Ebay question – reserve price
Discussion
I know there’s a lot of Ebay sellers on here. I’m in the process of advertising my car on Ebay. It’s the first time I’ve ever sold anything on Ebay - period.
I need some advice about the reserve price and starting price. Does the reserve price show up in the advert? If so if I have a starting price of say 10K and a reserve of 9K surely wouldn’t the first bidder just bid the reserve price? What about if I make the starting price and the reserve price the same? Or should I put the starting price lower than the reserve price to get bidding started on the basis that it may never meet its reserve?
Sorry if I’m being a bit thick here but this is all new to me.
I need some advice about the reserve price and starting price. Does the reserve price show up in the advert? If so if I have a starting price of say 10K and a reserve of 9K surely wouldn’t the first bidder just bid the reserve price? What about if I make the starting price and the reserve price the same? Or should I put the starting price lower than the reserve price to get bidding started on the basis that it may never meet its reserve?
Sorry if I’m being a bit thick here but this is all new to me.
Reserve is hidden to all eyes but yours! If you put a lower reserve then sometimes it can attract more interest as it says reserve met once it has been met, and more people are inclined to bid as they feel more in with a chance of getting the item, rather than getting the reserve price. if that makes sense!
The reserve price is the price that you are willing to accept as a minimum, and is always higher than the starting price.
So if you set a reserve of £10, and the auction ended at £8, you are under no obligation to sell nor is the buyer under any obligation to buy (if you changed your mind and wanted to sell at the closing price anyway). If the auction closes at £10 or above, and thus the reserve is met, the transaction must take place at the closing price.
The reserve price is hidden from view. Nobody knows what it is, which is why reserve prices are generally not a good thing because people don't like bidding blind.
The best thing to do is to set a low starting price (e.g. £1), set a reserve (which again is the absolute minimum you are willing to accept) and then publicly declare your reserve amount in the auction so bidders know where they stand.
The reserve is a minimum return guarantee for you, the seller that is hidden from view. A high starting price would acheive the same thing, but this is public information (when you may not want it to be so) and a high starting price discourages initial bidding.
So if you set a reserve of £10, and the auction ended at £8, you are under no obligation to sell nor is the buyer under any obligation to buy (if you changed your mind and wanted to sell at the closing price anyway). If the auction closes at £10 or above, and thus the reserve is met, the transaction must take place at the closing price.
The reserve price is hidden from view. Nobody knows what it is, which is why reserve prices are generally not a good thing because people don't like bidding blind.
The best thing to do is to set a low starting price (e.g. £1), set a reserve (which again is the absolute minimum you are willing to accept) and then publicly declare your reserve amount in the auction so bidders know where they stand.
The reserve is a minimum return guarantee for you, the seller that is hidden from view. A high starting price would acheive the same thing, but this is public information (when you may not want it to be so) and a high starting price discourages initial bidding.
The reserve price is hidden. Until bid meet the reserve a “Reserve not met” message will appear next to the current bid price on you listing.
So you can set the starting price as low as you like but bidders will know that bids have not reached the reserve.
Watch out for punters e-mailing you asking you to reveal the Reserve price.
Good Luck.
So you can set the starting price as low as you like but bidders will know that bids have not reached the reserve.
Watch out for punters e-mailing you asking you to reveal the Reserve price.
Good Luck.
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