Price Checking Mini-Course

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Questions and Answers

We base our offer on one listing found on eBay.

False

What status must a listing have for us to consider its price during price checking?

Buy it Now

We ignore listings outside the __________ during price checking.

United States

Match the following aspects of price checking with their descriptions:

Legit Seller = The credibility of the seller Model Match = Ensuring the device is the correct model Market Demand = Determining if the device is sought after Buy It Now Status = Status that confirms purchase at listed price Signup and view all the answers

Why do we ignore listings with statuses like 'Best Offer' or 'Bid'?

The prices are negotiated and may not reflect the actual value. Signup and view all the answers

It is not necessary to confirm if the model is in demand when price checking.

False Signup and view all the answers

What should be ignored when price checking items on eBay?

Listings for different devices Signup and view all the answers

What should you discard when price checking on eBay?

Listings with no items sold Signup and view all the answers

It is advisable to use the highest average price when price checking.

False Signup and view all the answers

What type of items may cause outliers in price checking?

Items with accessories or different conditions. Signup and view all the answers

When determining the market price, you should focus on the ______ average that customers paid.

lowest Signup and view all the answers

Which factor should be ignored when checking prices?

Items sold in Japan Signup and view all the answers

Match the following aspects of price checking with their significance:

Seller's legitimacy = Helps avoid scams Condition of the device = Affects price variability Demand of the model = Indicates potential profitability Outliers = Can skew the average price Signup and view all the answers

What should you consider about the demand when price checking?

Low demand requires a higher profit margin. Signup and view all the answers

Outliers in price listings should always be included in the average price calculation.

False Signup and view all the answers

Study Notes

Price Checking Mini-Course

Price checking determines a device's market value.
Maximum offer is 50-60% of market value for most products, 40-50% for high-risk devices (e.g., film cameras, drones).
Market value is the average price of a similar item on eBay.
At least 5 listings with "Buy It Now" status are checked to ensure price accuracy and avoid significant discrepancies.

How to Price-Check

Step 1: Identify the device model (from title, description, or pictures). Use specific details (e.g., iPhone 16 Pro Max, Carrier Unlocked, 256GB Storage).
Step 2: Open a new tab and navigate to eBay.com.
Step 3: Search for the device model (e.g., iPhone 16 Pro Max Unlock 256GB).
Step 4: Filter search results:
- Only select "Sold Items" and "Completed Items" to narrow the results (the prices will change color to green).
- Ignore irrelevant results (e.g., incorrect model, different carriers). Only consider devices matching the criteria.
Step 5: Check if the listing model matches the desired model. Check for "Buy It Now" status, ensure seller legitimacy, and check if the specified model is in demand.
Step 6: Focus only on listings with a "Buy It Now" status.

Price Determining Strategies

Outliers (significantly different prices) should be noted and accounted for during the price-checking process.
Listing conditions may impact device pricing.
Listings from countries other than the USA should be disregarded.
Sellers with zero sales history should also be ignored.
The average price should be calculated considering only "Sold" items and excluding "Best Offer," "Best Offer Accepted," and "Bid" listings. Sellers should be legitimate and have sold similar items before.
Items with low demand, or too new, may result in a need for more profit or less profit on sale.

Other Important Considerations

Price checking should focus on getting the lowest average price paid accurately.
eBay listings may vary (e.g., devices with or without accessories, different conditions).

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Description

Learn how to accurately determine the market value of various devices in this comprehensive mini-course. This course will guide you through the essential steps of price-checking on eBay, ensuring you can effectively assess the value of items based on relevant data. Whether you're selling or buying, mastering these techniques will help you make informed decisions.