Thursday, August 25, 2005
Tips: Don't Set Reserve Price Too High
Reserve pricing cannot be seen by the buyer, leaving them to question how much you are really asking. Do not set your reserve price too high.
For example, if you had an office printer for sale, you might list a reserve price, or a “hidden” base figure of $300.
However, to the buyers, in their opinion, this printer is not worth more than $150 since this is the average price from other sellers for similar equipment.
As the buyers start bidding close to $150 and they see that the reserve has still not yet been met, they will quickly stop bidding, unsure of what your “hidden” base is.
When you use reserve pricing, you should be avoided if it does not help to build buyers confidence on bidding.
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