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Learn How To Get The Best Buys at Online Auctions

A recent three-year Online Auction survey conducted by Charles Wood, at the Mendoza School of Business at the University of Notre Dame in Indiana and colleagues at the University of Minnesota reveals:

1. Item Auction Ads with a photograph, yield 11 per cent more profit, compared to a similar item without a picture.

2. They also found that auctions that last longer attract more bidders and end up attracting higher sale prices. Many Auctions benefit higher profits from recreational bidders. Those bidders that are using auctions as a form of entertainment.

3. Trusted sellers will get higher prices.

Also another recent Auction Survey results have revealed the following:

4. Most people bid in an online auction because there looking for bargains.

5. A seller's track record is almost always checked and if no info is available, other information sources are considered. If no information abbot the seller at all is found, most won't bid.

6. The average auction item price is under $100.

7. Most buyers prefer paying by check or an online credit card facility such as Paypal.

OK So How Can I Use this Information:

Here's 7 Steps
To Get The Best Online Auction Prices

1. Use Sellers that don't have Pictures. Statistics say that you'll save 11% on average over items with pictures. There's a caveat here however, e-mail the seller an ask very specific questions about the item to determine it's worth to you. If they lie to you, it's evidence to help get your money back.

2. Use auctions that end during the week. That's usually a sign of an inexperienced seller. At the very least, an auction like this will not do as well as one that runs two weekends.

3. Look for sellers that are new. If they don't have an about me page or web site and little or no feedback, that's a good indication. Be aware however that many auction posters that have had problems and may have been banned and may be using a new name. It's a good idea to e-mail them and ask questions that you can evaluate the seller better before a bid.

4. Use snipe tools to do your bidding at the very close of an item that you want to bid on.

5. Low Bid on items that you know have a high value if requirements 1 - 3 are met.

6. Always ask about return polices of the seller, pay by credit card only because if there's a problem, you have more leverage to deny payment. Use Paypal services for this. They are very reliable and have good policies supporting buyers.

7. Look for misspelled items. An example of this could be that when you look for an item you search on name variations. Let's say you looking fro a Gateway computer. Search on Gatway and find items that were enter with spelling errors. The chances are that these items will have less bidding competition.

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If you have any interesting stories or tips about buying or selling at online auctions please e-mail us at CBHcontact@gmail.com.