Online auction businesses are booming. As more savvy consumers try to save money and battle a tough economy, online auction sites continue to thrive and flourish. Online auction sites are often referred to as “online yard sales.” Business owners and casual sellers alike sell coveted, unique, and sometimes unusual items on these sites to interested buyers. With the right product, service, and time investment, anyone can start a successful online auction business and make good money. Online auctions are one of the most lucrative home businesses today. There are several tips and tricks that are not hard to implement or require any extra time or skill to see through, but can increase the earning potential by double, triple, and even quadruple.
- Schedule your auctions to end on a Tuesday, Thursday, or Sunday. It is not known why these particular days are more lucrative than other days of the week, but online auction business owners can earn as much as thirty percent more on the same item by scheduling the auction to end on one of these days over other days of the week. Some auction business owners believe that most people are home on Sunday, and many others get paid on Tuesday or Thursday. Although most get paid on Friday, many people hit the town on Friday, reducing the number of bidders on the sites during these times.
- In addition to scheduling an auction to end on a Tuesday, Thursday, or Sunday, the time that the auction should end is just as important as the day of the week. Most online auction sites have times that are set by default to the company’s time zone. It is vital to take the time zone differential into consideration when listing on these sites. Scheduling auctions to end between 6:00pm and 9:00pm in the time zone of the online auction company will allow bidders from most time zones the opportunity to view, and subsequently bid on, the items. Most work day shifts and arrive home sometime between 6:00pm and 9:00pm in their respective time zone.
- The number of scheduled days of an auction also impacts the final selling price of the item. Most online auction platforms allow you to customise the number of days you want the auction to run. Scheduling a one or three-day auction may drive potential buyers away. They may feel pressured by the short period of time and even think of the item as less valuable. On the other end of the spectrum, scheduling an auction to end in ten or fifteen days can drive away potential buyers, also. Buyers do not want to wait and watch an item for weeks on end. Part of the appeal of online auctions is the fast buying and bidding process. A five or seven-day auction listing is always more successful than shorter or longer auction end times.
- Keywords and auction titles are the number one make or break in terms of auction success. A keyword-rich and grammatically-correct title full of valuable information will always yield more buyers and have more success than shorter titles. For example, “NWT AUTHENTIC BLUE LOGO DESIGNER HANDBAG PURSE” will always sell better than “designer bag in good condition.” The capitalization of the keywords will draw attention to the item amongst comparable listings and items in the same category and the large number of targeted keywords will allow more buyers to see the item. Not everyone looking to buy a purse will type the word “purse” into a keyword box. Some may type the word “handbag” or “bag.” Offering a brief, but descriptive, listing of the type of item, color, and condition will yield many more buyers.
- As hard as it may be, always start your bid price low. In fact, go as low as possible. Not only will you save money on auction fees, but you will also attract more buyer appeal. If the item you are selling is a high-ticket item, it may seem strange to start the listing at a penny. By doing so, however, many bids are placed on your item and subconsciously an identical item with 42 bids at $200.00 is more appealing than the same item with one bid at $200.00. You can potentially save about five to ten dollars by starting your bid price lower, also, which is an added bonus, and your item will typically sell three to five percent higher than comparable items in the same category.
Online auction businesses are a fun and effective way to make great money. Many people have been able to quit their day job thanks to the success and freedom that online auction businesses have afforded them. By implementing a few key strategies, you can earn a lot more money for your items without doing any extra work.