I leave next Thursday for Nicaragua. I had better have my new book finished (wishful thinking) or I am in trouble! I have written 68 stories so far. Only 32 more to go!
This ezine is published once a week.
April 5, 2007, Volume III, Issue 13
I leave for Nicaragua a week from today. Peter and I are going for just a few days to look at buying some land as an investment. The prices are reasonable and I can’t wait to check out the country. I will tell you all about it when I return!
I can’t believe how many of you took the time to offer your condolences to our family for the loss of my mom’s cousin, Ann Brown. Thank you so much. What a nice bunch of eBayers (and most importantly, people) you all are!
Several of you also wrote in to tell me about using the eBay cross-promotion feature to recommend other sellers instead of listing their user IDs. Here is more information on that feature from eBay.
In my ezines, I try to write about positive success-type stories but thought that this week I should write about some of my bigger mistakes. So this ezine’s feature article is about breaking the $5 rule and spending more. I will give you some pointers and examples of when it has and hasn’t worked for me. Don’t miss it!
I am still hard at work on the audio CDs for the 1st and 2nd 100 Best books. Don’t miss out on our introductory pricing. These 12-16 CDs are a lot of fun and I know you will learn great things!
Finally, this week we have another great story about the things you all have sold on eBay. This one comes from Jim and Kelli–they were featured in the same Entrepreneur Magazine issue that I was. I even got to meet them at eBay Live last year. They are very neat people! See how an $8 overcoat can sell for hundreds!
Here’s to Successful eBaying!
Lynn Dralle, ‘The Queen of Auctions,’ Creator of the best-selling eBay Boot Camp in a Box.
I am testing the new Markdown Manager at full speed ahead of this week. I have over 4,000 items (80% of my store) on sale at 25% to 50% off. It is very exciting! Some of the sales end April 6th and some end April 10th. Don’t delay in visiting my store. It also appears that eBay has worked out the kinks. Please check out these categories for great bargains:
‘Break the $5 Rule and Spend More–or Not?‘
by Lynn A. Dralle, ‘The Queen of Auctions’
When I left the comfort of my grandmother’s antique store and ventured off to California and my very own eBay business in October of 2002, it was scary! I sold things that I inherited from the store for about a year and then I decided I had better find more inventory sources.
I started going to garage sales. I had no idea what I was doing. I had run my grandmother’s store for almost ten years but we only bought things when people brought them in through the front door. I was venturing into uncharted waters.
I made a few $100 mistakes in the beginning. At one sale, there was a lovely wicker baby buggy that was priced at $175. I remembered that baby buggies had sold for big bucks in our antique store. I offered the lady $100. She accepted. Too bad for me.
I listed that thing at least five times before it finally sold for–you guessed it….$99.00. I probably lost $25.00 on this deal with all the eBay fees etc. Not to mention my time. Please notice that things that used to sell for big bucks in an antique store do not necessarily sell for much on eBay at all. People always ask me “because you ran your antique store and grew up in the business, don’t you think you have an advantage?” Not!
If you know anything about me, I do not like to lose–at all! My grandmother always said, “Sell for gain.” Sounds simple, doesn’t it?
Well, after about six months of buying at garage sales and taking some big hits, I came up with my $5 rule. If I know nothing about the item, $5 is my max. If I know just enough to be dangerous, $20 is my limit. This way, I don’t lose too much. If it is more than $20, I must use Internet access or a lifeline before purchasing. A lifeline is a friend that is always home and always on their computer. My brother is sick of being my lifeline.
Since inventing this $5 rule in 2003, things have changed. I now feel more confident in my eBay buying and often spend hundreds of dollars. But usually, when I spend more than $100 it is on multiple items–not just on one piece. I will not spend more than $100 on a single item without doing research.
But, are you ready for another mistake? This one actually appears as a story in my new book. (We have changed the book’s name to The 3rd 100 Best Things I’ve Sold on eBay–Ka-Ching! Thank you to Stephanie O’Leary (bella_luna2) for the title!)
So, I am at a very high-end estate sale and there is a huge painting that has a price on it that says “Rare Painting $50”. I am a sucker for the word RARE. I ask to learn more and they tell me that it is from a very famous store and if I buy it and call them on Monday, they will tell me the name of the store. Sold!
My ‘rare’ painting
So, on Monday I call and the man answers the phone. I wait with my heart beating loudly for the big name of the store…..”Pier One!” What a letdown. I still own this painting and have not even bothered to list it on eBay because it is HUGE and I don’t want to deal with the shipping. $50 loss.
The final mistake that I will discuss is one that I just made last weekend. I was in the boutique section of that church charity sale and there was a stereo viewer with stereo cards marked $95.00. I asked for a better price. $75.00 sold! It turned out that wasn’t too bright. But at least I didn’t lose too much money.
I listed the stereo cards separately and the viewer separately. Here is a photo of the stereo viewer that turned out to be very damaged. It was the piece that I thought would sell for the most.
My $75 mistake
Click here to see the pathetic price it sold for.
The stereo cards actually sold for quite a bit. This was the part of my $75.00 purchase that I thought was just a bonus.
These did pretty well.
Click here to see what they sold for.
This article is to illustrate that I still make mistakes and that you can too because it all evens out in the end. Just don’t be afraid–take some risks. Go for it. It will all work out!
In fact, more often than not, these $100 purchases turn into a wash. I don’t really make money, but I don’t really lose any either. And I learn something! The best way to learn is by spending some money.
To recap. As a general rule, use the original $5, $20, and lifeline rule for the first two years you are starting out. After that, spread your wings. But know that you will get nicked, bumped, and sometimes shot down. It is all a learning experience and if we aren’t learning–we are not living. Have fun, Godspeed, and see you on eBay!
Speaking of seeing you on eBay–check this out. I bought a Mickey Mouse tie for my son for his Easter suit and the gal I bought it from is one of our ezine readers. She wrote back with this cute line “Thank you!!! What a thrill to sell something to my MENTOR. Robin” Check out Robin’s eBay store at robhorse55.
How fun was that? eBay really is a small world.
WANT TO SEE MORE ARTICLES LIKE THIS ONE?
See Lynn’s past ezines here.
WANT TO USE THIS ARTICLE IN YOUR EZINE OR ON YOUR WEBSITE? Yes, you may – just as long as you include this complete blurb with it: The Queen of Auctions and eBay Power Seller, Lynn Dralle, publishes ‘eBay Tips & Tricks’ a weekly ezine with 9000+ subscribers. If you’re ready to jump-start your eBay business, make more money and have more free time, get your FREE tips now at www.thequeenofauctions.com
I am hard at work recording The 100 Best Things I’ve Sold on eBay and More 100 Best Things I’ve Sold on eBay to be released on audio CD. You will be able to listen and learn in your car or on your iPod! Preorder now at a special price.
Don’t miss out! I will be sharing extra insider info that is not in my two books and I am having a blast recording them. I know that you will laugh, cry and learn along with me.
We are offering a limited-time presale special on the package including both audiobooks. The expected ship date is April 15th. (We want to cheer you up at tax time!) This audio program will be delivered on twelve to sixteen audio CDs. After this introductory special, it will sell for $29.99 for each book or $49.99 for the two books–for a limited time we are offering both audiobooks at a special introductory price of $39.99. Click here to preorder now!
I am happy to present our eighth story for The 100 Best Things You’ve Bought or Sold on eBay! This week’s story is from Jim and Kelli–Dream Adventures. You’ll be amazed at what an old overcoat sells for. Click below to read…
Click here to read the story…
We are looking for more great stories of your eBay adventures. We know there are many great tales out there, so please submit your story along the lines of the stories from the 100 Best Books and a great side story with photos will help. If we use your story, you will receive a $35 merchandise credit on my website or towards my eBay auctions and you will have your story featured–along with your user id–in my ezine! It may also eventually end up in a published book!
By the way, when I mention my ezine readers’ user IDs with links to their auctions–it actually helps their sales! Amazing how that works. Click here for the guidelines for submitting your stories.
eBay Power Seller and third-generation antique dealer, Lynn Dralle, is the creator of Boot Camp in a Box, the home-study course where you can learn to implement the Dralle Method to maximize your eBay profits.
If you liked today’s issue, you’ll love this step-by-step course that is guaranteed to be the most complete and enjoyable guide to selling on eBay that MAKES YOU MONEY.
Read all about it here.
The Queen of Auctions also offers free articles, teleseminars, how-to books, tracking guides, DVDs, eBay Boot Camp training, and other resources to help entrepreneurs make their eBay business a six-figure sales machine. Click here to learn more.
The Queen of Auctions/All Aboard Inc.
PO Box 14103
Palm Desert, CA 92255
Visit my eBay Store.
Visit my eBay auctions.
For more great eBay tips and stories, visit my website at:
Lynn is an experienced eBay Power Seller, author, and teacher. If you want to know the eBay tips, tricks, and tools that Lynn uses for buying and selling at an online auction click here.