Reserve prices on eBay

[DeadLily]

I'm curious what others think on this topic. I'm selling a rare book on eBay and I've set the reserve price pretty high, and I've set the starting bid at the cover price. Several people have contacted me asking what the reserve price is, expressing an interest if the item doesn't sell on eBay.

I figured the reserve price is secret for a reason. I expect that if I told any of these people what it was, they would simply not bid in the hopes that the item won't sell and they can offer me a lower price outside of the auction. On the other hand, I don't want to come off as a jerk and not answer the question.

I admit I don't have much experience in reserve price auctions. What experiences do you have?

[canadateck]

To Avoid this, I always set my Opening Bid Price, at the Price I would set my reserve at.

When I did use reserve,Like 4 years ago(I think) I always made it known in the Auction.

You have to Pay to Use a reserve Price,? ( I know you Did Years ago),I think Its just another way to get a Fee from the Seller.

[Conquest10]

I hate listings that have a reserve price. It's never listed and so have absolutely no clue as to whether or not my bid is even remotely close to it. I refuse to bid on those as even if I win, if the reserve is not met, the seller does not have to give me anything.

[Roundabout]

Most people I ask will tell me the reserve price without any problem, and I do the same if someone asks. I think it's a benefit to the seller, because they can set the initial price low to get the bidding started (such as $0.99) and if it doesn't reach the reserve, they don't have to sell it. If it starts at the reserve, there may not be as much interest in the item. Even though people know they won't get it unless it reaches the reserve, it's more of a psychological thing to make them get interested and bidding.

Revealing the reserve doesn't let the cat out of the bag, IMO, since even if people know it, they can choose to keep bidding until it reaches that price or not. At least they know what they're shooting for!

Just my opinion.

[Supreme2k]

I've used Reserve twice.
The first time, I told a couple of people when they asked, and one of them started emailing the bidders to tell them that I was a rip-off.
The second time, I told the people that it was a secret. When one person persisted, I told him that he was free to not bid on my item.

I agree with most of Roundabout's first paragraph. On the other hand, it won't hurt people to not know the Reserve, since they're bidding against others anyway. Just because they know the "lowest" price, it will not protect them from bidding frenzies or snipers.

[jimmalenko]

Personally I stay the heck away from EBay as far as selling anything goes. My 2c on the matter is that whilst the auction system can produce a higher price than anticipated, it can also see you practically giving something away. Comes with the territory IMHO, and that's one thing you need to deal with and accept as a seller. However that's one life stress I can do without.

For things I have bought, the "buy it now" option is good enough for me. Pay a set price (which is normally a fair price) and that's the end of it. Sale / transaction over. I prefer this far greater than bidding on an item sometimes multiple times over a 7 day period, only to get beaten in the last 5 minutes because the auction ends at some ungodly hour.

As for selling, I guess by setting a reserve you're trying to guarantee a minimum return, and for that I guess you're just "protecting your investment", which I'm sure most people could understand. While we all love a bargain, again, I can't blame a seller for trying to achieve a fair price for their produce.

As for the issue of revealing the reserve, that's part of the territory for the buyer to deal with, and as far as I'm concerned, if the seller doesn't advertise the reserve in the listing then it's tough titties for potential buyers and that they need to play the game as it were intended. If this were the case then I'd find it kinda rude for them to email me asking for the reserve price, and I wouldn't tell them.

In the end though, do unto others as you would like done to you. Karma. What goes around comes around. The moral: If you as a buyer will quite happily email someone asking them for the reserve, remember that when you're the seller and respond in kind. OTOH, should you be the seller and you despise people asking for the reserve, don't ask for it when you're buying.

[hech54]

Personally I stay the heck away from EBay as far as selling anything goes. My 2c on the matter is that whilst the auction system can produce a higher price than anticipated, it can also see you practically giving something away. Comes with the territory IMHO, and that's one thing you need to deal with and accept as a seller. However that's one life stress I can do without.

That is why the Reserve Price and Starting Bid options are there in the first place....so you are not caught on a Ebay Slow Day and your item that is worth much more actually ends up selling for much less.
I also make sure that my item ends in the evening....and ends in the evening of the country where buyers will be most interested in it. That can be found under the Auction Start Time option.
I don't sell much anymore but once you learn the tips and tricks the stress level is practically eliminated.....research is key, knowledge is power...

[DeadLily]

I also make sure that my item ends in the evening....and ends in the evening of the country where buyers will be most interested in it.

Yep, Sundays at 5:00 PST, which would be 8:00 EST.

Weekend, check.
Evening, check.
Reasonable time across the country, check.

[Supreme2k]

For things I have bought, the "buy it now" option is good enough for me. Pay a set price (which is normally a fair price) and that's the end of it. Sale / transaction over.

The funny thing that has happened with me is that I ALWAYS use But It Now, yet people NEVER use it on my auctions. The best part is that they don't use BIN and end up spending much more by starting out with the 99 cent opening price, hoping to get it for less than BIN. I once had two Voodoo 2 cards, with BIN set at $50. The same guy who made the first bid ended up winning it...

...at $152 8) (he didn't flake on it, but he did ask if he could have it for $50, since he was so "loyal")

[Gurm42]

Reserve price is a virtual necessity, unless you like throwing your money away. Murphy's Law dictates that while 99.9999% of all auctions end up going for more than the retail price of a NEW item... that if you don't put a reserve on your item, it will not.

I have often wished that people could comment on auctions. A simple "you can get this at Best Buy for less than you retards are bidding", perhaps. But that would of course get messy.

Setting the starting price high... means nobody will bid. Sad, but true. It's purely psychological, but that's just how it is.

And yes, I always tell people what the reserve is. And I always make sure that the reserve really IS a reserve - not what I hope to get, but what I'd be satisfied settling for.

[Supreme2k]

I have often wished that people could comment on auctions. A simple "you can get this at Best Buy for less than you retards are bidding", perhaps. But that would of course get messy.

Not only messy, but childish and useless. About the same as going into Best Buy and saying that you could get it cheaper at Fry's.

While you're going that route, may as well tell the people not to bid at all on crap stuff. If people want to pay for (bid on) it, let them. If they can "operate" eBay, they sure as hell know how to get to the nearest Walmart.