Turning $100- into An Epic Magazine Collection (IMC Website Discussion)
So here is the goal. Start off with $100 and build a collection of rare and highly valued magazines- by buying and selling magazines on EBay. I will go into detail about each of my acquisitions and sales, profits and mistakes. Starting with $100, I will try to build a collection that is valued at well above the $100 I started with. That's the idea. I'll keep updating this topic.
EBay Tips for Buying & Selling, Specifically Magazines
- Make A Best Offer (#1 Tip)
Sellers can list an item as "Buy It Now, Or Best Offer". So, you make an offer and the Seller can accept the offer or deny it. But here's my tip. Even if a Seller has not listed an item as "Best Offer", you can still contact the Seller and make an offer. Make an offer. If the item is not going to sell at the "Buy It Now" price, the Seller might be happy to accept any offer he gets. I have done this and it works. I have easily been able to knock $5 off an item. And you can get an item for less than any other advertised price on EBay.
- Buy Bulk Lots, Piece It Out
Even when you only really want a single magazine in the Bulk Lot. Check out the other magazines in the Lot. Are they popular items that sell? An example, you buy a Lot of 10 magazines, you really want to keep one magazine- but three of the other issues you KNOW you can sell. What is your estimated profits? You can end up with the magazine you want for FREE, once you've sold off the other issues. A tip, some Bulk Lots are way overpriced, but others are dirt cheap!
- Multiple Auctions, Combined Shipping
If you buy multiple items from one Seller, do they offer combine Shipping / Discounts? Find a Seller that makes this offer. If they have more than one magazine you want, you save money!
- Order Free Subscriptions
Here's how to get magazines to sell and turn an easy profit. There are subscriptions you can get for $5, or even free! If you search Google, you can find free subscriptions to Maxim and Playboy. Probably other free subscriptions too. There are also dirt cheap $5 subscriptions for popular magazines, my favorite being GQ. I ordered a $5 one-year subscription and already paid it off and then some by selling issues I didn't want on EBay.
- Showcase Similar Auctions
When you sell a magazine, example GQ, on EBay- put at the bottom of you auction listing other issues of GQ you have to sell. Anyone checking out your auction is already interested in that particular magazine, that is your target market. If they win the auction, they might ask you for another magazine. Even if they don't bid on that auction, they might ask to buy a different issue. They came for one magazine, and you got them to look at more.
- Don't Overpay, Be Patient
You don't have to win that one auction that started at $5 but now is at $10. Find out the high price and the lowest price that item sells for. If you don't already know, you can search "Completed Listings". Keep checking out the Completed Listings for a week or two and get an idea of what's the best deal you can get the item for. Keep your bids only at the lowest price. You might not win five or six times, but you'll get another chance to get a good bargin price.
- Spring Cleaning Sales
Simply said. Some Sellers know the market, and sell for profit. Others just list an item because they want to get rid of it and make a few bucks. You can grab a good deal from someone just getting rid of unwanted items. With a sharp eye you can recognize these Sellers. Sometimes its as straitforward as an item description "I don't need this anymore. So I am selling it." Even if their Asking Price is too high, remember, they don't want it anymore- make them an offer!
- Save Money on Shipping, Reuse Boxes
A tip for Selling Items. Cut costs where you can. Don't buy boxes from USPS, they charge you shipping costs and they charge you again for the box. Once you buy something, save the box it was shipped in. Use that box again to ship your items. Yes, if you just sold a $300 item you can afford a box... but when it comes to selling magazines for $5.99, you have to find ways to cut your supply costs.
- Free Listings, EBay Selling Fees
EBay can charge you $0.50 even for items that don't sell. But some auctions qualify for Free Listings. You can get up to 50 Free Listings a month. From what I understand of their current policies, Buy It Now auctions do not qualify as a Free Listing.
- See What's Selling
Know what sells, and what doesn't. Again, look at the Completed Listings and see what sold. If there are 10 people selling the exact same item and no one is buying it- then there is no reason to try and sell it yourself.
- Watch The Current Newsstands
If you see a Newsstand Issues that you know will be a Collectible, buy it, and buy several copies. The cheapest you can find it is at cover price. Once the magazine is out of print and no longer available- prices will go up. And there will ALWAYS be buyers who didn't get their copy yet. Not every magazine goes up in price, but learn to spot the ones that do.
- Take Chances on Like New Items
Ok. The same magazine is up for auction and one Seller is asking double the price of every other auction. Well, you are paying more than the value of the magazine for the guarentee that the copy is MINT. Look for reasonable priced items that are listed as "Like New". Trust me, a good percentage of these Like New magazines are just as MINT quality as the one selling for twice as much.
- Ask Questions About Condition
Don't expect a Seller to critique every imperfection publically to everyone. Just saying "One corner has a slight dog ear" will scare many buyers off. Contact the Seller privately and ask about the condition of the item. Here's some questions to ask... Are there any light scratches on the cover? Are there four sharp corners? Is the binding in good shape and not banged up at top or bottom? And say very reasonably, "I am sorry for all the questions. I am looking for a Near Mint magazine. I will bid on the auction once I know more about its condition." And... if a Seller just strait up lies and the item is not as described, leave him HORRIBLE Feedback. But most Sellers fear receiving bad feedback more than anything, so they won't just lie to sell an item. They'd rather sell it to the sucker who doesn't ask questions.
- Turning $100- into An Epic Magazine Collection - RobbyR, 2011-10-15, 14:51
- WEEK 1: First Purchases - RobbyR, 2011-10-15, 16:14
- WEEK 3: More Sales, Trip to Magazine Shop - RobbyR, 2011-10-19, 19:06
- WEEK 3: Sales are Slow - RobbyR, 2011-10-27, 07:08