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11/03/2005 06:29:14 PM · #1 |
OK I've never sold anything on ebay before and would like some advice.
How do you ensure you get your money? If you wait until the purchaser gets the goods then they may not send you the money, saying it hasn't been received but obviously the purchaser wants to know the goods are OK before they pay! So how does it work?
I'm not talking about a few pounds here but in the region of £4000 - (about $7000?)
advice please!
P
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11/03/2005 06:30:46 PM · #2 |
| You do not send the goods UNTIL YOU get the money. Money first, then you ship. |
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11/03/2005 06:31:53 PM · #3 |
or you could do a cash on delivery
COD payment
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11/03/2005 06:35:17 PM · #4 |
Originally posted by macpapas:
You do not send the goods UNTIL YOU get the money. Money first, then you ship. |
Is this the usual proceedure?
Also is a seller with a good track record more likely to receive a better price than a newbie seller? I have someone offering to sell this item for me saying he would get a better price because of his reputation. Obviously he wants a commission - 10% but is it worth it?
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11/03/2005 06:36:18 PM · #5 |
Originally posted by totaldis:
or you could do a cash on delivery
COD payment |
How do you arrnge this? The buyer will probably be in the far East?
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11/03/2005 06:38:45 PM · #6 |
If you are selling something that is extremely valuable and expensive, as a new seller, it might raise some eyebrows...I'd go with a reputable broker that you can trust. Check stats, feedback, all that before making a decision. Be very careful...there are some wackos with no scruples out there.
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11/03/2005 06:40:38 PM · #7 |
There is also an escrow service available. I've never used it, but for a larger amount like that it might be useful. I believe how it works is: They get the money from the buyer, and then notify the seller that money has been recieved. Seller delivers the item. As soon as buyer says item is okay, the money is then released to the seller. I'm sure there's a fee for this service, but I don't know what it is.
edited to add: Again, there are some really shady escrow services available. I would read up on Ebay's own and use it first probably. Also, you should decide if the fee is split by buyer and seller or paid by only one party.
Message edited by author 2005-11-03 18:42:18. |
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11/03/2005 06:48:37 PM · #8 |
Originally posted by laurielblack:
If you are selling something that is extremely valuable and expensive, as a new seller, it might raise some eyebrows...I'd go with a reputable broker that you can trust. Check stats, feedback, all that before making a decision. Be very careful...there are some wackos with no scruples out there. |
That's interesting! I have already told this "broker" that I would want a legal agreement between us - he wanted to do it all on trust but I was a bit leery about that! The item is a Beatles album - one of about only 600 - and this guy deals in selling music items on ebay. Anyway I certainly would get Legalbeagle to draw up an agreement and it would certainly take all the hassle out of organising it, marketing it and arranging shipping.
Since the LP originally only cost me £1 in the 60's it's a fair increase!!! Personally I think it's silly money buit if that's the price people will pay, I'm very willing to sell it!
jpochard -
The info about escrow sounds good. I shall investigate this because it could be something I insist on whoever sells it.
Thanks for the advice.
P
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11/03/2005 07:07:37 PM · #9 |
I've sold many items on eBay, I've always got very good prices for everything I sold, but I didn't start selling anything till I had 10 positive feedbacks or so (I got all my first 10 feedbacks as a buyer not as a seller).
The rule is that the buyer pays first, then the seller ship, this is very standard, however, some people would not even consider bidding on an expensive item from a new seller with zero feedback, so it is very true that you will get less money than someone else with good reputation.
My advice to you is to find a friend to sell it for you (hopefully for free) until you can build eBay feedbacks through buying items. |
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11/03/2005 07:10:52 PM · #10 |
The problem with putting high-value items on ebay when you've got a low reputation score is that you won't get as many people bidding on it because they're wary.
If people aren't bidding on your item, what can happen is that someone comes in at the last minute and buys it for $0.99 .... I'm sure you don't want your Beatles LP going for that! - Ebay does allow you to set a reserve price, but again this sometimes puts people off bidding.
I only ever accept Paypal payments for my items (no cheques, cash, or Nigerian credit cards). I only ever post them when I get paid; some people can be slow payers.
Ebay allows you to set postage rates accordingly. Make sure for something of this value that you allow for postal insurance (postal insurance is there to protect the seller, not the buyer - If the buyer says he hasn't received the goods after a reasonable length of time, then you're going to have to refund him)
Have you thought about putting the item into a specialised auction for collectors instead?
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11/03/2005 07:14:24 PM · #11 |
I would reccommend that you take your LP to an established ebay broker. Here in the states, and I'm sure in UK too, there are real stores that accept your items for auction on a consignment basis. They are real brick & mortar businesses, not just websites, because they have to offer a place for people to bring their items for estimating value and submiting it to them for auction. For a fee they will do everything for you including packing & shipping and collecting the money and distributing your share. And I'm sure they would use a written contract.
Buyers shy away from first time sellers, especially on high priced items. Try to find a brokerage that has sold at least several hundred items on ebay, preferably over a thousand. And don't be taken in by the percentages attached to ebay's feedback ratings. What appear to be very high ratings are actually the worst ones. Anything in the 97%-98% range is an absolute no no. Look for 99% and upwards. Ebay is a great place for buyers and sellers to meet but it can be a minefield filled with all kinds of pitfalls for the uninitiated. Your item is too valuable for you to take a chance with it.
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11/03/2005 07:14:52 PM · #12 |
Originally posted by samanwar:
I've sold many items on eBay, I've always got very good prices for everything I sold, but I didn't start selling anything till I had 10 positive feedbacks or so (I got all my first 10 feedbacks as a buyer not as a seller).
The rule is that the buyer pays first, then the seller ship, this is very standard, however, some people would not even consider bidding on an expensive item from a new seller with zero feedback, so it is very true that you will get less money than someone else with good reputation.
My advice to you is to find a friend to sell it for you (hopefully for free) until you can build eBay feedbacks through buying items. |
Again helpful advice. Since I really want to sell this quickly ( now I know what it is worth I want to get it out of the house and the money in the bank!). I will probably go with the broker. I know he has sold similar items before and has "contacts"
BTY it is certainly worth looking through your old LPs and seeing what the prices are for them nowadays!
P
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11/03/2005 07:18:31 PM · #13 |
ebay is wonderful but you can also get scamed. I think the overall tone of the responses all say the same thing.
money before you sell! |
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11/03/2005 07:31:02 PM · #14 |
Originally posted by coolhar:
I would reccommend that you take your LP to an established ebay broker. Here in the states, and I'm sure in UK too, there are real stores that accept your items for auction on a consignment basis. They are real brick & mortar businesses, not just websites, because they have to offer a place for people to bring their items for estimating value and submiting it to them for auction. For a fee they will do everything for you including packing & shipping and collecting the money and distributing your share. And I'm sure they would use a written contract.
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I don't know of anything like this in the UK - does anyone in the UK know of them?
jhonan
Have you thought about putting the item into a specialised auction for collectors instead?
It had ocurred to me but agin it's finding where and an identical LP has already been sold recently on eby so the buyers are there.
I am certainly putting a rreserve on it, probably of £3000,
P
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11/03/2005 08:22:47 PM · #15 |
I have a little experience with ebay. I have been a seller for about 4 years off and on with 100% positive feedback but I have only sold 18 items. They ranged from $0.99 to $1500.00.
1. How to collect money
a. Never send item before money is received.
b. If money is in the form of check hold item till check clears.
c. Papal is a good method of payment but it has is pro's and con's.
-1. Pro's
----Fast payment received
----Buyer protection
----Seller protection
-2. Con's
----You have to sign up and have a verified address to get seller protection.
----You have fees to pay.
d. I don't recommend accepting personal checks unless you know the person. If it a bad check you could be out of the merchandise and money and have to pay bank fees.
e. If you don't use papal the best way to receive payment is 'Bank Cashiers Check' or 'Money Order'.
f. At all cost avoid COD's and especially wired money such as 'Western Union'
Just make sure you are very clear in you payment section what you expect the buyer to do when paying and let them know what you will do when the money is received.
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11/03/2005 09:06:05 PM · #16 |
I bought and sold some lens on ebay this year. In my opinion, Paypal is the way to go. You do pay small fees, but it gives you peace of mind. For the buyer, it's a great option too; he can pay from his bank account or from a credit card.
I usually ship as soon as payment is made to my Paypal account.
Opening an account with Payal can take a couple of days though. To get your bank account verified, Paypal deposit 2 small amount (couple of cents) in your account and once you see those deposits on your statement, you can complete the verification procedure. |
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11/04/2005 11:15:07 AM · #17 |
Originally posted by Riponlady:
Originally posted by coolhar:
I would reccommend that you take your LP to an established ebay broker. Here in the states, and I'm sure in UK too, there are real stores that accept your items for auction on a consignment basis. They are real brick & mortar businesses, not just websites, because they have to offer a place for people to bring their items for estimating value and submiting it to them for auction. For a fee they will do everything for you including packing & shipping and collecting the money and distributing your share. And I'm sure they would use a written contract.
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I don't know of anything like this in the UK - does anyone in the UK know of them?
jhonan
Have you thought about putting the item into a specialised auction for collectors instead?
It had ocurred to me but agin it's finding where and an identical LP has already been sold recently on eby so the buyers are there.
I am certainly putting a rreserve on it, probably of £3000,
P |
Bump for UK evening crowd - trying to find out if there is a better way than ebay to sell item or any advice re selling through agent.
Please read through the thread for previous ideas/suggestions. It is very important to me financially that I get this right!!!
Thanks to all those who have already offered advice - it has all been very useful.
P
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11/04/2005 11:20:45 AM · #18 |
| Paypal sucks. It is fast and reliable, but they take fees like crazy. Especially with an expensive item, you are looking at 5-7% off the final cost and if it is $7,000 item, that is a lot. Use bidpay. This is western unions auction payment method. Very reliable, less fees, much faster. Other than that, make sure in the shipping/handling instructions you state that payment or payment arrangements must be made within 24 hours of aucion close. If the person doesn't pay in a few days, you can file with ebay and relist the item. Don't pay anyone 10% to do this for you, ebay is easy to work with, just spend a few hours reading everything on teh site you can. If you don't feel comfortable still, have a friend do it for less, I would sell this for you. Check my ebay name it is "Jmnuggy". good luck. |
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11/04/2005 11:28:13 AM · #19 |
One option is one of the more reputable auction houses in London, I believe Sothebys offer valuations, for little or no money if you drop in personally, and they will sell for you too. On the profit margin you are looking at I would sooner take a little less and have peace of mind.
Forget Ebay, no-one would touch you without bonafide credentials on such a pricey item.
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