Auction 411

Now that we have covered the right price at which you should start your auction at, we will now cover how many days you should leave your item up for auction!

To make it easier to understand what best fits your item, I will go over all the options you have on eBay so that you can apply the knowledge you have about your item to the right scenario.

One Day Auction

Since most people view their searches by which auction ends first, the one-day auction option is very popular for items that are in very high demand! An example I like to use is when the Apple iPhone was being released. Many thought the iPhone was going to be sold out from the long lines they were seeing all over the country. I was lucky enough to get one on the first day and quickly placed it on eBay before the day ended to take advantage of the hype and demand for the product.  I auctioned it under a One Day Auction and by the time every one realized there were more than enough iPhone available the next day, I had sold my iPhone for twice the amount I purchased it for. At the end of my auction, iPhones were only selling for a hundred dollars over the retail price since the news was out that there were enough iPhones for everyone!

The lesson learned here is that if your item is in high demand, you will want to strike while the irons hot. A piece of advice would be to start your bid below your “Buy It Now” price to ensure that you make a profit on your item.

Three Day Auction

A three day auction is pretty much like a one day auction, but is mainly used for those who have the patience to wait out the bidding process. One thing I like to use three day auctions for is to take advantage of a high demand item I have placed in a 7 day auction. For example, if I’m selling an item in a 7 day auction and I notice that it has exceeded it’s profit price within a few days, I quickly throw up a 3 day auction for the same item to increase the chance of doubling my profits.

Five Day Auction

Five day auctions are extremely helpful if you would like to extend a auction over a long weekend or duing the holiday season.

Seven Day Auction

Most of eBays big vendors use seven day auctions to give their items the most optimum amount of exposure. The reason the seven day auction is the most popular is because it usually covers weekends and and is short enough for a wide range of bidders to come and take a look at your item.

Ten Day Auction 

At an extra $0.20 charge for listing it three more days than the standard seven day auction, a ten day auction almost guarantees that you will get the widest range of bidders available on ebay. If you have a unique item or an expensive item, then this would be your best option.

Of all the research we have done and all the interviews we have conducted with eBay Power Sellers, one thing they all share is the solid foundation of details the average joe would overlook when starting their ebay business. We’ll start by looking about finding the right price to start your bids at to get you the most bids and the highest price for your listed item.

The Price has to be Right when starting your Auction

The most widely accepted theory amongst ebay sellers is that you will want to start your bidding price at the amount you paid for the item. Too high of a price and you will scare away potential bidders and too low of a price runs the risk of losing money on your investment. Starting the bid off at your own cost is a safe way to go, but to truly succeed on eBay, you’re going to have to work just a little bit harder than the average joe.

One recommendation we have is to start your research in the “Completed Auctions” section so that you know how much your items are selling for. One other important piece of news you will learn is the demand for the item you have for sale. If there is a high demand, then you know you can start off your bids low so that you can attract more potential bidders. All kinds of businesses do this type of marketing when they know they have an item that is high in demand. The lower the price, the more people are going to notice your listing!

Just remember that if you list your price too low (less than a dollar), it’s going to take more bids for a person to win your item, so you will run the risk of losing them because they will get frustrated with the process of having to refresh your listing.

Here’s a table to show you the correlation between bid increments and current bid price:

At the end of the day, it is up to you know to know your product and do the proper research to see what the demand is for the item you are selling. Once you have figured that out, use these numbers to figure out how what you’re going to start your bids at so you can find the right balance of pricing and bidding.

There are some mid auction tactics that you should keep in mind. First of all, if your auction doesn’t have any bids, you have the option of extending it. This can be a very strategic move on your part if you do it right. For example, if you set up a One Day auction, but then extend to a Three Day Auction, the end results will be benefiting from two ending days. You can continue by extending to a Five Day Auction on the third day and so on. Remember that you can only do this when there are 12 hours left in the auction and when you have zero bids on the item.

Tip: If you’re not receiving any bids is to implement a Buy-It-Now feature mid-auction. If you fear that the item many not sell, put a reasonable BIN and see one your watchers bite!