For the selling masters: How should I continue my auction for a coveted item?

[bulletproofsoul]

OK, this is for all of the selling geniuses. I sell frequently, but just my own items and not as a business, so I am hardly an expert at how to list a coveted item. I have just listed one, as a regular auction-style listing, with a starting bid that is above original retail, but well below the last selling price for an identical item several months ago (there hasn't been an identical since), and is the actual price I paid for it. I have tons of watchers just since it appeared in the active listings today and have been bombarded with "do you have a BIN?" or the always laughable "will you end the auction and sell it to me for the starting amount?" I am just wondering if I should (when I update the item with more photos, as requested, and the measurements) add a BIN? Add a BIN OBO? The fact of the matter is, that I wouldn't know what to set the BIN for without seeming insane, but yet still getting a great price for it, since I know how people will lowball and I know how very coveted and hard to find it is. The last item like it sold for nearly $2800, and it didn't have an auth. card or box. Mine has both. Should I just leave the item as it is and see what happens and tell all the question-askers that they'll just have to bid if they want it? Or should I cash in on someone's impulse to snag it while they can? I'm really not trying to be greedy, but I AM trying to fund an even more expensive purchase and it's the only reason I'm selling this bag. Your thoughts and opinions are very much appreciated! TIA! :shame:

 

[Bagginses]

Well, I'm certainly not a selling genius, but I do sell bags on ebay for profit. So here's my take: BIN=good! OBO=bad!

You're obviously selling something with very high value to many potential buyers. You mention that the last similar item sold for $2800, but that yours has additional perks. You don't talk about authenticity or anything like that, but I'm assuming your item is authentic and that fact can be proven in various ways. I'm also assuming that your item is comparable in condition to the item that sold for $2800 in the past.

I'm guessing that you feel by putting a BIN of $2800-$3000 on your item, others will think you are "greedy" or something. DON'T! Take your feelings out of the equation, and don't think about the more expensive item you're trying to save up for. Think just of what you are selling. If you are selling an item of value and you feel it is worth that price, there should be nothing stopping you from putting that BIN out there. Cashing in on others' impulses is what selling on ebay is all about. I'm not saying you should take advantage of an uneducated buyer; I'm saying that you shouldn't be afraid to place a value on a valuable item. Go ahead and put a BIN on. Mention in the description that you saw a comparable item sell for $2800 on such-and-such a date, but that yours comes with the box and authenticity card. Back up your price with confidence and service!

Regarding Best Offers: I have heard far more people saying they were dissatisfied with a "best offer" auction, than were satisfied with one, and that comes from both buyers and sellers. You KNOW what your item is worth, and you are right: buyers are going to try to lowball you and second-guess you.

Go for it! Sell confidently!

~Nancy

 

[bulletproofsoul]

Thanks so much for this! I did do the BIN option and it was certainly authentic and better condition than the last (and the last one was missing the authenticity card!) It sold immediately. Thanks so much for your input, it was appreciated!