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What price should I ask?

If you are going to run an auction, there are a number of things you will need to decide in order to do a listing. First, you will need to select a starting price. In choosing a price, it is good to do some research first. One easy way to get a feel for what other sellers are charging for your item is to go to eBay and search for similar items. A list of items will come up and you can get an idea of the range people are selling your item for.

When picking a starting price, bear in mind eBay's fee schedule. eBay charges an insertion fee for each item you list. The fees vary according to starting price, so be sure you do not get charged a higher fee amount just by adding a few cents! For instance, from $1.00 to $9.99 costs the same insertion fee, so you wouldn't want to put in a starting price of $10.

You will also need to decide whether or not you are going to have a Buy It Now price or a Reserve Price.

With the Buy It Now option, you give the buyer the opportunity to purchase the item right away without waiting for an online auction to end. eBay's rules concerning the Buy It Now option are that to sell with Buy It Now, you must have either a minimum feedback rating of 10 or be ID verified. Or if you have a PayPal account, you need to have a minimum feedback score of 5 and accept PayPal as a payment method. Many bidders on eBay prefer to shop and purchase an item as soon as they see it, rather than come back later for an auction. Therefore if you want to run an auction, you can still please these potential buyers by offering this option. Many are willing to pay a higher price just to get the item right away and not risk losing an auction to someone else.

You can also have a Reserve Price for your auction. This is the lowest price that you are willing to sell your item for. Bidders cannot see the reserve price, although they do see that the auction has a Reserve Price. All Reserve Price Auctions are subject to a Reserve Price Auction Fee that will be refunded only if your item sells. Sellers often protect themselves using a Reserve Price. If you have a high starting price, your insertion fees will be higher and many bidders are turned away by too high a starting price. If your starting price is too low, you may sell your item for under what you wish to receive for it. See eBay fees.

These options are much debated by sellers on eBay and each has its positive and negative points. Use your early auctions to experiment with different selling options and find out what works best for you and the kind of items you will be selling.

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