Mini Course - Price Checking PDF

**Mini-Course: Price Checking** Price-checking is our way of determining the market value of a device. **Why is Price-checking important to our task?** Simply because we based our offer on the evaluated market value of the product, depending on the product our maximum offer reaches 50-60% of the...

**Mini-Course: Price Checking** Price-checking is our way of determining the market value of a device. **Why is Price-checking important to our task?** Simply because we based our offer on the evaluated market value of the product, depending on the product our maximum offer reaches 50-60% of the device's market value but for high-risk devices such as film cameras and drones our maximum offer reaches 40-50% of the device's market value. \*Market Value - is the average price-checked value of a certain item on eBay. We do not just rely on 1 listing to determine the actual value of the device. We try to check at least 5 listings that have "buy it now status" and make sure the prices are not far from one another. I'll provide you examples along the way to give you a gist of this topic. How to Price-check? 1. 2. 3. 4. 5. We have to make sure that the model matches We need to check if it has a "Buy it Now" status We also need to confirm if the seller is legit And if the model is in demand in the market. a. Can you tell me what did you observe? If you say not all search results are for the iPhone 16 Pro Max, you are correct. As mentioned earlier eBay mixed up results with different items so we must also be cautious when price checking. Cautious but fast. We ignore everything that doesn't match our listing. If you say not all search results are for Unlocked iPhone 16 Pro Max, you are correct. As you can see there is a result for carrier carrier-locked iPhone 16 Pro Max which is the third item from the result. Now let's talk about the result status. b\. We only consider the result with "Buy it now" Status, simply because the person who bought the device, bought it at the listed price. The other statuses like "Best Offer", "Best Offer accepted", and "Bid" are not considered simply because the prices for these statuses were negotiated by the buyer it's either they bought it for less or more, but it will only show the price the seller listed the device for. We ignore listing with different statuses except "**Buy it now**". Another thing to check is the location where the device is posted. We ignore anything that is sold outside the United States. Most of the time, especially when we are price-checking cameras and lenses there will be a lot of results that were sold from Japan but know that these cameras sold in Japan were priced high because Japanese sellers kept their cameras and other devices in pristine condition.  Apart from Japan, there are other countries that you will counter when price checking like Canada, Australia, China, Ukraine, etc. Know that this should be ignored as well. C. We also need to confirm if the seller is legit. eBay has scammers as well so when considering the price for price checking we should consider the items sold by the seller. If the seller has 0 items sold, we will discard or ignore that result even if it's sold in the US or it has a "Buy it now" Status. I have encircled in red the sold items and reviews by the sellers. Usually, the prices by these sellers are too far from the actual price of the real sold listings. D. Check if the model or the listing has demand on the market. If you are price-checking and you see no search result or very few results know that it could be either of the 2 reasons: - - **Know that for items or devices with low demand, we require more profit.** Now let's talk about Outliers. We should be cautious when price-checking because of outliers. Everything checks in, it is in buy now status, purchased from the US, and the seller is legit but the prices are far apart simply because of the Outliers. Not all listings on eBay are the same because some include accessories, and some don't. We highly see this type of listing when price-checking cameras. Most of the time, you will see results just for the camera body only, a camera with lenses, a camera with lenses, and a lot more. Another thing that we should consider is the condition of the device. It could be a brand-new device, used, or for parts, as the price varies depending on the condition of the device. And those mentioned above are considered outliers. Now that you know what should be considered in price checking, we will move on to determining the average or market price. All this will be done mentally; there is no need to compute to get the average, and there is no need to write it down. Our goal is to determine the correct average price or market price as quickly as possible. Note: When price-checking we do not highball or get the highest average instead we get the lowest average the customer paid for the device. Here are some examples: Let's say I'm price-checking a camera body only. For this example let's say everything checks in. It is in Buy it Now Status, the seller is legit and sold from the US and you check the prices you see these amounts. \$275 \$300 \$225 \$200 \$235 The average price is \$200. Let's do another example: Again everything checks in and you see these prices \$575 \$583 \$600 \$580 \$550 The average price is \$550 Now let's try to determine the price of a Canon Powershot G7X Mark III.