eBay...now that's what i'm talkin' about!

[joeyrose]

bought a stainless flatware set on ebay for less than $80, got in and listed on 7/20, sold today for $204 plus shipping. so made over $100 (more than doubled my investment after fees) in less than two weeks. does this happen all the time? no, but it surely is fun when it does.

ebay can be a nice source of milk money, even when buying all one's inventory on ebay (i do this). takes awhile to figure out a niche and become an "expert" in it, but it can be very rewarding extrinsically and extrinsically. i have a store, keep about 600 listings going all the time, and have a basement for storing inventory. i also rented some dvc points (spec ressie) at a very good price recently.

today i was under the weather, didn't do much of anything but nap, eat, play with dogs, and goof around on computer. but meanwhile, i sold over $500, not bad for a sick day.

any other recent "success" stories out there?

 

[Handbag Lady]

bought a stainless flatware set on ebay for less than $80, got in and listed on 7/20, sold today for $204 plus shipping. so made over $100 (more than doubled my investment after fees) in less than two weeks. does this happen all the time? no, but it surely is fun when it does.

ebay can be a nice source of milk money, even when buying all one's inventory on ebay (i do this). takes awhile to figure out a niche and become an "expert" in it, but it can be very rewarding extrinsically and extrinsically. i have a store, keep about 600 listings going all the time, and have a basement for storing inventory. i also rented some dvc points (spec ressie) at a very good price recently.

today i was under the weather, didn't do much of anything but nap, eat, play with dogs, and goof around on computer. but meanwhile, i sold over $500, not bad for a sick day.

any other recent "success" stories out there?

Am I understanding the concept that you are buying on eBay one item and selling that same item again at a higher price?

Why doesn't the last buyer just buy the item you are looking for at a cheaper price? Are people that dumb? Is it a matter of timing?

 

[joeyrose]

Am I understanding the concept that you are buying on eBay one item and selling that same item again at a higher price?

Why doesn't the last buyer just buy the item you are looking for at a cheaper price? Are people that dumb? Is it a matter of timing?

there's lots of ways to do this, timing has a lot to do with this, also auction versus buy-it-nows...i always use buy-it-nows and hold inventory longer than folks do with auctions. typically, i buy from sellers who sell on auction from estate sales, etc. they make their money quickly, it takes me longer, but i generally make more because i have learned (over time) what people will pay for stuff in my area.

also, some sellers simply don't have much experience in the product and/or don't a good job marketing. this time, the seller had "oneida" misspelled as "oneida" and didn't know the pattern name. i spelled oneida correctly and put the pattern name in the title so buyers looking for the pattern can find it by using the search function and the pattern name. i priced it at a "fair" price and it sold in less than a week.

 

[horseshowmom]

Am I understanding the concept that you are buying on eBay one item and selling that same item again at a higher price?

Why doesn't the last buyer just buy the item you are looking for at a cheaper price? Are people that dumb? Is it a matter of timing?

That's what I was wondering too!

there's lots of ways to do this, timing has a lot to do with this, also auction versus buy-it-nows...i always use buy-it-nows and hold inventory longer than folks do with auctions. typically, i buy from sellers who sell on auction from estate sales, etc. they make their money quickly, it takes me longer, but i generally make more because i have learned (over time) what people will pay for stuff in my area.

also, some sellers simply don't have much experience in the product and/or don't a good job marketing. this time, the seller had "oneida" misspelled as "oneida" and didn't know the pattern name. i spelled oneida correctly and put the pattern name in the title so buyers looking for the pattern can find it by using the search function and the pattern name. i priced it at a "fair" price and it sold in less than a week.

Good explanation! Back when I used to buy and sell on ebay a lot (not so much anymore), I used to look for things that might be misspelled. Those auctions usually didn't go for much because they didn't come up when people searched. I had forgotten that.

Congratulations!

 

[robinb]

I bought 2 books from a garage sale last week for 50 cents each. Both have sold on Amazon for $29 and $18 respectively. I was happy .

 

[beaucoup]

Don't forget to pay your income tax on your ebay sales come April 15 tax time.

 

[sissy_ib]

I think about doing this but I don't know that I want to put in the time. Plus I don't want to store everything in my apartment! I have sold a bunch on Ebay the past few weeks thought. Some of my old military things and a bunch of stuff my mom inherited from my uncle when he passed. Once I clean out all of this I may take a stab at turning small items.

 

[joeyrose]

Don't forget to pay your income tax on your ebay sales come April 15 tax time.

yes, i have to pay taxes on the profit (i expect most report profit as no more than 10% of gross sales) as now paypal reports all folks with income over $20k on a 1099. but, for those under $20k reporting this income is at their discretion. they may not owe any taxes anyway by the time they consider their the cost of the merchandise, paypal and ebay fees, shipping, supplies, etc. it is not cheating to not report if one's calculations suggest that no taxes are due.

 

[joeyrose]

I bought 2 books from a garage sale last week for 50 cents each. Both have sold on Amazon for $29 and $18 respectively. I was happy .

sweet! congratulations!

 

[nunzia]

..and what fun we will all have if congress decides ALL internet sales owe sales tax

 

[joeyrose]

..and what fun we will all have if congress decides ALL internet sales owe sales tax

well, in 2011, all middle men financial institutions (e.g., paypal) were required to report income for those with income $20k plus. so this has begun already. however, one doesn't pay tax on all the income reported, just the profit.

this is a huge undertaking for all parties, including the irs. i think it will be a very long time before there will be any effort to collect (the miniscule) taxes on small-time sellers...just not worth it.

here i am referring to fed, state, and self-employment taxes, not sales tax. at the moment, only a very large sellers on ebay are collecting taxes from buyers in their states. that's another legal matter.

however, none of this should scare off small time sellers who are trying to make a bit of extra money IMHO.

 

[erincon23]

the seller had "oneida" misspelled as "oneida" and didn't know the pattern name.

Congrats on your success, OP! I need to get a bunch of stuff listed on ebay or craigslist today or tomorrow -- just planned a quick trip with DS for October, but I have to pay for it.

And the part I quoted -- is it just too early for me, or are both "oneida"s spelled the same way? Not sure if you misspelled what you're saying is a misspelling, but I was lost...

 

[ellone]

there's lots of ways to do this, timing has a lot to do with this, also auction versus buy-it-nows...i always use buy-it-nows and hold inventory longer than folks do with auctions. typically, i buy from sellers who sell on auction from estate sales, etc. they make their money quickly, it takes me longer, but i generally make more because i have learned (over time) what people will pay for stuff in my area.

also, some sellers simply don't have much experience in the product and/or don't a good job marketing. this time, the seller had "oneida" misspelled as "oneida" and didn't know the pattern name. i spelled oneida correctly and put the pattern name in the title so buyers looking for the pattern can find it by using the search function and the pattern name. i priced it at a "fair" price and it sold in less than a week.

Also 'best match' is the default for search results in ebay. Some buyer's don't change that so if you are a seller that sells a lot you will generally be high up in the results.

And then many small sellers don't ship internationally. Some items sell great internationally.

 

[horseshowmom]

yes, i have to pay taxes on the profit (i expect most report profit as no more than 10% of gross sales) as now paypal reports all folks with income over $20k on a 1099. but, for those under $20k reporting this income is at their discretion. they may not owe any taxes anyway by the time they consider their the cost of the merchandise, paypal and ebay fees, shipping, supplies, etc. it is not cheating to not report if one's calculations suggest that no taxes are due.

Yeah, not a lot of profit. I listed some North Face backpacks yesterday, and sold one this morning. The final value fee was $9. That takes a LOT out of the small profit.

Also 'best match' is the default for search results in ebay. Some buyer's don't change that so if you are a seller that sells a lot you will generally be high up in the results.

And then many small sellers don't ship internationally. Some items sell great internationally.

I've never sold internationally. I've heard a lot of horror stories about chargebacks and shipping issues. I did ship to Canada once, but the shippping charges were high. I like to do free shipping when possible.

 

[joeyrose]

And the part I quoted -- is it just too early for me, or are both "oneida"s spelled the same way? Not sure if you misspelled what you're saying is a misspelling, but I was lost...

oh my, what a dufus! the listing i bought had it spelled onieda, correct spelling is oneida. many folks spell it incorrectly like this. i keep a search on hand that i pull up every day with misspellings of oneida.

sorry.

ps - i do not sell internationally, too much hassle and risk for me

 

[joeyrose]

Yeah, not a lot of profit. I listed some North Face backpacks yesterday, and sold one this morning. The final value fee was $9. That takes a LOT out of the small profit.

I've never sold internationally. I've heard a lot of horror stories about chargebacks and shipping issues. I did ship to Canada once, but the shippping charges were high. I like to do free shipping when possible.

i think many folks can get creative with how they calculate the cost of the item that they're selling, e.g., "collectibles" they've had for awhile, "vintage" clothing, "estate/antique" jewelry...there is no need to unerestimate what the item cost (sometimes years ago)...one can end up with very little, if any profit to report.

over time, i have figured out how to ship quickly and cheaply in the usa (think usps flatrate envelopes and boxes!)...do online, get free delivery confirmation, and a discount for being on upsp's "program." i pay $4.80 for a priority flatrate envelope with delivery confirmation anywhere in the usa. holding down shipping costs and the time it takes to do this is an important consideration. a little printer is cheap, so are labels...and they are tax deductible!

 

[ellone]

Yeah, not a lot of profit. I listed some North Face backpacks yesterday, and sold one this morning. The final value fee was $9. That takes a LOT out of the small profit.




I've never sold internationally. I've heard a lot of horror stories about chargebacks and shipping issues. I did ship to Canada once, but the shippping charges were high. I like to do free shipping when possible.

If you ship by priority mail & insure everything, you are relatively safe with international shipments. I never ship by first class mail because the darn post office won't insure those international shipments (makes you wonder).

 

[SandrA9810]

If you ship by priority mail & insure everything, you are relatively safe with international shipments. I never ship by first class mail because the darn post office won't insure those international shipments (makes you wonder).

You can ship first class, my bf does it all the time. He ships anything over $20 value as registered. Its a $12 fee on the shipping, but most international buyers do not have an issue to pay tne premium. Nearly 60% of sales are international. And sometimes American buyers do not want to pay the prices that others are willing to pay. The downside is the shipping time, and claims can not be opened till 60 days have passed, but most often do not have any issues.

Knowing your products and good advertising, plus good pictures can greatly affect the outcome of a listing.

 

[horseshowmom]

i think many folks can get creative with how they calculate the cost of the item that they're selling, e.g., "collectibles" they've had for awhile, "vintage" clothing, "estate/antique" jewelry...there is no need to unerestimate what the item cost (sometimes years ago)...one can end up with very little, if any profit to report.

over time, i have figured out how to ship quickly and cheaply in the usa (think usps flatrate envelopes and boxes!)...do online, get free delivery confirmation, and a discount for being on upsp's "program." i pay $4.80 for a priority flatrate envelope with delivery confirmation anywhere in the usa. holding down shipping costs and the time it takes to do this is an important consideration. a little printer is cheap, so are labels...and they are tax deductible!

Yeah, I use flat rate mailers/boxes whenever possible. The backpacks won't go in any of them, but the difference in regular mail and priority mail is only a dollar which I figure is worth it for quicker shipment to my buyer.

I love being able to print my labels online for free delivery confirmation and being able to pay for them straight from my Paypal account.

If you ship by priority mail & insure everything, you are relatively safe with international shipments. I never ship by first class mail because the darn post office won't insure those international shipments (makes you wonder).

It might be worth considering, but as little as I sell just one loss could take me a long time to make up.

 

[SandrA9810]

Flat rate mailers can hurt your costs too if the weight isn't heavy enough. Walmart sells small boxes at a reasonable rate, and for lighter items it can be cheaper to use your own box for shipping priority. And it also depends on distance. Items shipped within the same state is usually cheaper by your own box as well.

Horseshowmom: Have you tried the large mailer? They call it the game board box, which is like the medium long box, only bigger. Sometimes the post office will get them in, but you usually have to order from the website (for free).

The mail lady brought some forms over to schedule weekly pick up of packages. I think she got a little scared after a few weeks of us asking her if she'd take some of the packages (some of which were pretty big). You can also schedule package pick up by the post office for anything going first class, priority, or express. Although I've never had a delivery person not take prepaid packages for us.

We only go into the post office when we do international registered mail, as that can't be prepaid.