Has this ever happened to you?
You've been watching an auction like a hawk, and your excited
that you are one of the only bidders. You know you can sell this
product on and that it will make you good money.
However, in the final half hour your auction gets swamped with
bidders and you come to the sickening realisation that you have
completely wasted your time.
Well, you'll need to be a lot sharper than this when looking for
a good deal. To be an effective Bargain Hunter, you'll need to
take these tips on board:
(1) Don't get Emotionally Attached to One Auction
I admit that I've been affected by this disease ...it's quite
common since most of us are very competitive, and hate to lose.
To get your bargain you should analyse the deal And make a quick
decision on how much you are willing to pay.
It is impossible to win every bid, and it is essential to bid on
as many as you can to stack the odds in your favour. You can use
bidding software that will bid for you automatically and at the
date and time of your choosing.
An effective Bargain Hunter spends most of his or her time
finding good deals, and not getting emotionally Attached to a
deal that could fall through.
(2) Specialise in One Product Category ... Initially.
This is essential.
Why?
Because if you specialise then you will know the products that
you can buy for a steal and then sell on for a killing. For
example, if you concentrate on Digital Equipment, you may
another sub-category of products that is completely off the
radar of your competition, and that you can pick up at great
prices.
Contrast this with a Bargain Hunter who jumps from one product
category to another, never developing the depth of knowledge
required to buy under valued products.
Once, and only once you know a category like the back of your
hand should you ...
(3) Research Other Product Areas of Interest
Now I know this may sound contradictory, but it isn't. Follow
step two first, and then do a little part time sleuthing. Spend
and hour or two doing a bit of market research to find a good
niche.
There are third party solutions provided by Amdale, Hammertap,
and Terrapeak that you can use. Then, step by step, you can
master a few categories and find much better deals. Over time it
is good to have your fingers in many pies, because if one of
your product specialties falls flat, you have another to back it
up.
In conclusion, a Bargain Hunter should focus attention on one
or two product areas. Bid on as many products as possible; use
the law of averages in your favour - eventually you will
succeed. Then expand in other catagories to make even more
money, and increase your security.
About the author:
David Jason is a Full Time Marketer who specialises in
developing Multiple Streams of Ebay Income.
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Bargain Hunter
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