Wednesday, January 6, 2010

Learn to flip eBay Auctions in 5 minutes - Free Tutorial

You may have seen my posts about flipping listings using a misspelling tool. Here are the exact steps for how I do this.

Key Tips for Flipping Listings:

1. Know what you are looking for! What brands of clothing, electronics, fragrances, or other goods do you purchase? Think about what is expensive and plug in those keywords. I look for brands like Burberry and Ralph Lauren that have products in lots of different categories - clothes, shoes, fragrances, household, accessories, etc. Browse websites that carry expensive products such as Nordstrom, Saks 5th Avenue, Bloomingdales, Macys. Keep a list of brand names to search for. Zone in on international sounding words (French, Italian, Spanish) as these are frequently misspelled. Good categories are apparel, shoes, fragrances, cosmetics, electronics, musical instruments, and cameras. Stay away from handbags as they are usually not authentic. Also be careful with jewelry if you are not an expert.

2. Do your research. Know what the item sells for on eBay. If you aren't paying for a research tool, now is the time to start. It will pay for itself in one flip. Try Terapeak or Hammertap.

3. Sort search results by ENDING SOONEST. Focus on items you can win in the next few hours. Watch items a few days out and check on them later.

4. Set your limits. The objective is to win the item at a low enough price to resell for a profit. Do the math and stick to your high bid. If you don't win, move on. My limit is at least $30. If I can't make a $30 profit (after fees are deducted) it is not worth my time.

5. Watch shipping fees. You will need to add shipping fees into your total cost of the item. Remember that you will have to re-ship the item. Avoid fragile items as they will have to be shipped to you, and then shipped out again to your customer and this opens up opportunities for damage. Focus on items that are easy to package and ship and aren’t fragile.

6. Always snipe. The more attention an auction receives, the more costly a bidding war is which is not what you want as a buyer. Stay under the radar, watch the item, and use a sniping tool.

7. Prepare to lose. You aren’t going to win every auction. That is ok. You only want to win the auctions for items you can resell for a nice profit. There is no sense winning an item just for the sake of winning it - we are in this to make a fast profit. I lose about 60% of the auctions I try to snipe.

8. Stay positive. Millions of new listings are added every day so there will be plenty of opportunities to win other auctions.

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