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EZ Money-Maker #6: "Turning the Tables: Buying on eBay, Selling Local"
Strategy: To
buy antiques and collectibles and one-of-a-kind items on eBay.
Timing: The
best time to use this is when the CR are below 50% and prices are depressed.
I shouldn't have to tell you there are some amazing bargains to be had on eBay. Some are even incredible - like
the 10 k gold, 2.5ctw diamond tennis bracelet that sold for $233.50 on May 10th, 2000. (#321536954).
When I look at some items selling on eBay like this, I'm tempted to say, "What's the catch?" But, you
look at the 677 positive feedbacks the seller has received and the feedback the buyer left for this transaction:
User: joclxxxro (5) Date: May-19-00 13:42:50 PDT Item: 321536954
Praise: GOOD FAST TRANSACTION. PLEASURE TO DEAL WITH YOU! THANKS. |
…and you realize this guy has a source for fine jewelry that I may never find. And it's just a plain and simple
great deal. Period.
I went to one of the finest schools for jewelry making in the country: The Munson-Williams-Proctor School of Art,
right here in Utica, NY. So I'm familiar with wholesale sources of fine jewelry, diamonds, etc. and the costs of
creating a fine piece of jewelry. When I buy diamonds it's at 50% of Rap Sheet prices. So when I see an item like
this, that I know I could sell in my local market for DOUBLE what it went for online, I'll bid on it.
If I win the auction, I put a little ad in the classified section of the local paper under "Jewelry"
and say something like: "2.5ctw designer tennis bracelet in 10k solid gold. Sacrifice. Call 733-XXXX."
Don't put the price in the ad!
When someone calls, you explain that it's been appraised (if it really has - don't ever lie!!- get a local jeweler
to appraise it for a small fee) for $750 or whatever but you'd be willing to 'sacrifice' it for $550.
Let them chew you down to $450- it'll make 'em feel like they got a deal.
They're happy and so are you.
Here's a small twist to this type of buying on eBay and selling locally: A lot of antiques, memorabilia and collectible
items are made in a certain location and find their way to distant places when the people move. Let's say I'm looking
for a book that was written about Utica (my hometown) on eBay and I found one.
It just so happens it was also printed by a local printer and the author was a famous local personality.
Wow! It's got a lot going for it, as far as I'm concerned. And chances are, not many eBayer's will be interested
in a book about Utica or even know that it was written by a famous local personality.
In just about every community there are people who love to collect items related to their hometown: Books; advertising
items from local companies; furniture, pottery, stained glass made there; etc… and they'll pay for good quality
pieces.
TIP: When you're searching eBay for items to buy also include keywords with your city name, town name, county name,
village name and the names of local manufacturers in your searches!
You'll be amazed at what you will find.
And generally, since the market will be much smaller online for items related to a specific town or village or
county, you can get reasonably good prices and sell them locally to avid collectors for a good profit. |
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Entire Contents © Copyright 2001 by David Vallieres. All rights reserved. |