Using Terapeak for eBay Research

On eBay Underground this week, we've been talking about Terapeak. Terapeak is an awesome website that helps you research how to price your items for selling on eBay. But that's not all! It helps you build great titles. It helps you decide which categories to list your items in for maximum results. It lets you search by seller to see their sell-through rates and what items they sell. It lets you search hot sellers, to see what's selling well right now. It is truly an invaluable research tool.

A year or so ago, they had a free version. It gave you results going back 14 days. That version wasn't extremely helpful, because eBay gives you search results going back 14 days too. The difference is that Terapeak showed sell through rates, so you could tell at a glance whether you had a dud or whether you had a sure bet.  Apparently they no longer offer the free version, because I haven't been able to find it anywhere.

They offer a paid version that goes back a full year! When you do a search for an item, you can search 1 day, 7 days, 14 days, 30 days, 45 days, 60 days, or 90 days. You can also set a custom date range. So you do your search for 90 days. If no results come up, or if you want to look back further (back to November/December for Christmas items, for example), then you can choose to go back to the previous 90. You can do that 4 times until you've gone back a full year. This comes in very handy if it's October and you're listing a Christmas item. Going back just 90 days to July or August isn't going to give you an accurate picture of how well a Christmas item will sell in November, so you'll want to go back that full year and look at last November's sales.

Honestly, I haven't really explored all the other features that Terapeak offers. I occasionally use the seller search and the title builder, but I have a feeling Terapeak is an untapped resource that I need to play around with.

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Do you use Terapeak? What are your favorite features? How should I be using it other than just doing pricing research?

Paying for Information??

Back in the days before the internet (gasp - how DID we survive???), information was not readily available to us. If we wanted to learn about something, we had to schlep to the library and check out old fashioned books. Or even more old-fashioned - look things up in an encyclopedia!

With this fabulous invention you are looking at right now, we've got more information than we can ever possibly use, right here at our fingertips, available with the click of a button. As with all things, there's a good side as well as a bad side to the internet. There is good information online. There is bad information online. The internet is only as valuable as you let it be. It's up to YOU how to use it.

If you had to write a report on Stonehenge, would you PAY someone to go to the library and check out 3 books for you? Or would you just get your lazy self to the library yourself to get those books? I'm pretty lazy, but I'm not THAT lazy. I'll just go to the library myself, thankyouverymuch.

Why then, would you want to PAY someone to go online and gather information for you that you can easily find yourself?? The internet is amazing. If you look for something, you WILL find it. It's out there, somewhere. Take a quiet evening, do a few searches, and start reading. There is NO limit to the information available on the internet. Go find it!

Another option would be to gather where there are knowledgeable people. Wouldn't it be more interesting to go to a live presentation about Stonehenge? Hanging out with like-minded folks is always a lot of fun.

Come on over to our eBay Underground Facebook Group and hang out with other knowledgeable sellers. You'll find SO much information there ... for FREE!! If you have a question about something, just ask! With nearly 400 members, odds are VERY good that someone will know something about what you're asking. And if not, odds are VERY good that someone will know in which direction to point you to find the information you are looking for.

Know What You've Got!

Back in December, I found a pair of Salvatore Ferragamo shoes at a Salvation Army for $7.99. That's a little higher than I usually pay for shoes, but these were in really good shape, and I thought I remembered hearing that that was a good name. Besides, they were a size 14, so I figured once the right buyer came along, I could sell these for a pretty penny.

I shined these up a bit with some neutral Meltonian Shoe Cream, but there was nothing I could do about the soles. They had the price written on the bottom, so I just scribbled over it with Sharpie. Very professional, no?

I researched this brand and was surprised to discover that they retail for an average of $600. There are even some styles that go closer to $1,000! For SHOES!! Now, many of you know me and my thrifter's mentality. I suffer from pretty severe sticker shock most of the time. I just can't grasp the concept that someone out there, somewhere, is willing to actually PAY these prices! But, as long as they're paying ME, who am I to question them?

So I optimistically priced them for $249.99obo. Within 12 hours, I had an offer for $100! I was so excited - I had only paid $7.99, remember? But I decided to let the offer sit for a day and see what happened. The next morning, I had no new activity on them, so I sent a counter-offer of $150. The buyer never responded, but I knew that was ok. It was very early in the game, and I knew the right buyer would come along eventually. I only pay 5 cents per month for my listings, so even if they sat for years, it would have been worth it to get a better price.

My shoes sat for 2 months with only 1 watcher. Now, I try not to put a whole lot of stock in my watcher count, because they rarely turn into buyers, and all that does is add to my frustration, wondering why they aren't just buying instead of watching. But then, about 2 weeks ago, I finally got another offer ... for $90. Blech. That was even worse than my first offer! I sent this buyer a counter offer of $150 as well, but again, never heard back from him. What if I had made a mistake in not accepting that $100 offer? I started to second-guess myself.

So I gave myself a pep talk. I had done the research. I knew they would sell well. Salvatore Ferragamo is a highly sought-after brand, and size 14 shoes are difficult to come buy. I just KNEW the right buyer would be along (am I starting to sound like a broken record?).

Then I got my Kelly's Sole Dressing in the mail from Tina. I decided to give it a try, and boy am I glad I did! Check out the difference!

So I took new pictures and updated my listing. I did make sure to mention in the item description that the soles were treated with sole dressing, just in case that might make someone NOT want them. Within 2 days of changing the pictures, I got an offer ..... for $180!!

That was $30 MORE than I had been willing to take earlier! My buyer paid that night, I packaged (and insured!) them the next morning and sent them on their way. He should be getting them today or tomorrow, so hopefully they're the right size. That's my last hurdle :) I'd hate to have to refund that $180, especially since I just spent it last night.

So what's my point? If I hadn't researched these shoes when I got home that day, I'd have probably listed them for $99.99 and been happy with that price. But I researched, I KNEW they were good, I KNEW the size was good. I aimed high and stuck to my guns. Yes, $100 for a $7.99 investment would have been grand, but isn't $180 even moreso?

ALWAYS know what you're selling, folks. If you try to research something and can't find anything about it, set your price super-high and let your buyers decide the price. I can't imagine a bigger eBay bummer than finding out too late that you let something go too cheap. Research, research, research!

Where's the best place to start your research? At our eBay Underground Facebook group, of course! There are so many people there who know about so many things - chances are good that someone will be able to help you out, or at least point you in the right direction. Stop on by!