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  • What is the point of listing an item with a reserved price?

    Hello folks

    I've been mulling this question: What is the point of listing an item with a Reserved Price?

    I don't want the obvious answer of "it's the minimum price a seller will accept for the item". I do understand how an auction with a Reserved Price works.

    But if the seller has a minimum price in mind why don't they just start the auction at that price and be done? Perhaps the question is more: What is the psychology behind listing with a Reserved Price?

    --

  • #2
    You can list the item with the reserve price as your starting price, that way you are almost guaranteed that if a bid is placed you would have got your price. You simply fill in the start price and omit the reserve price when creating your listing.

    Kind regards
    Cuan

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    • #3
      Hmm.. thanks, but you haven't answered my question.

      I'm not a seller asking how to set up an auction without a reserved price. I'm a potential buyer wondering why sellers appear to be coy about the minimum price they're prepared to accept.

      Anyone?

      Comment


      • #4
        Often sellers will set a lower starting price than their reserve to attract buyer interest and get bids going. Many buyers are fishing for bargains so only look at the items with lower starting prices, even if they are prepared to go higher.

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        • #5
          No I don't get the point either. Just about every single one of the reserved price items I've stumbled across the first and often times only bid is the starting bid and it carries on until the listing closes with no winners (unless the seller wants to then give them a personal offer).

          Pointless in my opinion... I'd rather just start a listing at the minimum price I'd let it go for and at least not waste a buyer's time (because I guarantee you 80% of new buyers have no clue what's going on with the reserved price thing and go into it to bid thinking they're winning the thing at the entry bid which they don't).
          Clothes|Accessories|Shoes|Stuff!

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          • #6
            I also hate a reserve price. I more than once made a bid on such an item and because there were no other bids on the item I could not up my bid and lost the deal.

            :(
            View my items on bidorbuy!

            Comment


            • #7
              Maybe bob should make it that if the reserve price has not been met yet on an auction when it closes
              The highest bid on that auction automatically has the option to accept the reserve price.
              (uses the reserve price that was entered on listing the auction so as to stop the seller from sending any price they want)


              The buyer gets an email like the winning bid one,
              but it says auction closed without meeting reserve price would you like to accept the reserve price of R ????.???.
              It then goes through like a normal auction would.

              This way seeing as no one else wanted to bid nobody is being done out of a bidding chance, the seller gets their reserve price too.
              At least both the seller and the buyer can walk away with a completed auction.
              Regards, Shane
              A dedicated Web-Junkie who provides affordable internet services for ALL.
              My Listings on BoB

              Comment


              • #8
                Originally posted by linkaec
                I also hate a reserve price. I more than once made a bid on such an item and because there were no other bids on the item I could not up my bid and lost the deal.

                :(
                That's a very good point, I didn't even think of that part of the downfall.
                Clothes|Accessories|Shoes|Stuff!

                Comment


                • #9
                  Originally posted by southerns
                  Maybe bidorbuy should make it that if the reserve price has not been met yet on an auction when it closes
                  The highest bid on that auction automatically has the option to accept the reserve price.
                  (uses the reserve price that was entered on listing the auction so as to stop the seller from sending any price they want)


                  The buyer gets an email like the winning bid one,
                  but it says auction closed without meeting reserve price would you like to accept the reserve price of R ????.???.
                  It then goes through like a normal auction would.

                  This way seeing as no one else wanted to bid nobody is being done out of a bidding chance, the seller gets their reserve price too.
                  At least both the seller and the buyer can walk away with a completed auction.
                  Great idea southerns. Maybe you should post this one in the suggestion box.
                  The good man is the friend of all living things. - Mahatma Gandhi
                  View our items on Bid or Buy

                  Comment


                  • #10
                    Will do it now.
                    Regards, Shane
                    A dedicated Web-Junkie who provides affordable internet services for ALL.
                    My Listings on BoB

                    Comment


                    • #11
                      Thanks, Lukeness. I hadn't considered that as a factor since I don't use that criterion to browse auction sites.

                      southerns: I agree with Seeds.. great suggestion, makes perfect sense. I hope BoB incorporates your idea.

                      Thanks linkaec, I hadn't realised you're not allowed to improve your bid on a reserved price auction if you're the only bidder. Seems a rather silly rule.

                      I appreciate all the other posts as well. Great feedback. Thanks folks.

                      Comment


                      • #12
                        Glad to hear the forum helped you
                        as that's what it is all about as far as I am concerned.

                        Helping each other.
                        Regards, Shane
                        A dedicated Web-Junkie who provides affordable internet services for ALL.
                        My Listings on BoB

                        Comment


                        • #13
                          LOL - excellent question. I'm a complete newbie, and this puzzled me too.

                          Thanks for the clarification.

                          Comment


                          • #14
                            Reserve Price = Opening Price X 1.25

                            If you make that your minimum bid, then you "should" win the auction.
                            Obligatory link to my listings.

                            Comment


                            • #15
                              I agree with your calculations, RISadler, but let's hope that one is the only bidder! ;)
                              Yesterday I was clever and wanted to change the world.
                              Today I am wise and am changing myself.

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