If you sell on ebay; The best way to check the starting prices would be advanced search. Then you can choose to look at all auctions going right now and what auctions have ended also. You can choose completed items to see what the best selling price was. This is usually the best way to check what price is good to start at.
Just click onto advanced search next to the search bar on ebay’s homepage. Now you will see a screen that brings you to advanced auction search.
Here is what I do; Write down the prices of the last ten sales that ended and sold at 8pm eastern time. Now, add them all up and divide by 10. This is the average selling price. Now you have a price to start your item. Sometimes this number won’t jive. But, use your own judgment, as this method works great 95% of the time. I try and make the average price, my buy it now price. Start the auction with a little lower price (at your discretion) than your buy it now price.
Recently I noticed the times people buy things on ebay have changed a little. On weekdays 6-10pm eastern time is the optimal time you want your auction to end. On the weekends the best time goes to 6-12pm eastern. (this is the most common time of day people buy things on ebay right now). So, I recommend you using this time frame for your auctions to end. Notice the times have changed dramatically since last October. Here is a post I made back in October about selling times.
If you don’t sell on ebay: I would recommend doing a search in Google and find and average that way. Take the first ten stores to you find selling the same product you want to sell. Add up their prices, divide by ten and you will get an average price to sell your item. Don’t set your price to high. You don’t want to be the highest price out there, just because other stores sell it for that much. Use your head; lower your price if you can and take their customers away.
There are 2 different price groups. One price group is called custom products. Custom products are ones that you or someone else have created. It wasn’t mass-produced by a manufacturer. Custom items are not usually found online. So putting an average price can be a lot harder. I would even put rare items into a custom price category. Custom price items generally sell for good money. Custom items are usually hard to find items, so people will want to pay more for them. I recommend making your own custom product. Custom price items are really good money makers. Ebay is a great place to showcase a custom item and make good money.
The second price category is called manufactured products. These are products that are mass-produced. They are usually made in a huge manufacturing plant. They usually come with a pretty box to dress it up. Manufactured products are generally very easy to set a starting price. You can usually find these items everywhere online. The problem with these types of items is; the products are usually in high demand and there is lots of competition selling the same products. The product to profit ratio will be a lot lower than a custom product, especially on ebay. You have to do lots of research to find the perfect product for the perfect price to buy at, so you can sell it at a low competitive price.
I hope this explains how you can price your items more accurately. I have been using this little system for years now and it works like a charm. Thanks for reading my blog everyone. Let me know if you have any questions. See you tomorrow.
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