EBay Introduces A New Way To Increase Your Auction Profits Without Risk

By Ben Catt

A New Feature You Can Use To Increase Your eBay Profits

Until very recently, you had three ways to run an eBay listing for a single item.

You could either:

(a) Run an auction i.e. upload your item with a starting bid and leave it to the mercy of the bidders

(b) Decide how much the item was worth and list a Buy It Now (BIN) listing or

(c) Upload an auction but add an extra Buy It Now price to it so the auction finishes immediately if someone buys your item for the BIN price. If someone bids then the BIN option disappears.

However, eBay has now added a great new feature allowing potential bidders to Submit An Offer.

So, how can this be used to profit?

If you have read any of my previous posts you will know that I like to use BIN listings for almost all of my items.

There are two main reasons for this:

(1) Auctions are risky. eBay can be a very fickle place and one week an item may go for hundreds of pounds and the next it may go for pennies. Auctions depend on willing bidders, if there are very few willing bidders your item may be sniped at the last minute for next to nothing.

(2) Some users, those who know the value of the items I offer, are happy to buy at the price I determine as the BIN price. They buy and receive the item very quickly meaning that both parties are happy.

eBay has now added a new option allowing potential buyers to offer a price at which they are willing to buy.

This is great news for all eBay sellers. Now you can list an item with a high BIN price and ask potential buyers to offer their Best Price. If the price is acceptable, the seller can end the auction there and then and the buyer is obliged to buy the item at the price they offered.

Now, you no longer have to worry about your item being sold for next to nothing, you can invite offers and pick the winning bid!

For example:

Say you had a rare antique plate which you bought for £100. You know that the plate is worth £500 and you are not willing to auction it off for fear of it selling for pennies.

Because of this new ruling from eBay, you could list the plate with a Buy It Now price of £500 but also include the "Submit Best Offer" feature so interested parties can basically bid their highest bid.

If, during the duration of the listing, you do not receive the price you want, you do not need to sell it.

However, say 3 people submit their best offers, at £300, £350 and £400, you can pick the highest offer and sell to that person. Your item has now sold for 4 times what you paid for it and you are at no risk whatsoever of losing money.

The "Submit Best Offer" feature is like an auction where you can determine what the end price is. If no-one offers the price you want, let the listing expire and list it again. Wait for your best offer.

To use this new feature to its best ability I would set the BIN price to a little higher than what the item is worth. In the description, mark clearly that you are open to offers and steer the interested buyers to the Submit feature.

You never know, someone may just buy the item for the BIN price and save you a lot of work!

Ben Catt is an active eBay buyer and seller and runs an eBay Tips and Tricks website found at http://www.BenCatt.com. He also runs a business opportunity information site - http://www.BizOppsUK.com

Article Source: http://EzineArticles.com/?expert=Ben_Catt
http://EzineArticles.com/?EBay-Introduces-A-New-Way-To-Increase-Your-Auction-Profits-Without-Risk&id=71479

More Resources

How To List Your Items On eBay
Listing your items on eBay can be very confusing if you don't know where to start. Here are a few tips on getting your items listed so that they sell.
Louis Vuitton -- Avoiding the Ebay Nightmare Fakes
Without a doubt, eBay was one of the cleverest on-line ideas that anyone has had so far. The idea of creating a site where you can bid on and buy items ranging from an eggcup through to a disused Boeing 747 or a Nuclear Missile Silo was pure genius.
Selling on eBay? Heres a Success Tip for Your Online Auctions
Are you planning to sell on eBay? Or have you tried in the past but not had much success with your online auctions? If so, here's a strategy that has worked very well for me.In my experience, the auction lots where I created a useful collection of related items got more bids and closed at higher prices than auction lots that were all one thing.
How Drop Shipping Works
One of the most frequently asked questions on the Net is: "What should I sell online?"Many people know what products they want to sell. However, they don't know how to do this.
Top Secret Ebay Powerseller Technique: Classifieds Produce Auction Power
I was browsing through all of the classified sections, and stumbled on Wanted to Buy. I noticed that people were placing ads for items they wanted to purchase.
What Ebay Can Teach Us About Success
I flew back to New York from Atlanta a few weeks ago and picked up 'Business 2.0' magazine for the flight.
Auction Seller Guide To Success
When its time to clean-up around the house, some people havea hard time deciding what to keep and what to throw out.What they need is an incentive.
Do You Sell Tires By Mail? Maybe You Should eBay
I just received an interesting email from eBay and it got me thinking..
USP on eBay
If you have dabbled at all in the world of Internet marketing, you may have heard the term "unique selling proposition" or USP. USP is a technique that Internet marketers use to set themselves apart from the competition.
Drop Shipping Is Your Perfect Home Based Business Solution
Drop Shipping Is Your Perfect Home Based Business SolutionDrop shipping is one of the greatest businesses to operate from home. With drop shipping you sell another company's products, use their warehouse and shipping facilities, and they provide you with the sales tools you need like product descriptions and images and more - free of charge!Drop shipping is great for small businesses because you can start with literally nothing & gradually increase to higher levels of success.
Using Paypal for eBay Purchases
Paypal is the preferred payment choice for many buyers because Paypal allows buyers to pay instantly for eBay purchases. In this article, we will review using Paypal on eBay from the buyer's point of view.
How To Save Franchise Fees and Set Up Your Own Ebay Drop Off Store
There has been a flood of publicity generated regarding the "Small Business Opportunity" being offered to would be internet entrepreneurs.The plan is for you to purchase a franchise operation to sell products on consignment via eBay.
Free Auction Templates: How to Set Your Border Color With FOAM
If you have not heard of Foamtemplates.com yet, home of the "Free Online Auction Maker", now is a good time to get your feet wet.
5 Ways to Drive Traffic Away from Your EBay Auction
eBay is a one-stop solution to any one who wants to make money online. Whether you just selling a few unwanted items from around your house or your want to develop a work from home business, eBay removes many of the obstacles for you.
Buying Used Dell Laptops, PCs and Servers on eBay - How to be successful
Two years ago I needed a way to refresh more PC's and Laptops at my company without spending more. New Dell laptops were great but expensive and over the years we had accumulated many Latitude C series parts.
Better Than Sliced Bread? Drop Shipping, The New Home Business Craze
Many of you will probably remember the days when the only way to start a successful home business was to join some sort of multi-level marketing program or sell makeup at parties. In those days, people would have to buy a membership in the 'program' along with an inventory of sample products that they would then sell to friends and coworkers at 'parties.
Garage Sales, Flea Markets, and Special Events... Oh My!
The activity chart is an ingenious way to find, in order, events happening in your community throughout the day. Plug in 'www.
Is Your Trash Cash? 5 Easy Places to Sell Your Stuff
The old adage that says "one person's trash is another person's treasure" never goes out of date. So when you're looking for some extra spending cash and you want to make some space in your home, combine the two endeavors by selling your stuff instead of donating it or trashing it.
Make BIG MONEY on eBay - Your Unlimited Cash Cow
Let me be brutally honest; until recently, I had never bought anything on eBay, I'd never sold anything on eBay, and, dang-nab-it, I disdained auctions. (Bidding wars just weren't my bag.
How To Sell On Ebay: Pricing Strategy
Many new Ebay sellers make one of two mistakes: eitherthey overprice items to an unsellable extreme; or theylose money on every transaction by setting low startingprices with no restrictions.In this lesson, I am going to go over which pricing strategies to use and when if you are using a ten-dayauction setup.

More Auction Information:

Related Articles

Seven Steps to eBay Selling Success
More and more people try their luck at selling on eBay everyday. With all of that growing competition it is important that you do everything possible to make sure that you stand out from the crowd.
eBay Consignments: The Giant Opportunity Hiding on eBay (Part I)
More and more, people are becoming aware that they have potential cash sitting in their closets, attics, and basements. But not everyone has the time or the know-how to tap into it, so these items remain where they are or are given away.
Garage Sales, Flea Markets, and Special Events... Oh My!
The activity chart is an ingenious way to find, in order, events happening in your community throughout the day. Plug in 'www.
6 Reasons Why an eBay Business is the Easiest and Safest Home Business to Start
Calling internet auctions an "Entrepreneur's Dream" isn't poetic license or part of the get-rich-quick rhetoric. Net auctions are the simplest, easiest way on this planet for the little guy to make money.
The Webs Best Online Auction Sites
The best online auction links for buyers and sellers are - not surprisingly - eBay, eBay and eBay. eBay began the entire wacky world of online auctions back on the Labor Day weekend of 1995.
How to Locate Drop Shippers for Your Success
Like the human heart, drop shippers can keep the blood pumping in an internet business. Often, they can be the key to success for online retail businesses who do not wish to stock actual inventory.
Real Estate Auction Action - Buying A Home At Auction
Due in part to the popularity of the U. S.
eBays Hot Selling Books, Find Out Which Books Sell & How To Find Them
Selling books on eBay can be a very lucrative business! There are eBayers who sell only books and make a nice little income doing it. Where do they get these books to sell? At thrift stores, estate sales, flea markets, book fairs, yard sales, library sales, grandmas attic, etc.
How To Make Money Online : Sell On eBay
Selling on eBay can be very profitable, and is a great way to make some extra cash, or even turn it into a full-time business.If you're retired, or a stay at home Mom or Dad, or are in the market for a part time job you simply have to consider becoming a seller on eBay.
The Number 1 Biggest Secret to Selling on Ebay
Ebay.com is a Tool.
Join the Home-Based Business Revolution
Greetings, Friend. So you've decided to go into business.
Turn Your eBay Experience Into Even More Profit
Everyone's talking about eBay these days. With the frequency of the TV advertising campaigns increasing, and no sign of any sizable competitors the eBay empire is only going to get bigger.
How Professional Ebay Auction Templates Can Boost Your Ebay Sales
Do you like to sell on eBay ? It's easy and fun, isn't it ? In fact, it's one of the easiest online business you can start almost overnight, without any major investments. That's the best thing about it.
Selling on eBay? Heres a Success Tip for Your Online Auctions
Are you planning to sell on eBay? Or have you tried in the past but not had much success with your online auctions? If so, here's a strategy that has worked very well for me.In my experience, the auction lots where I created a useful collection of related items got more bids and closed at higher prices than auction lots that were all one thing.
Dropship Your Way to Success
Many people know they would like to start an Internet business, but they don't have a product to sell. The solution is often drop shipping.
How to Generate Extra Cash in an Instant
With so many out of work, laid off or staying in dead end jobs to make the ends meet, we need creative ways of generating extra income. Here are a few simple, innovative ideas to get the cash you need quickly.
Finding Antiques And Collectibles To Sell On eBay
Many people who decide to make a living selling collectibles on eBay soon fail. I meet them in the line at the post office.
Taxing eBay Part Deux
When my column on paying income tax on eBay profits ran it brought a wave of emails on whether you were required to report income earned from eBay sales to the IRS sparked a number of additional questions and comments from eBay sellers who were hoping that I could somehow validate that their eBay activities were mere hobbies instead of actual businesses and therefore not susceptible to IRS taxation.Several folks argued that just because their little eBay hobby generated a little cash, that didn't make it a full blown business.
Smart Ways Your Business Can Benefit From Online Auctions
It seems as if everyone is talking about online auctions. And why not.
How To Save Franchise Fees and Set Up Your Own Ebay Drop Off Store
There has been a flood of publicity generated regarding the "Small Business Opportunity" being offered to would be internet entrepreneurs.The plan is for you to purchase a franchise operation to sell products on consignment via eBay.