I've still only got the yellow feedback star, but it felt pretty cool to get that yellow star!

Lately I have been seeing some high dollar sets sell for substantially less that they should because the sellers are new to eBay. My suggestion to maximize your profits is either A ) wait to sell them until you have a somewhat solid eBay account or B ) use a friends well established account to sell your in demand set. There might be more options but these are the two I can think of at the moment. I have seen some serious profits being thrown away because the seller has little or no feedback. Guess that's just the way eBay goes sometimes.

 

Yup this is a problem. Why it is good to use BIN.

 

If you are just starting, buy a big set of minifigures for cheap (not a big deal if you don't break even). Sell the crap out of them to get your feedback score up.

Buy a bunch of .99 cent items to get around 10 feedback and then use stock photos on your expensive items that you are selling below retail.    

 

Ok, ok , this is what NOT to do.

Another thing I was noticing as I was doing some research on the sets I just finished piecing together was the whole auction vs buy it now.  At least in my current case, with most sets from the late 90's, the auction format was a TERRIBLE way to go.  The people who listed buy it now listings were selling their sets and minifigures off AT LEAST DOUBLE the price that people who listed via the auction format were selling.  For example, the most recent ending prices for auctioned off two face minifigures is right around $5-$8.  Buy it now is more like  $20-25

Another thing I was noticing as I was doing some research on the sets I just finished piecing together was the whole auction vs buy it now.  At least in my current case, with most sets from the late 90's, the auction format was a TERRIBLE way to go.  The people who listed buy it now listings were selling their sets and minifigures off AT LEAST DOUBLE the price that people who listed via the auction format were selling.  For example, the most recent ending prices for auctioned off two face minifigures is right around $5-$8.  Buy it now is more like  $20-25

And yes, I realize two face is not from the 90's, he was just an easy example

Purchasing a lot of cheap, but needed items is a good way to boost feedback fast and get your selling account in better shape. As long as you're buying stuff you need (and you can get a fair amount of household goods, etc. through eBay, it doesn't all have to be Lego) it's not even any waste of money.

 

Once you get to 50 or so feedback, as long as you look legit and write good ads, it's not going to hurt you all that much - we have 5300+ feedback on our main account and 60 or 70 on our "buying" account (which I do occasionally use for selling) and people seem fine with the lower account, too.

 

Re: using a friend's account - if I were advising your friend I would advise against it, strongly, unless you handed him the item to list, sell, and ship before he ever put it on his account. It's his feedback and DSRs at risk if you mess up at any point along the way in the transaction. 

 

Re: BIN vs. Auction - for most things on eBay auctions are a bad idea on average (yes, you will get an occasional flyer that goes way past what it's worth. This will not, once you sell any volume, make up for your losses.) The exceptions to this rule are super scarce, desirable items (some collectibles) and the flavor-of the-month items (think Tickle Me Elmo a dozen or so Christmases ago, or the current iPad/iPhone).

Another thing I was noticing as I was doing some research on the sets I just finished piecing together was the whole auction vs buy it now. At least in my current case, with most sets from the late 90's, the auction format was a TERRIBLE way to go. The people who listed buy it now listings were selling their sets and minifigures off AT LEAST DOUBLE the price that people who listed via the auction format were selling. For example, the most recent ending prices for auctioned off two face minifigures is right around $5-$8. Buy it now is more like $20-25

Buy It Now prices are not indicative of the current value of items. People can ask for anything they want, but if they aren't selling at those prices it's meaningless with regard to determining value.

Buy It Now prices are not indicative of the current value of items. People can ask for anything they want, but if they aren't selling at those prices it's meaningless with regard to determining value.

I should clarify, the numbers I was quoting were the actual sold listings.  I agree though, there are some ridiculous buy it now prices out there.

Also people don't realize one of the big ebay scams is for people with 0 feedback to buy an item and never pay for it just so the price sold for that item shows up as high.  Ebay doesn't remove the items from the sold searches if an item is never paid for.  An example would be for me create a fake ebay account and then buy a lego item for a really high bid or BIN price.  I never pay for the item but the next person who searches for prices will see the price paid and assume that's around the current market value which it isn't because the transaction was never completed.

I am worried about the people that have yet to set up Ebay accounts (talking to you Weakside - )  Seriously...do it right now.  Go buy some disposable razors or hair gel or some other item you buy anyways then start selling minifigures or random things you have around the house.  Sell some of your old toys if you still have them.  Like Justafrog said, once you get up over 50 you should be okay.  I had my account up to 1000 + but lost it in the divorce (yes...that was a factor that was discussed ha ha)  Luckily, I had started setting up a new account...the way ebay works the feedback is only calculated over 1 year so I wanted to make sure that I was covered if some yahoo left negative feedback for some ridiculous reason (yes...it happens all the time).  

 

I would also advise setting up a second account.  It's fine with Ebay, just don't EVER co-mingle them (ie bid on your own item).  Ebay gives out 50 free listings a month, which go fast, so 2 accounts = twice the free listings. 

Another IMPORTANT thing for new sellers - Emes mentioned this in passing yesterday, but it's going to kick some folks in the teeth if they aren't established sellers:

 

eBay applies selling limits and PayPal holds to new sellers - you will only be allowed to list a certain dollar amount and number of items when you start selling, and your money in PayPal will have a hold on it for a certain period of time (sorry to be vague, it's been awhile since I had to deal with these things on our small account). The PayPal hold is to verify that the items were delivered to the buyer and that the buyer isn't opening a case.

 

eBay and PayPal do this to protect themselves against scammers setting up an account, selling a bunch of stuff they don't have, pocketing the money, and leaving eBay and PayPal holding the bag when the buyers start complaining they didn't get their stuff.

 

The limits are increased over time if you keep selling and delivering as promised, and you can request limit increases every 30 days by phone, but for those with no established eBay selling account thinking they're going to list $10,000 in Lego in November, think again.

Another IMPORTANT thing for new sellers - Emes mentioned this in passing yesterday, but it's going to kick some folks in the teeth if they aren't established sellers:

 

eBay applies selling limits and PayPal holds to new sellers - you will only be allowed to list a certain dollar amount and number of items when you start selling, and your money in PayPal will have a hold on it for a certain period of time (sorry to be vague, it's been awhile since I had to deal with these things on our small account). The PayPal hold is to verify that the items were delivered to the buyer and that the buyer isn't opening a case.

 

eBay and PayPal do this to protect themselves against scammers setting up an account, selling a bunch of stuff they don't have, pocketing the money, and leaving eBay and PayPal holding the bag when the buyers start complaining they didn't get their stuff.

 

The limits are increased over time if you keep selling and delivering as promised, and you can request limit increases every 30 days by phone, but for those with no established eBay selling account thinking they're going to list $10,000 in Lego in November, think again.

 

To expound on this a little - eBay restricts new sellers to 10 listings at a time (and I think $500 in monthly listings).  In order to increase these limits, sellers have to be "confirmed" by eBay.  Sellers can apply for this by calling eBay tech support and asking for an increase in their listings.  EBay asks a bunch of verification questions (name, address, etc.), and then five questions about you.  If you answer these correctly, they will increase your limit to 100 items and $5,000 in total listings per month.

 

*edited to clarify "sales" - thanks justafrog!*

Small clarification: A limit of $5000 is the total dollar amount you're permitted to list - i.e, you can list $5000 in inventory. Whether you sell it is up to the market.

 

Good to know on the account verification, though - we were able to immediately increase our selling limit on the smaller account by linking it to the larger so didn't have that step to go through.

One thing I've learned: it's much easier to build your rating with purchases than with sales. I'm currently "awaiting" feedback on 17 sales. Seventeen! And the worst part is, 4 of them are the priciest items I've sold. Anyway if buyers had any respect for the process, I'd be at 112. Instead I'm at 95.

I know we've discussed lack of feedback before, but it really irks me when I sell a $400 Lego lot that I spent weeks sorting, cleaning, and packing, and the deadbeat buyer can't be bothered to take 2 minutes to say he appreciates the effort.

Just something to keep in mind when you're getting started on ebay.

If you price your items correctly and are willing to wait a bit longer, BIN is just better most of the time.

One thing I've learned: it's much easier to build your rating with purchases than with sales. I'm currently "awaiting" feedback on 17 sales. Seventeen! And the worst part is, 4 of them are the priciest items I've sold. Anyway if buyers had any respect for the process, I'd be at 112. Instead I'm at 95.

I know we've discussed lack of feedback before, but it really irks me when I sell a $400 Lego lot that I spent weeks sorting, cleaning, and packing, and the deadbeat buyer can't be bothered to take 2 minutes to say he appreciates the effort.

Just something to keep in mind when you're getting started on ebay.

 

My feedback score should be 50% higher than what it is because of other not leaving any feedback.  When I sell, I always wait for the buyer to leave me feedback before I leave them feedback.  I'm never taken offense if someone else doesn't leave feedback, but I will always remind them as I process their order to leave feedback when their item arrives.

Does anyone else list mainly BIN's and then just throw in a few auctions ( once a week) just to get people to look threw your store?

I used to toss a few auctions up and found it made no difference to sales, it just took up my very valuable time that I could have been using napping or folding socks.

 

I'm not saying I'll never use an auction again, but they're no part of my regular listing practices anymore.

 

BUYING, now, love auctions. Many bargains can be had.

hmmm I do love naps

One thing I've learned: it's much easier to build your rating with purchases than with sales. I'm currently "awaiting" feedback on 17 sales. Seventeen! And the worst part is, 4 of them are the priciest items I've sold. Anyway if buyers had any respect for the process, I'd be at 112. Instead I'm at 95.

I know we've discussed lack of feedback before, but it really irks me when I sell a $400 Lego lot that I spent weeks sorting, cleaning, and packing, and the deadbeat buyer can't be bothered to take 2 minutes to say he appreciates the effort.

Just something to keep in mind when you're getting started on ebay.

I have been selling on Ebay for over a decade and have a feedback score over 700.  I buy and sell a fair amount and I honestly don't ask for feedback and very often I don't give it.  Part of the reason is I don't really want to keep track of everything at this point.  I do make it a point to leave feedback for people that don't really have any so they can build it up but honestly once you have a fair amount I don't think it impacts much.  I am no less likely to buy from someone who has 500 than 65 to be honest. 

Does anyone else list mainly BIN's and then just throw in a few auctions ( once a week) just to get people to look threw your store?

Yes...exactly what I do.  I usually set the starting price at something I would be willing to accept.  Plus it keeps inventory turning.  If I get a super hot item I will list it with a .99 starting price and let the bidding ensue.  An example of this is when I sold a Ghostbuster re-release poster (yeah, they re-released it for 3 days 2 Halloween's ago) and I knew there was a huge demand.  Had about 50 "Watchers" and even made the front page of Ebay (where they put "Hot" items --  not sure if they still do this).  It was awesome, went for well over $100.

Does anyone else list mainly BIN's and then just throw in a few auctions ( once a week) just to get people to look threw your store?

 

We only do BINs. eBay has become the world's largest passive marketplace. It's all fire and forget at this point.

We only do BINs. eBay has become the world's largest passive marketplace. It's all fire and forget at this point.

 

Same here. I only do auctions when I want to get an adrenaline rush from a sale lol... 

I'll use .99 auctions just to move product and (hopefully) build my seller rating. Some folks out there have gotten some real steals from me. Of course, 30% of them still can't be bothered to leave feedback.

Also, it helps get me closer to that magic number of 100 sales in a year so I can qualify for top rated status. Maybe it'll pay off in the end...