.99 cent auctions.. Who runs them?

[Beachkid23]

I've been thinking about running 60 to 100 auctions this weekend all starting at $.99. Well, maybe 90% of them... Kind of figured with how crappy it is outside up north there will probably be a lot of people online buying. And my room is really getting bad so I was thinking about just taking what I can get and starting to list more?

Does anyone do this constantly I've done a mix. For instants I started a video game console last night for $.99 and the bids at $50 already the next day. But then some items stink and they sell for $.99! I have done hundred run auctions before and I work all day Monday wrapping them up just fine. But I'm just curious from others if you do an auction versus buy it now. Or starting your auctions higher than $.99?

I was hoping to get this coin collection as well but the guy had to go out of town for an emergency so that kind of throws me off because I think the coins would bring more attention to the stuff I was selling but maybe not.

 

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[Oregon Viking]

I have had good luck...and I have had bad luck!
Some .99 auctions get crazy, but...I have listed stuff, using "sold listings" as a reference, and gotten jack squat!
Sorry I don't think I answered your question....

 

[Beachkid23]

I have had good luck...and I have had bad luck! Some .99 auctions get crazy, but...I have listed stuff, using "sold listings" as a reference, and gotten jack squat! Sorry I don't think I answered your question....

No, your good. Thanks! But I see it's the same then.

 

[Slingshot]

I used to do all .99's 10 years ago, but they are not as successful now as they were then, or so it seems. Now I run them different ways, just depending on what I have and what I think it can do. If it's something really hot then I still run it as a .99. Cheers!!

 

[Tallone]

I have experimented some with $0.99 auctions. I concluded that the only type of items that make sense to list at $0.99 are those that I KNOW with absolute certainty are very popular and will draw a LOT of eyeballs to my listing. Without heavy demand, it is too big a risk for my taste. To give you sense of both ends of the spectrum, here are two recent examples of $0.99 auctions I have run:

1. Brand new Limoges china coffee set. The set (coffee pot with 12 cups & saucers) was about 40 years old, in perfect condition, and very elegant. To my complete amazement, it got NO bids. I gave it to a recently married niece as a Christmas present.

2. "Junk drawer" listing of a fairly large number of items, some with pretty good value potential. I didn't feel like listing all this stuff individually and I know there are a bunch of folks on eBay that fish these kinds of listings. Got a a bunch of bids and sold for $62. I was pretty happy with that.

 

[Sideways Sherry]

Maybe you should look into a term called "Reserve" and see if ebay offers to sellers the use of a Reserve. A "Reserve" is the least amount of money you will accept or sell the item for. What that means is if no one meets your "Reserve" then it is not sold at the last bid amount if less that your Reserve. Basically the buyer would be informed somehow that the Reserve was not met and the posting will get removed or kicked back to you then you will simply relist it. I'm not sure which selling websites offer Reserves though. Hope that helps a little, good luck!

 

[cyberdan]

ebay does offer a reserve but i think there is a fee, even if the listing is "free"
I bid on something today and a little note showed reserve not met. (and I was high bidder) Item did not sell.

 

[Nitric]

I think it depends on what kind of following you have. If your known for a certain item then I think it's safe to start at $.99. If you don't have a following or items that people might normally follow you for it would be hard to judge it. I also think how you draw people in makes a difference too. I know of a few guys that start all their auctions at $.99. They have a huge following and always sell the same type of items. Times,days, all make a difference too. This is from experience a few years back. I haven't done much in the past few years. It may be all different now.

 

[Drmad7]

I only do the .99 cent auctions for an guaranteed HOT item or an item I'm trying to just get rid of and don't have a lot invested in. I just sold a pair of LL Bean Maine Hunting Boots for $112.50. Started at .99 on a 3 day auction that ended on a Thursday night. I knew they would sell for more than the $5 I paid for them! But I sold a really nice knife for $23.50 that should have went for at least $50. It was a 7 day auction that ended on a Saturday night. I never do auctions that end on a Saturday but the previous sold knife ended on a Saturday at the the same time a week earlier and sold for $92.00! Had 14 watchers and only 4 bidders. So it still comes down to item, audience, time of day, and day of auction end, etc...

 

[Drmad7]

Oh...and I'm a follower of yours, so you KNOW I will be bidding AT LEAST the 99 cents on your good stuff!

 

[Beachkid23]

Oh...and I'm a follower of yours, so you KNOW I will be bidding AT LEAST the 99 cents on your good stuff!

That's good. Bid them up!

Sick child today. Water Got shut off so I had to deal with that. Even though they made the mistake. Went and picked up a platinum ring that I listed today as a consignment. So I hope to hit my goal of 60 listings But it is starting to look a lot more like 20 listings hopefully more.

 

[mugsisme]

I've done $0.99 auctions, and I got totally burned. Each time. I don't have a huge following, as stated above. I did it on watch lots that I felt would go. I ended up selling them for $10. I sold one lot with a $40 earring in it for a little over $2. :-(
I do a lot of checking what sold. I find that when you have a BIN auction for a high price, and an auction that starts low, it never seems to get as high a the BIN auction did. For instance, that Silpada bangle I sold ... Well, the BINs were going for $150. the auctions were selling for under a hundred. Just my thoughts. I don't waste my time with $0.99 auctions.

 

[2ndisbest]

Every 3 or 4 months I will do a blow out sale and do a massive amount of .99 cent auctions. If it doesn't sell then it goes into my yearly garage sale box. There are certain things I will never .99 cent though, stuff that there maybe only one or two possible buyers for. Basically I don't care if it sells for .99 cents it is just time to move it.

 

[Joe777Cool]

dont do it. start it at the minimum you would take, especially if it's jewelry. do NOT use reserves, it's very costly.

 

[diggummup]

It's all about how well established you are and what you are selling. I know someone locally who starts every single auction at .01. They do exceedingly well. They have a following. They sell only quality, high dollar goods. Either name brand, collectible, vintage and/or antique items for the most part. They have almost 33,000 feedback. They buy entire estates. I also know 2 people who regularly consign through them. These people are some of my biggest competition at estate sales. They do this kind of thing for a living and are very good at it. You'll be surprised how well they do if you do a little digging or watch any of their auctions. I haven't been able to get anything for a bargain yet from them. Check out their eBay store- Art Gallery, Designer Clothing items in middlemanbrokers store on eBay!

 

[Beachkid23]

Wow! I could not imagine having that many listings at once. But they probably have several employees! I guess one thing about the auction it gets the item sold. I don't know I'm going to run maybe 30 of them this week because I keep falling asleep when I go to list them. Since I'm just listing from buy it now it's two auctions. But I do love my food laying in bed. In fact I just woke up from a 2 1/2 hour nap right now! Some stuff I just I'm starting not to see the point of waiting months and months and months for $18 or $15 when I can auction it and get $8-20. I don't know maybe I should go for quantity two. A friend of mine has always had about 100 listed every month. Now she has 750! Says she sells way more month and she used to.

 

[diggummup]

Wow! I could not imagine having that many listings at once. But they probably have several employees!

Yes they do. Myself, I would never start an auction at .01 or .99 anymore. Once upon a time maybe, but not nowadays. I usually list for the lowest price I would be willing to accept. As a buyer, if I see a reserve on something I usually skip right on by it.

 

[cyberdan]

Well I bit the bullet last night and listed 7 auctions with a starting bid of 99¢. I have one bid on the best one I have up there. This is just a test to see how this type of product will sell. 85% of those items came from that big bin of jewelry i bought two months ago. If any one wants to get the bidding started that would be appreciated. (oh, I can't say that can I?)

 

[Baltimore]

Well I bit the bullet last night and listed 7 auctions with a starting bid of 99¢. I have one bid on the best one I have up there. This is just a test to see how this type of product will sell. 85% of those items came from that big bin of jewelry i bought two months ago. If any one wants to get the bidding started that would be appreciated. (oh, I can't say that can I?)

Not to totally hijack this thread, but @Cyberdan: you should definitely add the words "junk drawer" to this listing, it may not be junk exactly but it will get you a lot more views.

Jewelry Box Filled Mens Vintage Jewelry Rings Watches Silver Old Coins | eBay

 

[Beachkid23]

I just got an email asking to sell an item for $2 bin with free shipping. The other one I had like it sold for $56 w/ 4.95 shipping. Drunk guy I assume. What an idiot. 4 emails... Why can't you do it!!