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RAKING IN THE PROFITS:
As long as you paid less than you know you can sell an item for, you will
always make some profit. Your negotiating skills and knowledge of market
trends (the prices that items can be sold for) will determine the amount of
money that you can make. You will be surprised – a little profit many times
over will add up quickly. Don’t turn down any trade where you can make a
quick 50K or more. Twenty such trades and you will have made a million!
Buyers can be categorised in much the same way as sellers:
You will have buyers who are willing to pay a lot more than an item is worth
as they don’t know it’s real value, buyers who are desperate for an item and
will pay you more because they have to have it now, and regular buyers who
will come back to you over and over again to purchase items from you. Try
to accommodate the regular buyers. Building up a network of regular buyers
will make it easier for you to make money. If they need to buy for slightly
less every now and again then go for it. You will probably already have
made so much money from them and if making a lower profit means they
keep coming back then it is in your interests to please them. Any good
business person knows that it is a lot easier to keep an exsisting customer
than to sell to a new one! Giving good customer service will only benefeit
you in the long run. Ideally you will build up a network of regular buyers
and regular sellers.
When you are selling to just anyone, never negotiate your price. Go into it
knowing the market value and be firm that you will not sell for anything less
than that. Always ask the buyer to make an offer first and if they offer less
than what you want, tell them what you are wanting. Do not give in to
selling your items for less than you know they are worth. If they say no then
walk away a short distance and wait a minute. A lot of times if they really
want the item they will come over to you and pay what you are asking. The
‘walk away’ tactic works just as well for selling as it does for buying! If they
don’t counter offer, you can always sell to another buyer.
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As I have mentioned more than once before, the forums are a great way to
sell your items for the market price. And the best thing about using the
forums is that you do not need to put in any work to sell the item.
Sometimes, just looking at the first few pages on the forums will present
you with a buyer. And BANG you just made a quick profit without any work
at all. If you are unsure about the price of an item, or if it is an item that has
an uncertain value just tell them to make an offer. A lot of times this will get
people into bidding wars and they will pay a lot more for the item. If you
have any experience of Ebay you will know the result of bidding wars -
higher prices!
SELLING TIP: Selling in bulk brings in greater profits. Not only can you sell
thousands of items each for a small markup (which in turn adds up to a
huge profit) but it usually brings you repeat buyers. On top of this, items
sold in bulk will often sell for higher prices than when sold indiviually.
Arrows and bones are great examples of items that sell for more when sold
in bulk.