Selling Formats - Auction, Buy Now, Classified and Personal Offer
Posted by bidorbuy Admin, Last modified by bidorbuy Marketing on 28 February 2017 09:00 AM
There are four main selling formats on bidorbuy: auctions, buy now, classifieds and personal offer. Sellers can also state a buy-now price on auctions and opt to accept offers from buyers.
When you list an item for auction, buyers are able to bid on your item for the duration you choose (up to a maximum of 21 days). You choose a starting price for your item and multiple buyers can bid for it (although it is not recommended for most cases, a reserve price can also optionally be set).
When creating an auction listing, sellers can state a Buy Now price too. That means that buyers can choose to either place a bid, or to buy the item outright. The Buy Now option disappears when the auction amount reaches the Buy Now amount. Only auction listings with the quantity of 1 item have a Buy Now price option.
With Buy Nows, you sell an item at a fixed price. The buyer can buy it immediately. There is no waiting period as associated with auctions. The buyer can purchase the item without waiting for the listing to end.
You do not pay for listing an item for sale in the Buy Now format. A success fee is charged only on successful sales. Currently, the success fee is between 1 and 5 percent of the price.
Sellers can opt to accept buyers’ offers by ticking the appropriate box when creating a listing. Read more about the Make an Offer functionality on bidorbuy.
The bidorbuy Classifieds section is similar to Classifieds in newspapers. The seller advertises his/her product and waits for a response from prospective buyers. The Classified format is advisable for items that need high involvement from the buyers and sellers, such as cars.
bidorbuy charges a once off upfront fee for every listing in the Classified section called a listing fee. Currently, a listing in the property category is R100, while the listings in other categories - Cars, Boats and Services – are charged at R50 per listing. That fee is payable whether the item sells or not. For that fee, your item remains on the site for up to 32 days. Please note, your first listing each month in Property is FREE.
Once an Auction has closed, a Seller can offer the same item to runner up bidders for the same price as that bidder's highest bid. The Buyer can accept or reject the personal offer and the Seller can also set an expiry date at which time the personal offer will close if the Buyer has not yet responded. Note that personal offers are only available to advanced sellers.
You do not pay for listing an item for sale as a personal offer however standard success fees are charged for successful sales. Currently, the success fee is between 1 and 5 percent of the sale price.