If you want to declutter and make a bit of extra money all at the same time, one ideal way to do it seems to be to sell your stuff online. There are so many different kinds of online selling sites now that it should be a quick and easy thing to do.
But is it? Is selling your stuff online really worth the effort? Or would it just be easier to take it to a charity shop?
In this article we take a look at the pros and cons of selling online. We also give some hints and tips on how to sell successfully on one the world’s most established trading sites – eBay.
There are always two sides to the story.
So here are three good reasons to sell online. And three good reasons not to!
If you do decide to sell online, here are ten tips for successful selling on eBay.
Before you start selling on eBay you need to set up an eBay account using your email address. You can register on the eBay website here.
You will also choose an eBay seller name which will be visible to other eBay users. Every eBay user has a percentage rating based on feedback from previous transactions. Especially as a new seller, you should always aim for a 100% rating as this will give confidence to other people to buy from you.
Four things that can help achieve high ratings are:
When you list an item to sell, eBay will suggest the best category to list the item under, based on where buyers are likely to look for the kind of item you are selling.
It is then up to you to add a title for your listing and a description of the item. Be as detailed and honest as you can be in both of these to help buyers to find your item and decide whether it is what they are looking for.
As well as your written description you can add up to 12 photos to each eBay listing. These can make a huge difference to how well your item is perceived. It really is worth taking time and effort to take and upload good photos of your item from different angles.
Also make sure that if there are either special features of the item, or any flaws with it, that you photograph these and mention them in the text.
Ebay has produced some guidelines here on the importance of photos and how to take winning photos.
Setting the right price for your item is really important. If you set it too low, it may not be worth the effort once you take costs into consideration (see tip 8 below). But if the starting price is too high the risk is that your listing may not attract much interest.
When you create a listing, eBay will suggest a price to you based on the selling prices of similar items. But you do not have to use this price, it is just a guideline. The best thing is to do a bit of research on various sites to work out a fair price for the item you want to sell.
As well as the price itself, you have the choice to sell the item as an auction listing – where people can bid against each other for your item – or as a “Buy It Now” i.e. fixed price item.
You also need to decide the length your listing will run for. The default is 7 days but you can change this under Selling Details when you list an item.
Experienced eBay users recommend longer listings – for example 10/11 days – where possible as these give more time for your item to be viewed.
Also consider when your listings will end. For example if you start a 10 day listing on a Sunday afternoon, it will finish on a Wednesday afternoon, which may not be the best time for many people to be shopping on eBay. Most eBay sellers recommend early evening Sunday as the best day and time to end your listing, as this is a popular time for people to be online.
When creating a listing you can opt to schedule it to start on a different day or time rather than immediately, so you have a choice of when to start and end your listings.
If you have one or more items that you are really keen to sell, you may want to consider promoting them using Promoted Listings Express if your item is eligible. You can do this either just after you list your item or if your item has a “Promote it” banner on your my eBay Active listings page.
Promoted listings are available to Above Standard or Top Rated sellers with recent sales history.
You will be charged a small fee for a promoted listing. In return for this, your item will appear in sponsored ads on listing pages of similar listings, giving it more visibility to a wider audience.
Think carefully how you will send out your item, and how much you will charge for this. If the item is very large or heavy, you might want to specify collection only. This may limit the number of buyers who are interested in your item, but could save a lot of time and hassle getting the item transported. However, be careful about strangers coming to your home, and try to have someone with you if at all possible.
If you are selling a small item, perhaps consider offering free postage as this will attract more interest and could make the item more likely to sell
Ebay provides general guidelines on postage costs when you list an item. The key thing is to be practical and ensure that you cover your costs. Don’t be tempted to overcharge on postage to make more money as this can either put buyers off altogether or result in negative feedback.
It is usually free to list on eBay: as a private seller you have 1000 free listings a month. Any listings above this would be charged at 35p each.
But you do need to pay eBay 10% of the final selling price of your item, so bear this in mind when setting the initial price.
If you are using any special features in your listing, you may also need to pay extra for them
For example:
As well as eBay costs, be aware that if you get to the point where you make £1000 or over in a single tax year from your eBay sales, you need to declare this to HMRC on your tax return for that year.
But if you make less than £1000 a year, it is tax free and you don’t have to declare it to HMRC.
The final thing to watch out for on eBay is potential fraud. We referred to this earlier.
You particularly need to be on your guard against two things:
As your eBay activity increases you may be more visible to fraudsters and vulnerable to phishing emails. These are emails that look like official eBay emails but are trying to get your password and other personal details.
A phishing email will typically try to convince you that there is a problem with your eBay account or password, and give you a link to click to supposedly sort it out. Never click these links. They are likely to lead you to a fake website where your login or personal details will be stolen.
Make sure you only login to eBay through the genuine website or the eBay app.
If you have a listing running, you may get a message from another eBay user asking you to close the auction and sell the item to them privately rather than through eBay. This can be tempting, particularly if you are in a hurry for the money, but it is always risky. You will not be covered by eBay’s seller protection policies. So, for example, if you send out the item then the funds are somehow withdrawn, you could lose money.
It is best always to conduct sales through the eBay selling platform to ensure that you are protected and secure.
We hope that this article will help you to decide whether or not to sell your stuff online, and help you to succeed if you do decide to do this.
If you need any financial assistance to bridge the gap before your sales take off, remember that Munzee Loans is always here to help. Munzee offers online loans that could save you from rushing into selling on eBay before you are completely ready to do so.
Check back here soon for more financial and lifestyle tips from Munzee Loans.
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