102 MarketPlace Secrets

fromDavid Early

eBusiness Pioneer

102 MarketPlace Secrets

During the last several years, I’ve spent more than my fair share of time on eBay, and I’ve definitely learned my share of lessons in the world of eBusiness. I’ve successfully launched and sold thousands of items on eBay, and suffered the consequences of many unsuccessful auctions as well. In doing so, I’ve learned what works and what doesn’t. To save you the same frustration and money that I spent learning these time-consuming lessons, I sat down and compiled a list of my favorite tips and techniques for successful selling.

By reading my common-sense secrets, you’ll discover how to maximize your profits and minimize your time, and make eBay, fun and profitable for you and your entire family.

Enjoy, and see ya online!

David EarlyeBusiness Pioneer

Secret #1: Sell What You Know

Find a product you are comfortable with — a product that you know something about, even a hobby. This will allow you to buy more for less and make more money with higher margins.

Secret #2: Choose Your eBay Username Wisely

One of the most important steps in the eBay registration process is choosing your username. This one name will become your business identification — the name that people in the eBay universe will learn to search for when they want to buy your products. So choose wisely!

Pick a name that is descriptive, easy to remember, and instantly identifiable with your niche. For example, if you are going to specialize in selling Hummel figurines, then you might select one of the following: “Hummelgirl1,” “Ilovehummels,” “myhummelsarerare,” or “102hummels.” Remember: You want a name that makes you look like an expert in your field.

Secret #3: If You Have More Than One Niche, Choose Another Name

According to eBay, as long as all of your Usernames refer back to the same e-mail address, you can have more than one. So if you want to sell cars in addition to Hummel figurines, you might choose another username that would be more pertinent to that area, such as “Mustangsrock” or “Supeduphotrods.”

Secret #4: Shock Value Doesn’t Equal “Memorable”

Do NOT use a name like “Fraud1,” “Not so good,” “Notgettingpaid,” or anything that would consciously or unconsciously make a buyer think that what you are selling is fake, damaged, or not likely to show up.

Don’t believe someone would actually try this? “Fraud1” was used as an eBay ID. I checked the feedback rating of this unwise user, and here is what I found: “Complaint: NO RESPONSE TO REPEATED ATTEMPTS AT COMPLETION.” I’m not surprised, are you? Pick a good name, and be a great eBayer.

Secret #5: Accept Credit Card Payments

After registering with eBay, your next step is to establish a way of accepting credit card payments. While there are other payment options your customers may choose, it’s important to accept credit card transactions for several reasons. First, many credit cards offer protection against online fraud. Second, it’s always easier for your buyer to type in a credit card number than to take all the steps necessary to mail the payment. And third, accepting credit cards puts you on the same level as a real brick and mortar business; your buyers won’t imagine you as a one-person shop working from your home.

And finally, one of my favorite reasons, you no longer need to have a merchant account to accept credit cards! (See Secret #7 for the rest of the story.)

Secret #6: Cash Is King

You should absolutely accept cash as payment. I mean, why not? When a buyer pays with a credit card, you’ll need to pay fees to your bank or the credit card processing company, which means less money in your pocket. And if your buyer sends you a check or a money order, you can’t spend it until you cash it.

Although I would never SEND cash in the mail, there is no real risk to you receiving it. I always accept cash because roadblocks are the death of a business (see Secret #8).

Secret #7: Embrace PayPal® — I Do

It is extremely simple to get an online account with credit card payment service companies such as PayPal®, AuctionPayments.com, and ProPay. And since MarketPlacePro is a strategic partner with eBay — and eBay owns PayPal® — I would recommend PayPal® without question. Not to mention the fact that PayPal® is the easiest, cheapest, and most popular payment service — which is why I use PayPal®.

Normally, I’m not one to follow the pack, but this only makes sense. If most people are already using PayPal®, then most people will find it easy to pay you with PayPal®.

Secret #8: Use Them All!

PayPal® is the best. But why limit your business to just one payment service company? It can’t hurt to have as many payment options as you can, which leads nicely to my next Secret...

Secret #9: Eliminate the Roadblocks to Selling Your Stuff

If a buyer wants to use PayPal® to buy your product, and you can’t accept a PayPal® payment, that’s a problem. It’s a roadblock to selling your item, making a profit, and moving on to the next sale. Take down the roadblocks! Make it easy for buyers to purchase your items. This is my golden rule of retail, “Make sure customers who come in the door have a way to pay and that customers who leave have a smile and full shopping cart.” The point is simple: Sell your item, collect the money, and ship the product.

Secret #10: Merchant Accounts Aren’t All Bad

If you still feel more comfortable setting up a merchant account, it isn’t as hard as it may sound. Just log on to USmerchantservices.com; they will be happy to help you set up a merchant account.

Or search google.com for “merchant accounts.” There are many online resources that can help you get started.

Secret #11: Cross-promote with E-mail Signatures

Use an e-mail signature to promote your auctions. Signatures are promotional text at the bottom of any message you send. For example, if you’re sending out your winning bidder notification, it might start with:

“Congrats on your winning bid... ”

But it should end with something like:

“If you need additional products or services, please visit my Storefront at storefront.com."

The message should be simple and to the point and included on every e-mail you send out. But don’t worry. After you set up your signature in your MarketPlacePro profile, it will be attached automatically to outgoing messages to your buyers.

Secret #12: What’s Hot, What’s Not?

If you’re at a loss as to what to sell on eBay, consider this: To achieve the most success, you want to sell what people are buying. It’s the simple law of supply and demand. When the demand is high, the price goes up, and you want to be a seller; when the supply is high, the price typically goes down and you want to be the buyer.

There is one point of caution when following the law of supply and demand. If the supply is high and demand is low, the product is either falling off in popularity or hasn’t yet peaked, which should influence your buying decisions.

My best advice for you is to keep an eye on the trends, and use your best instincts. For example, the biggest market segment today is the Babyboomers who are retiring. So take a look at AARP Magazine and see what is advertised there.

Also, I like to check out eBay’s Hot Items by Category, a report the company publishes on a monthly basis. It indicates which items are selling the best, and it can be found at http://pages.ebay.com/sellercentral/whatshot.html.

Unfortunately, knowing what’s hot now doesn’t always help you, because supply will be limited. The best profits are made when you can figure out what will be hot tomorrow and beat the demand curve for that product.

Secret #13: Research Your Product’s Demand

In addition to knowing what’s hot, it’s also important to know how much an item is selling for. For example, if you’re walking through a discount superstore, and you see pool cues for $8 apiece, you can determine whether or not they would be a profitable product for eBay. Log onto eBay and search the “Completed Items.” While a regular search shows items whose price may increase before an auction is over, a Completed Items search will reveal the final price for items. Search the Completed Items list for pool cues, and see what they’re selling for on eBay.

Secret #14: Buy Low, Sell High

You make money when you buy, not when you sell. Always know your approximate margins when you go into a sale. If you can sell a vase on eBay for $20 and you see it at a garage sale priced at $18, that isn’t enough of a margin to make a substantial profit. However, if you see the vase for $5, you know you’re going to make a significant profit. In essence, you’re making your money in this deal when you buy — before you’ve even placed the item for sale on eBay.

Secret #15: Honesty Is Always the Best Policy

You will not be able to succeed on eBay unless you conduct yourself and your business in an honest manner. Begin receiving negative feedback from your buyers, and you’ll soon find yourself without buyers.

People are human; we make mistakes. We forget to follow through sometimes. The best way to keep mistakes from hurting you, your business, or even those around you is to be honest about them.

Secret #16: Write Honest Descriptions

There’s only one acceptable way to write a description for your item — honestly and to the best of your ability. If your product is a copy or a knock off, include that information in the description. If your object is damaged, include that information in the description. If your product doesn’t work, include that information in the description. If any of these issues can be fixed, include that information in the description — it will help.

Often, an honest description can be enhanced and even overshadowed by an image of the product. Take a clean picture, and use lighting to show the extra detail that words can’t. If you have been completely honest in your description, and the picture looks fantastic, sellers will usually determine the amount they’re willing to bid based on the visual representation (the picture). Because you were honest in your description, the seller will be satisfied with the product. If you ever have a problem, refund the money.

Secret #17: Handle Payments with Honesty

Generally, you will want to ship your item immediately after you get paid, but sometimes there are extenuating circumstances.

When someone pays with a credit card or through PayPal® they expect the item to be shipped within a few days, sometimes even the same day. If you forgot to note when the payment came in, and therefore didn’t ship their product, be honest. Do not try to blame the delay on a late payment. Just tell your buyer that you forgot to log the payment, and ship the item immediately.

Any time a payment (such as a money order or personal check) is sent through the mail, the process will be slowed down a bit. Keep communications open with your buyer, and you should have a smooth transaction. When the buyer uses a personal check, you should always wait for the check to clear your bank. But after the check clears, be certain to send the item right away.

Secret #18: Don’t Wait to Ship to Repeat Buyers

Of course you’ll want to wait until your buyer’s personal check clears before you ship your product. But this is NOT the case with repeat buyers. If they’ve proven themselves trustworthy, send the product when you receive the check. This will help you build your client base.

Secret #19: Be Honest About When You Ship Products

This one is similar to #17 but important enough to mention separately. If you forget to send a product, do not blame its tardiness on the shipping company. When you send your item, the postmark doesn’t lie, so you shouldn't either. Buyers like honesty and will buy again from honest sellers.

Secret #20: Ship with the Best

To avoid shipping fiascos, use companies you can count on. I’ve worked in this industry for quite a while, and my experience and research have shown me that there are three options for successful shipping: United States Postal Service (USPS), FedEx Ground, or UPS. They all are good; the key is to know when to use each one.

Secret #21: Do NOT Try to Make Money on Shipping

People will pay good prices for products they want, but they hate to pay for shipping. Always make sure you list a shipping price that will cover your postage and supplies — but no more than that. If your shipping price is excessive, people may not bid on your item, or they’ll bid a lower amount than it’s worth to make up for the price of shipping. The few extra dollars you make on shipping can ultimately result in lower bid amounts — and less money in your pocket.

Here’s the good news: MarketPlacePro will help you calculate approximate shipping charges and enable you to keep track of those fees for each product.

Secret #22: Ship with USPS When…

The United States Postal Service is often the easiest choice for shipping, and sometimes it’s also the cheapest. Here is my Golden Rule with the USPS:

When your package weighs less than 2 lbs, it’s most economical to ship with USPS because you’ll pay a flat rate to anywhere in the country (using Priority Mail).

Secret #23: Take Advantage of USPS Supplies

This is another reason I love the USPS: You can log onto USPS.com to order your supplies, and they’re FREE. Not only that, but the USPS will send the supplies directly to your home. That way, when you’re ready to ship, you’ll have the boxes, tape, and labels right there at your fingertips.

Secret #24: Pay for USPS Delivery Confirmation

You can prove that you sent your Priority Mail package by spending just .50 cents to get Delivery Confirmation. You can track the package at USPS.com, and you’ll know when it arrives and your buyer’s address. This can help prevent dishonest eBay buyers from making a claim that they never received your shipment. It’s .50 cents well spent!

Secret #25: Print Your Own Postage

Consider buying a postage scale that interfaces with your computer and pre-print your postage and confirmation. It will save you hours at the post office. Just log onto stamps.com, a site that has advertised free postage scales, or visit google.com and search for a similar Web site.

Secret #26: Ship with UPS When…

If the item you are shipping is more than 102 inches long or weighs more than 2 lbs, then consider shipping with UPS. You’ll automatically receive $100 of insurance, and tracking is included at no extra charge.

Secret #27: Don’t Forget FedEx Ground

FedEx Ground is usually cheaper than UPS, and there is an additional benefit: After you establish an account with FedEx, the company will pick up your shipments from your office or residence for a small weekly fee.

Secret #28: Choose Your Starting Bid Price Carefully

These are words I live by: You can start your auctions at the price you want for your product, but you may be better served by starting a little lower. Remember: This is an auction. You need to leave room for the price to increase.

Secret #29: Use a Reserve Bid When…

Reserve bids can work for you or against you. The trick is to know when to use a reserve and when not to. Here are my thoughts:

If you’re selling a product in your niche, and you know it will sell for a fair price, don’t use a reserve.

If you’re selling a product that you’re not sure about, or if you think any profit margin is going to be slim, set up a reserve bid.

Secret #30: Be Creative When Setting the Reserve Bid

Buyers usually expect sellers to set the reserve bid at a familiar “price-tag” number, like $69.95, $69.99, or $70. And some buyers on eBay make a game of trying to guess the reserve bids of products. They like to see how close they can get to the bid price without actually activating the auction. So, if you’re going to use a reserve bid, I suggest setting it at a different number like $67.36. These game-playing bidders will be expecting a reserve at or around $70. So to get close, they might bid $68, in which case your reserve of $67.36 is met, and they’re now the high bidder on your product.

Secret #31: Set the Starting Price to Get the Most for Your eBay Fee

When I start an auction, I set my starting bid just under eBay’s fee structure. For example, I’ll start my auctions at $9.99 rather than $10. The eBay listing fee for $9.99 is .30 cents; the fee for $10 is .50 cents. So, I save .20 cents on listing this one item.

And while .20 cents on one item might not sound like much, let’s look at it over the long term. If I launch 50 auctions a week, or 200 auctions

a month, that .20 cents will add up to a savings of $40 a month. Forty dollars a month will pay your phone bill or the bill for the DSL line (or a nice dinner). Take it from me, you’ll find some place to spend that extra $480 this year!

Secret #32: Feed the Frenzy

You can feed a bidding frenzy on your item by using a low opening bid price and no reserve, which should attract more bidders. The more people bidding on your auction, the more likely that two or more of them will get drawn into a personal bidding war. At that point, winning the auction becomes almost as important as the product they want to buy, and these bidders might eventually pay more than what they intended to pay to beat out the competition. This is so important, because it can lead to you getting much more for your product than you expected.

Secret #33: Pictures Are Money

According to the old saying, “A picture is worth a thousand words.” But when it comes to launching online auctions, the saying is more accurately, “A picture may be worth a thousand dollars.” Always, always use a picture. And remember that with MarketPlacePro, you can post all the pictures you want for one fee — you won’t incur the eBay fees for multiple pictures.

Secret #34: Sell Your Product with Your Title

Your auction title is one of the most important elements for drawing attention to your item. When writing your title, use the limited space you receive — eBay allows you just 55 characters — to describe your item succinctly and effectively. Choose words that clearly announce what you are selling and will draw traffic to your auction. Here are a couple other tips for writing headlines:

Include your item’s brand name, artist, or designer. State exactly what your item is, even if your title repeats the

category name. Think of words buyers might use to search for your item, and

include relevant terms and words.

Keep in mind that buyers don’t search for words like “wow” or “look,” so use the limited space of your title for more descriptive words.

Browse similar items’ closed listings to see which titles drew high prices in the past.

Secret #35: Use “Non-paddable” Spaces and Write Longer Titles

If you’re short on space in your title and you need just a couple more characters to finish a word, consider this tidbit: the underscore “_” or tilde “~” don’t count as characters. So instead of “Gary Benfield: Days of Summer” (29 characters) use “Gary_Benfield:_Days_of_Summer” (25 characters).

Secret #36: Double-check Your Title

A spelling error in your title can mean a not-so-profitable end to your auction. If your title contains spelling errors, it’s likely that buyers won’t find it. I have seen this happen time and again: Spell a product wrong, and it won’t sell. Or, as I’ll reveal in my next secret, it will sell but for far less than you expected. Again, if people can’t find your item, they can’t bid on it.

Secret #37: Search for Misspelled Bargains

In my last secret, I said people would have a hard time finding your auction if you misspell your title, but this isn’t always the case. They might just find your auction and buy your product for pennies on the dollar.

For example, you might try searching for items that people typically spell wrong, or try typing in the phonetic spelling of the word (how it sounds). This is how I managed to buy a pen worth $1,000 for $100.

The seller described the pen as a “Monte Blanc” — but there is no “e” in Mont Blanc. He lost $900 dollars on one mistake, and I got a great pen.

Secret #38: Write Thorough Item Descriptions

When writing your item description, make it as complete and detailed as possible. Many people find your auction through the site search engine, so the more thorough your description, the better the chance your item will be seen. Leave no stone unturned. Make your listing easy to find for the person looking for a product like yours.

If you neglect to mention some crucial piece of information, bidders may look elsewhere. For example, suppose I’m selling a computer game, and I forget to mention what console it’s compatible with. My potential bidders might pass my game by rather than going to the trouble of contacting me and asking me to clarify. The omission could even result in a return or negative feedback. Always include as much relevant information as possible.

Secret #39: Use a Spell Checker

Do everything you can to eliminate the possibility that your product title and description contain spelling errors. With MarketPlacePro, we’ve made this process easy for you by building in a spell checker. However, if you prefer, you can also write your description in Microsoft Word or Word Perfect, check the spelling, and then cut and paste the information into your auction.

Secret #40: Know Your Product

If you’re not familiar with the product you’re trying to sell, educate yourself before you write the description. If you describe the item incorrectly, buyers may be leery of bidding. Even worse, buyers could decide not to bid on any of your future items if they are under the misconception that you don’t know what you’re selling. In my experience, I’ve found that buyers want to work with professional, reputable sellers. The more correct information you have and use, the more credible you’ll become in the buyers’ eyes.

Secret #41: Seed Your Auction

As I mentioned before, when buyers are looking for the item that they want to purchase, they’ll use the eBay search engine. And they usually search by title and/or description. So you can seed your auction by including the names of products or services that are similar to what

you are selling in your description. This way, if they are searching for a product that is similar to yours, your product will also be flagged.

For example, if you’re selling a Kodak camera, I would suggest that you include the following words at the end of your description: “Similar to the Nikon and Minolta.”

Secret #42: Include Shipping Costs in Your Description

Explain all shipping procedures and expenses in your item description clearly, so there can be no confusion. If you charge for handling, make that known too. And remember: MarketPlacePro automatically calculates shipping costs for you.

For a tutorial on Shipping Made Easy, please reference your MarketPlacePro resource manual.

A final note on shipping costs: Some eBay sellers have not been exposed to my Secrets, particularly those pertaining to honesty. These dishonest sellers have developed a tactic for charging unfair shipping and handling fees. For example, they may leave out the most critical information from the ad and fill in the details at the end of the auction, when they know they can charge whatever they want and get away with it. eBay users protest this practice, and these sellers usually don’t last long in the eBay universe. Do not forget the importance of including your shipping information.

Secret #43: Leave Feedback When…

This is one of my Golden Rules: Don’t leave feedback until after your buyer leaves feedback for you. It’s all about the negotiating position. If you have already left feedback for your buyer, and he decides he doesn’t like the product or wants his money back, you’re done. But if you still have the power to leave feedback, he is less likely to make a power play.

Secret #44: Be Careful Leaving Negative Feedback

Even if a buyer deserves negative feedback, it’s always a better option to go out of your way to clear up any disputes before you decide to pursue that course of action. Leaving negative feedback for buyers

often prompts them to strike back with their own negative feedback or unfair comments about you. Always try to find some other solution. I follow this rule of thumb: I don’t leave negative feedback unless a buyer blatantly defrauds me. On the other hand, if a buyer doesn’t pay for the product I was selling, I either leave neutral feedback or no feedback at all. Believe me, this will make a difference. eBay buyers and sellers live and die by feedback. I’ll also file a non-paying bidder notification with eBay.

Secret #45: Schedule Time for Posting Feedback

Although posting feedback takes time out of your busy day, you have to do it to be successful.

Schedule a time once a week to leave feedback — no more than 15 minutes. Create a couple generic feedbacks, such as “Great buyer, quick pay, great trans,” check the spelling, and then cut and paste these generic statements into your feedback submissions. People don’t care what you say, as long as it’s positive.

Secret #46: Make Customer Satisfaction Your No. 1 Priority

Treat your customers and potential customers like royalty, and they’ll reward you. Your repeat business depends on your customers’ perception of you and how you treat them. They should always be your main concern. Your customers are more important than your product or any short-term profit you make. Make it your passion to cater to your customers’ needs.

Secret #47: Develop a Listing Schedule

Before you place an auction, you should always take time to consider the best times for starting and ending an auction for your particular product. For example, if you had American flags you wanted to sell, you would probably want the auction to end several days before the Fourth of July, rather than just after it — thus allowing you enough time to ship your product to your buyer in time for the holiday. And if you’re working in a niche area, pay attention to the days and times your items do the best, and start keeping a listing schedule. And stick to it.

Your clientele will learn when you list items, and you will get much better results from your auctions.

Secret #48: Know When Traffic Is Typically Heaviest

You can start experimenting with your personal Listing Schedule by placing your items up for auction on eBay’s heaviest days of traffic or having your auctions close on the day that traditionally receives the most bids.

Traditionally, Saturday is the day that eBay receives the most traffic, followed by Sunday. However, Sunday traditionally has the highest number of closed auctions and submitted bids.

Secret #49: I Launch My Auctions on…

In my opinion, the best day to list an auction is Sunday, based on traffic patterns and closing percentages — the auction will be seen by the most number of bidders throughout the heavily trafficked weekend. Plus, Friday is payday for a lot of people, and potential buyers are sometimes willing to spend more knowing that they have new cash burning a hole in their pocket.

Secret #50: Always Include a Refund Policy

Refund policies are essential to your auctions, and here’s why: Buyers are always wary that someone may take advantage of them by not telling the truth about their product. In general, the consumer public is accustomed to being able to return their purchases if they are damaged or unsatisfactory. If you do not allow returns, people will look elsewhere to bid and buy. If you have a policy that allows for returns, people will bid more often — and maybe even more money — because of the added comfort level.

Secret #51: Phrase Your Return Policy Concisely

Your return policy doesn’t need to be the length of a legal document. Just keep it short and to the point, but clear enough that your buyers can understand it. Also, I never include the cost of shipping in my refund policy.

At the bottom of my auction, I include a statement very similar to the following: “You have seven days to return the product, no questions asked, for a full refund. The cost for shipping will not be refunded.” With this policy in place, I have had only one return in six years.

Another note on refund policies: There are products that need special refund policies, such as unopened software packages or tires. You don’t want to offer full refunds for software that has been opened or for tires that have been mounted on a car and used.

Secret #52: Insure Your Items When…

Always insure your item if it’s fragile or of great value. When I’m shipping anything that is easy to break or is valued at more than $100, I use UPS or FedEx. In my opinion, these companies take great care to not damage products. In addition, insurance (up to $100) and tracking (so you know who signed for the shipment) are included. If your item is valued at more than $100, insurance is available for approximately .50 cents per $50 in value.

Secret #53: Pack Your Item Well

Take a little extra time and pack your item securely. This doesn’t mean you have to spend a fortune — you can use newspaper, it’s cheap and it works well. If your object is extremely fragile, use bubble wrap. Buy your bubble wrap in bulk and save — you’ll use it again.

Secret #54: Don’t Limit Yourself to Buyers in the U.S.

Many brands that are popular and easy to come by in the United States are almost impossible to get outside of North America. For example, a friend of mine bought some OshKosh B’Gosh baby clothes at a local garage sale and sold them to an eager mother in Australia for a nice profit. And I bought model airplane engines that are made in Germany at a local swap meet and was surprised to find my biggest demand for these engines came from buyers in Germany.

Secret #55: Remember the Rules for Non-U.S. Buyers

The rules for selling to buyers outside of this country are simple: Don’t accept foreign currency; specify that you’ll accept U.S. dollars only. If a

buyer sends you $20 dollars Canadian and you were expecting $20 American, you just lost about $8, depending on the current rate of exchange. Always specify U.S. funds only.

And be sure that you consider the additional shipping charges that may apply before you agree to ship the product outside of the country.

Secret #56: Communicate Promptly with Your Buyers

Establish communication with your buyers immediately, and then make sure you return their e-mails within 24 hours. You are operating a business, which means you should be open every day. I actually recommend that you over-communicate. The more interaction you have with your buyers, they better they’ll feel. For example:

Send your first e-mail to the buyer as soon as the auction closes. Thank the buyer for his interest and give an address for sending payment. This will set the wheels in motion for a swift, efficient exchange of money and merchandise.

Send an e-mail to your buyer as soon as you receive payment, and let him know when you will be putting his item in the mail.

Send an e-mail to your buyer when you ship the package and include the tracking number for his convenience.

Don’t worry if you feel like this process could get out of control. Sending all of these e-mails can be automated with MarketPlacePro.

Secret #57: Avoid Misunderstandings

Your emotions and personality are difficult to convey through e-mail. Be straightforward and direct to eliminate the possibility that your messages will be misunderstood.

And always keep your e-mails friendly — never use ALL CAPS! IT WILL APPEAR AS THOUGH YOU ARE YELLING.

Secret #58: Don’t End Your Auctions Early

Unless someone makes me a truly out-of-this-world offer, I never end my auctions early. Many eBay bidders will wait until the auction is winding down to its final minutes to place their bids. If I close my auction early, I’ll miss the bidding frenzy that happens during the final hour of the auction. Don’t believe me? eBay actually promotes those products that are in their final hour by making the remaining time display bright red to draw bidders’ attention.

Secret #59: Add a Picture to the Gallery

If pictures are money — and they are (see Secret #33) — Gallery pictures are pure gold. For just .25 cents, you can add a Gallery picture to your listing that will appear when buyers are browsing categories or searching with keywords. Gallery items stand out in the list and enable buyers to get a peak at your item without another click.

Also, when buyers click on the “Gallery Items Only” tab, they see a catalog-like page showing photos of Gallery items only — yet another chance to draw traffic to your auction.

Secret #60: Use the “Gallery Featured” Option When…

I would suggest only using the “Gallery Featured” option for large-ticket items that will give you a profitable margin (in eBay Motors this listing upgrade is called “Category Featured”).

When you list your item on eBay, you’ll be required to place it in a Category. For example, if you have a Barbie to sell, it will be in the category “Dolls & Bears.” In the case of Barbie, you’ll then need to choose a Subcategory — either “Barbie Vintage” or “Barbie Contemporary.”

At the time of this printing, the “Barbie Contemporary” Subcategory contained more than 28,000 items. To get your item to the top of that list — making it more likely to get seen — you might want to consider paying for the “Gallery Featured” option, which will periodically place your Barbie in the special “Featured” section above the rest of the items. In addition, the picture of your item will be almost double the size of those outside of the “Featured” section.

According to eBay statistics, “Gallery Featured” listings are 66 percent more likely to sell. However, the cost for this option is $19.95. So you’re immediately cutting $20 from your margin.

Another caveat: The exact position of your listing and the number of times it appears at the top of the listings page will be affected by factors such as the timing of your listing and the number of other “Gallery Featured” items in your category. Therefore, eBay cannot guarantee that all “Gallery Featured” listings will receive the same exposure.

Secret #61: Use the “Bold” Upgrade Option

Another method for drawing attention to your item is to use the “Bold” listing upgrade option. The “Bold” option adds instant emphasis to your listings by putting your title in a bold font. According to eBay statistics, items listed in a bold font are 50 percent more likely to sell. Because this upgrade is only $1, it can be a cost-effective advertising technique for some of your items.

Secret #62: Use the “Highlight” Upgrade Option When…

Use the “Highlight” listing upgrade option if there are several other items identical to yours. For just $5, you’ll add considerable emphasis to your item by highlighting it with an “eye-catching colored band,” making it stand out from other listings. According to eBay statistics, highlighted items are 60 percent more likely to sell.

Secret #63: Design an Attention-grabbing Description

Be creative with the layout and fonts in your item description. Use paragraph breaks, bold text, and different sized fonts.

And rest easy. You don’t have to know HTML commands to make the text in your auction description stand out. Just type the description into MarketPlacePro the way you want it to appear in your ad, and you’re ready to launch the auction!

Secret #64: Use Hidden Counters

Although there are some great free services available that can provide a counter on your auction site (Honesty.com, for example), I would not advise you to use a visible counter. Counters tally the number of people who have visited your auction. If that number is low, potential bidders may question the quality of your product. These potential customers might also wonder about your product’s desirability if the number of visitors is high, but the bid price is low.

If you do want to use a counter to measure the draw of your products and your marketing endeavors on eBay, I would use a hidden counter such as the one provided by MarketPlacePro.

Secret #65: No Bids? Revise Your Listing

If your auction has not received any bids and you have more than 24 hours before your auction ends, you can still make changes to it. For example, let’s say that you spelled “Mont Blanc” incorrectly, or you left a vital piece of information out of the description. Don’t worry — it’s easy to make the change.

Copy the auction ID number from the upper right-hand corner of your eBay auction page. Then, click on “Revise your item.” Read the rules for revising, then hit “Continue.” At the next page, click “Edit title,” “Edit subtitle,” “Edit description,” or whichever section you need to make changes to. Make your changes, scroll to the bottom of the page, and click “Submit Revisions.” Congratulations, you have successfully revised your listing.

You can also add categories to your listing or change categories if your auction has not received a bid and if you’re more than 24 hours from auction expiration.

Secret #66: Got Bids? You Can Still Add Information

If you want to clarify a point in your auction or add some information or detail to your description, you can still do so even after you’ve received a bid on your item. Just follow the above procedure and add any new content to the bottom of your auction.

Secret #67: It’s Always Best to Cancel Your Auction When…

If you find that you’ve made a major error in your auction listing and you’ve already received bids — meaning you can’t go in and make corrections to the ad — the best option is to cancel your auction. Highlight your item on the “Active Listing” page in MarketPlacePro and click the “Cancel” button. It’s that simple.

You can also cancel the listing from eBay. Copy the auction ID number from the upper right-hand corner of your eBay auction page. Click on “Revise your item”; scroll to the bottom of the page and hit “Continue”; at the next page, hit “Submit Revisions”; and finally, “End your listing early.” Next, you’ll be prompted to enter your item number, which you should have saved, and to give the reason you’re ending the auction early. Then, you’ll choose “End your listing” button. This will cancel all bidders and your auction.

Correct your error, and re-list your item.

Secret #68: Use “Local” Auctions When Shipping Charges Are Prohibitive

If you have an item that you can’t or won’t ship — for example a piece of furniture or major piece of equipment — choose the “Local” auction option when you list your item. That way, your item will be available only to those in the geographic area that you choose.

Secret #69: Review Similar Item Descriptions

To make sure that you’re marketing your item to the best of your ability, search for similar items to compare the item description that other sellers have written with the information you plan to include. You may notice a fact or a selling point that you overlooked in your description. You do not want to copy and paste other sellers’ exact descriptions, of course, but use this tactic as a check for yourself to make sure you haven’t overlooked anything vital.

Secret #70: Use Manufacturer’s Description

If you really want to ensure that you have all the details about your item correct, go to the manufacturer’s Web site or a Web site that might have reviewed the product. Learn the facts about your product and use them. Be sure to site your source — “This information comes from the Sony Web site at sony.com.”

Secret #71: Use Manufacturer’s Image

If you don’t already have a professional-looking image of your product, visit the manufacturer’s Web site and click on the image you want. Select “Save As,” save the image, and now you have a professional picture to use in your auction.

Secret #72: Evaluate Your Failed Auctions and Try Again

Unfortunately, not all auctions are successful. If your item received no bids, you should re-list it. But before you do, you need to evaluate why it performed poorly.

If your item drew traffic, according to your MarketPlacePro hidden counter, you may want to focus on the image and description. Take a better photo, or add images — the more the better. Also, review your description: Is everything spelled correctly? Is there any misleading information? Could you beef up any facts about your item?

If your auction drew little or no traffic, you should consider changing the category in which you’ve listed your item or changing the headline. Also, check your headline for omissions or spelling errors.

And don’t forget to review the opening bid you’ve set for your item. It could be that you’ve set your opening price too high.

Secret #73: Be Realistic About Selling Price

Most normal items don’t sell for more than they would in a retail store, although I have seen it happen. And just because a similar item sold for $20 doesn’t mean that yours will, too. Your main goal should always be to avoid selling for a loss.

If you’re finding that you’re not making what you want on a certain item, it might be a good time to consider using a reserve bid.

Secret #74: Dutch Auctions Can Produce Serious Profits

Unless you’re selling cars or houses, listing one item a month on eBay isn’t going help you turn much profit. You need to list a large volume of items for best results. Dutch auctions are an optimum avenue for those

interested in large-volume auctions. A Dutch auction is a type of auction that lists more than one of the same item.

There are many items in the MarketPlacePro Warehouse that lend themselves to the Dutch auction format.

Secret #75: End Your Auction at Peak Times

To end your auctions at peak bidding times, you need to make sure you start your auctions at peak bidding times.

Most people bid on items from their computers at work or in the evening. So if my auction ends at 2 a.m., I’ll most likely see poor results because fewer people were available to bid. You will not create a bidding frenzy with just one bidder.

Secret #76: Take a Deep Breath

I’m sure you already know that people can be impossible, demanding, and a nightmare to deal with. But don’t lower yourself to that level; if you become too curt with your buyer, he could be motivated to leave you negative feedback. Always respond in a calm, courteous, and positive manner, which can be tough to do via e-mail. Don’t let the situation get out of control.

And whatever you do, don’t respond when you’re angry. Take a walk, relax, and then respond. Your head will be much clearer, and you’re less likely to say something you’ll regret.

Secret #77: Keep Accurate Records on Your Buyers

As you begin to place more and more items online for auction, you may become overwhelmed by all the information you need to record and manage. For instance, let’s say you have two auctions that closed on the same day. The first item was a humidor and the second was a humidifier. You certainly don’t want to send these items to the wrong bidders.

But don’t become overwhelmed. MarketPlacePro has a post-management feature that will help you avoid embarrassing mistakes like this.

Secret #78: Keep Accurate P&L Records

Again, as the number of items that you put up for auction increases, you’ll want an accurate record of which items are bringing you the most profit. If pool cues are turning a 60 percent return on investment, you might want to consider buying more of those.

But MarketPlacePro’s post-management feature will calculate these numbers for you! And, it enables you to export these figures to Quicken.

Secret #79: The More Exposure the Better

Although you may be tempted to try a three-day auction to turn your money around even quicker, I would advise against it. The more exposure your auction receives, the better — in other words, the more people who see your product, the more bidders you’ll attract. I like to list my items for seven days.

Secret #80: Initial Caps for Your Auction Title

When writing the title for your item, capitalize the initial letter of each word. For example:

One Black Cat — Correct

one black cat — Wrong

ONE BLACK CAT — Wrong

Secret #81: Consider Using Free Animated Gifs

Try adding animated gifs to your auction listings. These images help your listing stand out from others that may be similar. Check out www.wilsoninfo.com/email.htm or search the Internet for “free gifs” for the latest and craziest things.

Secret #82: Communicate with Potential Buyers During Auction

Keep alert! Potential buyers may try to contact you at any time during your auction. They’ll ask questions and request information about your product, and they might even ask you if you have similar products to sell. If you act quickly and professionally, you may be able to convert some of these inquires into sales. I recommend checking for and answering any of these e-mails once in the morning, during lunch, and in the evening.

Secret #83: Save Received and Sent E-mails

You never know when you’re going to need proof of something you did or did not say. It’s unfortunate, but there are some dishonest buyers who will claim that you promised something that you didn’t. Save all of your e-mails, both sent and received. It never fails; as soon as you throw one away, you’ll find that you need it.

MarketPlacePro automatically stores your sent and received e-mails, thus keeping an e-mail record of everyone who contacts you.

Secret #84: Relist Your Item and Save Money

If your item didn’t receive any bids the first time you listed it, you will be able to relist it one time at no additional charge (this option is not available with Dutch auctions).

If your item received bids but did not sell, e-Bay rules require you to create a new auction rather than relist your old one.

Secret #85: Cultivate Your Database

Your customer database is a goldmine. You can use it to market any of your new items directly to qualified customers. For example, perhaps you could send a newsletter to your database once a month to describe your new products or to give these customers discounts.

Secret #86: Use Electronic Coupons

After your auction has closed and you are communicating with your buyer via e-mail, include an electronic coupon in your messages offering them $2 off shipping for the next item they buy from you.

Then direct them to your Storefront. If they bought from you once, and they’re a satisfied customer, they’re more than likely to buy from you again.

REAL ESTATE SECRETS

The next seven secrets focus specifically on what I’ve learned about selling real estate on eBay.

Secret #87: The More Vantage Points and Views, the Better

Take pictures from the front and rear of your property. Include views of the yard and landscaping, if they’re a selling point. Also, take pictures of the kitchen, master bedroom, master bathroom, and family room. Often, people looking at your property will be from out of town, but even if they aren’t, they will want to see as many different visuals and views as possible. Pictures sell. And the more pictures you have, the better chance your property has of selling online.

Secret #88: Furniture Makes a House a Home

Take your pictures with furniture in the house; doing so gives the house a warmer feel and helps potential buyers imagine how the house will look with their furniture in it. Furniture also helps to give depth and size to a room that you’re trying to show with a two-dimensional picture. Take a picture of four walls and carpet, and the size of the room would be indeterminable.

Consider what my REALTOR® told me: Houses sell better with furniture in them. But remove all the clutter, such as magazines, mail, toys, and clothes, when you’re shooting your photographs.

Secret #89: Provide Potential Buyers with as Much Information as Possible

I like to include links to the following sites in my real estate auction listings: Chicago Title (www.chicagotitle.com), Home Gain (www.homegain.com), and Lending Tree (www.lendingtree.com). These institutions may help to overcome some potential objections in the buyer’s mind, such as “I don’t know if I would qualify for a loan for that house,” or “I’m not certain where to go to find a title company.”

Chicago Title provides title and closing services nationwide; Home Gain is a valuation company that can provide a map and demographics of the area as well as values of comparable properties; and Lending Tree puts buyers in touch with lenders who can pre-approve them for loans. Make this process as easy as possible, and it may result in more people being interested in your properties.

Secret #90: A Warranty Can Save You Worry

Purchase a one-year Home Warranty. I’ve found that the average price is around $349, but that varies with location, and the payoff is worth it. For one thing, I believe that having the warranty helps to sell the house, and for another, it helps me sleep easier at night in case something happens.

For an additional $50, I always add coverage to protect the seller if anything happens between the listing time and the closing date.

Secret #91: List One House at a Time

If you have more than one property to sell, list only one at a time and list the others on your storefront. Then, you can list the information about your other properties and a link to your storefront in your auction, and if people are interested, they’ll go there. You want to use eBay as your marketing site — as a great lead-generator.

Secret #92: Choose Your Real Estate Auction Format Wisely

eBay has two selling formats for real estate. The first is the auction format, which is designed to sell items in a quick time period. You’ll use the auction format if you want or need to move your property in less than 30 days. Final auction results are binding. The second format is the classifieds. You’ll use the classified format if you are looking to sell your property in 30 to 90 days. A classified ad is non-binding for the buyer and is designed to be used as more of a bulletin board to collect lead information of people who are interested in your real estate. This enables you to collect the names of potential buyers, send them more information, or contact them to close the sale offline.

I’ve found that the classified section also is a great tool for lead generation for other properties I have now or that I might acquire in the future.

Secret #93: Add Pertinent Information for the Out-of-town Buyer

As I mentioned before, many of your potential buyers may be from out of the area. You can beef up your chances of receiving bites on your property by adding information about the area and its surroundings, such as the commute time to downtown, to area school districts, to local shopping areas, and area attractions. You also might want to include information on the school districts as well as links to the districts for review, some of the activities in the area for children, and any other family- or pet-friendly community activities you know of in the area.

AUTOMOBILE SECRETS

In the next eight secrets, I’m going to provide an overview of what I’ve learned works best when selling automobiles on eBay.

Secret #94: The More Vantage Points and Views, the Better

Just as with real estate, pictures are money. People want to see as many different visuals and views of your automobile as possible. Make sure you include pictures of the front and back of the vehicle, each side, the interior, and the engine compartment. If there’s a view you don’t include, a seller may think you’re trying to hide something.

Secret #95: Calculate Your Reserve Price Professionally

When listing a car, set your reserve price based on the National Automobile Dealers Association (NADA) or Kelly Blue Book value. You can logon to either Web site at nada.org or kbb.com. You can also find more information about Kelly Blue Book in my special report, Jump-start Your Automobile Profits.

Secret #96: Include VIN in Auction Description

Always include the Vehicle Identification Number (VIN) of the vehicle in your auction description. This will enable potential buyers to perform a background check on the car and alleviate any concerns they may have. You may also want to check on vehicles you’re interested in buying. One of the more common sites for background checks is carfax.com.

Secret #97: Advertise eBay’s Built-in Warranty

Many people don’t realize it, but eBay provides a 10-day, 1,000 mile warranty on the automobiles purchased from its site. Take advantage of this additional benefit for the buyer, and mention it in your listings. It may help buyers become more comfortable with the purchase.

Secret #98: Help the Automobile Get to the Buyer

I’ve said it time and time again: Many of your potential buyers are going to be from out of your area. So make it easy for them to get the car home if they decide to bid on it. Include links in your auction for car shipping services, such as American Auto Transporters at shipcar.com.

Secret #99: Help the Buyer Get to Your Automobile

Here’s one that has worked well for me in the past. If your buyer is not local, you might consider offering to pay for his or her airfare to the vehicle. Then, the buyer would just drive the vehicle home. Tip: Make sure the ticket is one way and that you have enough margin in your profit to cover it.

Secret #100: Include Links to Auto Insurance Companies

I like to include the links to Web sites of several major insurance companies so that my potential buyers are just a click away from quick insurance quotes. You might include Geico (geico.com), Progressive (progressive.com) or Allstate (allstate.com).

Secret #101: Have a Mechanic Check Out the Automobile

One way to overcome a potential buyer’s fears of purchasing a vehicle he or she has never seen in person is to have the car checked out by your mechanic. You can then provide copies of the check-up and service the car received; what problems, if any, were identified; and what actions were taken to resolve these issues.

AND FOR MY FAVORITE SECRET OF ALL, I’VE SAVED THE BEST FOR LAST…

Secret #102: Practice Practice Practice

Practice is the key. Keep buying and selling and you’ll get to be an expert before you know it.