Extra Cash Part 2 – Selling on eBay

Extra Cash Part 2 – Selling on eBay

As I mentioned last week, I had never sold on eBay, although for years I had every intention of selling a beautiful, but heavy, handbag and never got around to it.

Why was I reluctant to sell on eBay?

I had a think about why I had avoided selling on eBay, and reached out to friends for their thoughts and experiences. Here’s our top concerns about selling on eBay:

  • Time consuming
  • A hassle
  • Not worth it financially
  • Items don’t sell, or sell too low

WHAT FUN, all the words you don’t want to hear as you embark on something new. Now I remember why I hadn’t bothered with eBay, it sounded too hard.

What’s a wealthy chick to do? There are more than a million sellers on eBay, are they all having a bad experience? Surely not, so I decided to make this work.

eBay – “ We can do this, yes we can” (sing to Bob the Builder theme, just because)

Spoiler alert – I found selling on eBay easy and definitely worth it financially as compared to the time invested. Like AirBNB,  the eBay site is easy to use and provides intuitive assistance.

First – what to sell?

I focused on quality clothes and handbags, although what you sell is unique to you. Why clothes and handbags? As a female, and it pains me to admit, I had too many of both!

I reviewed my wardrobe and if I hadn’t worn an item in 2 years it went on eBay or to a charity bin. In the end, more items went to charity than eBay, which is a nice bonus.

clothing-image

The items I sold on eBay were in excellent condition, from well known brands, and still fashionable.

Second – How to sell?

First you need to register as a seller on eBay, which was simple, especially if you already have Paypal. My advice, get a Paypal account, it’s useful on so many platforms

I decided to auction my items with a low reserve rather than listing a set price. This decision was based on the fact I purchased the items with the intention of wearing them, so any sale above $1 was a profit.

To avoid disappointment and stress, treat this as a financial transaction and limit your expectations of the final price. For those who complain that items sell for less than they are worth, let it go! The item is worth nil in the wardrobe, plus eBay is one of the largest markets in the world, and the market decides the value, not the seller.

Third – Comprehensive ad

My first step is to quickly review ads for items that are the same/similar, solely for tips.

Take lots of photos, front, back, label, packaging (if any), and write a detailed description. Pretend you are the buyer, what would you want to know? Mention the material, length, height, width, size, brand etc. The photos and detailed description help with both the sale and to minimise queries.

I listed 14 items and I only had 1 query, asking if the item was genuine, which is a reasonable query and I was not offended. This feedback is what led me to post photos of labels and packaging, plus a reason why the item had not been used.

Queries are great, it means someone is interested and your positive response may lead to a bid, plus you can use the feedback to improve the ad.

By the third item I could take photos, write and post the ad in less than 5 minutes, easy.

Four – Post the ad

I post ads for a week, and this is VERY IMPORTANT,

NO LOOKING until you receive an email from eBay with the results

stop

By following this tip you avoid a truckload of angst, wondering:

  • has anyone viewed the item
  • will anyone bid
  • does everyone hate my stuff
  • do I have bad taste
  • why are the bids so low!

Get over it, most of the action happens on the last day so let go of your curiosity, reduce your stress and let eBay do its work.

At the end of the auction period eBay advises if the item has sold, or not.If the item hasn’t sold it will relist, for free. If it never sells, so be it, it hasn’t cost you anything.

Five – send the item & get paid

It’s that simple and payment happens within 21 days, quicker as you build a profile.

Thanks to a “can do” attitude, and a rough plan, I sold 13 items for a very healthy profit. It wasn’t hard, and I am now an eBay convert for both selling and buying.

If you like what you’ve read and would like targeted coaching on becoming a wealthy chick (or dude), visit my new website www.wealthychicks.com.au (its in the final stages of construction) and sign up for a coaching package. I’d love to help you understand and remove the barriers holding you back from being happy, healthy and wealthy.

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Need extra cash? Let’s test out………AirBNB

Need extra cash? Let’s test out………AirBNB

Late last year I was writing an article on how to earn extra money for Christmas, and while I’d researched great opportunities I realised that I had never tried the top 3 myself!

To rectify this problem, and ensure integrity in my writing and coaching, I spent the last 2 months road-testing:

  • Selling on eBay;
  • Working as a Christmas casual: and the topic for this blog
  • Hosting on AirBNB

Although AirBNB may not suit, or be possible for everyone, I found it to be an easy and rewarding income stream. I will caveat this by saying I only hosted for a short period of time and my guests were wonderful, so hosting felt effortless.

What did I host on AirBNB?

I hosted a bedroom, with its own bathroom, in my home. The features I advertised were:

  • large bedroom and large bathroom with a bath
  • close to train station with direct line to CBD
  • free street parking (in Sydney, rare!)
  • sunny deck
  • free WIFI, plus TV in room
  • me, because I’m awesome, and my cute Pug dog Hugo, more about him later!

Day 1 – my listing goes up and I had my first booking that night, so great, and ahhhh, SCARY. Gulp, real people will be staying with me, and I’ll be the host! Cue:

img_0331

Fast forward and I had more bookings, most for 2 nights each, plus a lovely couple who booked 9 nights when they moved from Brisbane. Everything went smoothly, no Fawlty Tower moments, and AirBNB paid promptly.

The Pro’s

  • Additional income, I averaged $50 a night for very little effort
  • The AirBNB site is easy to use and offers plemtymof assistance
  • You decide on the guests, Its a trust system with both host and visitor ratings
  • Nil upfront costs and you only pay a small fee, deducted from your host income
  • You meet some really great people
  • My house has never been cleaner! Plus, you can charge a cleaning fee, so I finally get paid for cleaning my house, winner!
  • Gifts from guests. I do worry that one gift was a book on meditation, I mean how did they realise so quickly that I need to calm my mind more often?

The Con’s

  • People you have never met before are staying in your property, although if you look at this as an opportunity to meet new people, then you won’t find this an issue.
  • If you cannot be home when the guests arrive you need to make arrangements for access. I sourced a PIN coded key box, which met my need for security and the guests need for accessibility.
  • Additional cleaning, including washing sheets and towels after each guest leaves.
  • Guests provide feedback, and some may not be positive! My only constructive feedback was from my first guest who didn’t think the ad was clear about my dog. OMG feedback on my beloved!! Initially I got a bit upset as my ad stated I had a dog and I included a photo, plus you complained about my FURBABY!! Once I calmed down I took it on board and contacted all my other guests to be very clear that I had a friendly, inside pug dog and understood if they wished to book elsewhere. Simple!

Tips

  • Have a positive attitude, including when guests take the time to provide feedback
  • Be welcoming to your paying guests
  • Check with your landlord, or if in an apartment, your strata
  • Check insurance
  • Provide a guest information sheet
  • Ignore the AirBNB horror stories, I’ve used AirBNB overseas and, like me, most guests are clean, courteous and respectful.

Conclusion

Hosting on AirBNB was a positive experience, and with an average rating of 4.8/5 it seems my guests agreed, making me feel all warm and fuzzy.

If you have a spare room/apartment and would welcome guests in to your home, give AirBNB a go.

So what did I do with my extra cash? Thanks to AirBNB and the other idea’s I road-tested I was able to book my next holiday, To Cuba baby, best road-test ever!

In the next blog, I will briefly discuss selling items on eBay for extra cash, and then you’ll hear about my experiences as a Christmas casual.