Selling stuff online is a good way to make some extra cash. This past weekend I bought a Modem/Router at a yard sale for $5 and sold it for $60 on eBay. If you like that kind of profit margin, here are 5 things to consider when selling stuff on the internet:
1. Stick With What You Know When Selling on Ebay
Look for items that you are familiar with. I used to work at Ultimate Electronics so I am very familiar with what different electronics are worth. What products do you know the most about? Search for those exclusively to avoid taking unnecessary risks.
2. Check What Price the Item HAS Sold For on Ebay
Search for the product on Ebay before you purchase it (download the Ebay Mobile App if you haven’t already. It is available for both Android and Apple). Use the completed listing feature to see what it has actually sold for. Like I talked about previously in How to Sell Things on Craigslist Fast, it does not matter what people have it listed at. What matters is what people have actually been able to GET from a buyer for a particular item.
3. Buy Only Quality Items to Sell on Ebay
I once bought an item with a broken accessory and I listed at a price below one without any accessories. I clearly disclosed that it was cracked but I still received negative feedback and it was a HUGE hassle. Make sure to buy fully functional items ONLY and that are in very good condition. Don’t mess with sub-par products.
4. Purchase High Margin Items to Sell on Ebay
I used to sell items that I could make $5 or more. The challenge with doing this is that you start losing money on the first product that is returned. Shipping is not cheap these days. Lets say you pay $5 to ship the item each way. That means you are out $10 in shipping costs and you still have to try to resell the product. I usually won’t bother with items unless I can make $20 or more.
5. Maintain 100% Feedback on Ebay
I am very comfortable purchasing products on Ebay because of their feedback system. It seems to do a great job of weeding out the “bad” sellers. If you are a seller, do everything you can to make sure the buyer is 100% satisfied. This includes but is not limited to:
– ship items quickly
– clearly describe the product
– communicate promptly with the customer
– package the product so that it arrives safely
Have you sold anything lately on Ebay? If so, what kind of money did you make?
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