[5-DayForum] Low starting bid mentality

[Scott Ames]

Even on eBay I've noticed that a low starting bid with no reserve brings in the best price. I had an item that I was trying to sell, I priced it low, but had a reserve. It didn't do well and didn't reach the reserve.  
   
  I tried the auction again with no reserve and a low starting price. As the end of the auction got near I was biting my nails because the price was still  not acceptable to me. At the end, I got more than I had originally put the reserve on for. 
   
  People don't like to lose out if they think another person is going to get it. A reserve takes away that feeling. 
   
  Does it work everytime? I would say no. I think timing is also a factor. I've accidently held eBay auctions on a holiday weekend and they failed.   
   
  Does this apply to 5 Day Sales? Perhaps so.
   
-------------- next part --------------
An HTML attachment was scrubbed...
URL: http://mailman.howtosellyourhomein5days.com/pipermail/5-dayforum/attachments/20070813/e9e4de8a/attachment.html