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Pricing your items right so they sell on eBay is essential to success in your reselling business.
When you’re first getting started flipping, it can be confusing to decide how to price an item to sell. We have a straightforward process on how to determine price, and that is to check sold comps.
Look At Sold eBay Listings
How do you do that? Jump into the eBay app, go into the search bar and type whatever it is that you’re selling or pricing out. Then go in and filter it by sold items. You’ll see everything that has sold and how much it has sold for. This is a great place to start when you don’t know what an item should sell for.
When you filter by sold items, you’ll see a range of prices and you can look at it by the lowest or highest. You want to make sure you’re looking at completed listings under sold because you don’t want to do comps on listings that did not sell. That will not give you an accurate price that you can actually list your items for.
eBay records items for 90 days so you can see everything that has sold for the last 90 days. To be competitively priced, you want to sell your item for a similar price to what it’s sold for previously. If you’re new to reselling and you’re still getting established, you might have to price it on the lower end until you build up your feedback. Once you’re an established seller, you can price your items on the higher end of the range.
Other factors to consider when pricing an item are the condition of the item, and whether they included shipping in the price or had it listed separately.
When eBay Doesn’t Have Comps
What if eBay doesn’t have comps to look at? If you cannot find a sold comp on the item that you have, which sometimes happens with unique items, you can still sell your item.
I sold a knee rehab machine that you strap your knee into and it moved it up and down. I paid $80 and when I checked comps they were roughly $700, so I knew it was a good return on investment and I bought it. When I brought it home I started cleaning it up and taking pictures and I looked up the retail value. It was $3,500 to $4,000 new. For some reason the comps were low on it.
Comps are just a starting point though. This was an item in good condition and it was definitely worth 50% or more of retail. I reset the market on eBay and instead of selling it for $700 or $800, we sold it for $1,600. I doubled the comps on eBay. We are established sellers and were able to sell at that higher rate because we have great feedback.
If you can’t find any comps on an item, find out what retail is on it and list between 50-75% of retail depending on the item and condition. It also depends on how many of the same item are listed on eBay. If there aren’t many on eBay, you can list it higher. If there’s a lot, you might be sitting on it a while if you price it on the higher end.
Revisit Your eBay Listing
If you’ve had your item listed for a month and the item has not sold, go in and check the comps again. They might have changed or the market might now be flooded with the item, so you might have to update your price. See what’s sold in the last 30 days and how those items were priced.
Sometimes pricing isn’t the reason an item hasn’t sold. It might be your pictures or your description. It’s a good practice to revisit your listings to see what might be keeping them from selling.
You can also play around with shipping pricing. Offer free shipping, or if you had free shipping before, lower your item price but charge for shipping. Sometimes tweaking a listing generates enough activity to get more views on your eBay listing too.