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FIB - Scams 101 - Ye Olde Archives
Posted By: Jim Kaiser In Response To: Joe Dimaggio was Mr. Coffee. (Terry)
Friday, 23 September 2005, at 2:18 p.m.
Terry can tell you that he and I don't always agree on things in other forums but I can tell you that one piece of advice here is what a majority of eBay sellers don't understand and it is what eventually puts them out of business. Terry said....
"You make your money when you buy something, not when you sell it."
Read that again...
learn it...
know it....
live it....
"You make your money when you buy something, not when you sell it."
Too many sellers have this idea that they know what their item is "worth" or know it's actual "value" and refuse to sell for less than that.
Wrong answer!
There is exactly one actual value and it has nothing to do with what any book or appraiser will tell you. Actual value equals whatever the highest bidder in the world is willing to pay for your item at any given time.
Since I'm not an expert in any particular niche, I don't buy used items for resale unless I'm 100% sure that I'm getting something at an incredible bargain. (maybe 5% of my listings - I sell mostly new stuff) Even then, I'm not right all of the time. I buy at a price that I think is right and I start the auction at 99 cents and know that the auction process will determine my item's actual market value.
Sometimes you win, sometimes you lose - hopefully you are smart enough to have a few more items in the "win" column.
Items sitting in a box because you are too stubborn to sell them at "actual" value are now worthless to you and the 40 dollars you could have got for an item you paid 50 for is much better than having your money tied up in "unsellable" inventory.
Jim
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