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What Buyers Want January 6, 2012

Posted by Michael Carney in : auctions, buying, selling, trade me, trademe , add a comment

Ah, if we only knew what people wanted to buy …

Well, as it happens we do have some ways of finding out. First, let’s take a look at some recent research from Nielsen USA, which asked those 13 and older what they intend to buy in the next six months. Here’s what they said:

You’ll notice that all these items are objects of techno-lust, which probably says more about the limited scope of the questionnaire than it does about the consumer. Still, it’s a useful guideline if you’re in the business of offering gadgets for sale.

If not, where else could you turn for information about what buyers are looking for?

First, look no further than the good old Trade Me newsletter, which each month reports on the most popular recent searches:

Secondly, to take a look at what is actually selling on Trade Me, wander over to their Sell-Through Statistics, where you’ll find what percentage of items in each category is actually selling:

This data will give you a heads-up on, for example, whether you’d be better concentrating your attention on selling antique clocks or antique flags. You’ll need to explore further, of course — some categories simply don’t have many listings, so percentages can be misleading — but this section is a good place to start your research.

Next, head to Google Zeitgeist and click through to the Top Ten lists for Kiwis — things we were searching for in 2011:

You’ll be able to drill down further, and find the hottest searches by month. For example, in November 2011 one of the most popular searches locally was for “Adele” (if you don’t know who she is, ask a young ‘un):

Where else can we turn for information on prospective buyers?

If you can identify the types of products you want to see, head to Google’s Keywords Tool. Here you can search by specific keywords, to determine the approximate local demand for a given keyword or phrase. For example, if we search for “ipad”, we find that there are an estimated 246,000 local searches for phases such as “which ipad”.

If you’d like to develop an even better understanding of your buyers and what they want, may we respectfully direct you to:

PS We had paused our Advanced Selling on Trade Me course because of other demands on our time, but because of popular request (Mr Tom Popular requested it!), we’ve decided to run the course on a very limited basis in 2012. The first release is on Wednesday January 18, and we offer a special $124 Early Bird discount for bookings received by Wednesday 11 January, so we recommend you check the course out NOW.

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7 Steps to Smarter Shopping November 30, 2011

Posted by Michael Carney in : buying , add a comment
As we head towards the Festive/Spending Season, it’s timely to consider just how we can stretch our money (no matter how much or how little we have) as far as possible. You’ve no doubt worked out your own strategies for surviving the shopalypse; here are a few more for you to consider.

    1. Try not to buy into the notion that you (or your significant others) simply must have the latest and the greatest — otherwise you’re almost certainly going to pay full price. High-demand goodies to avoid this holiday season (drawn from PriceMe’s list of the most sought-after items right now):

    Instead, look kindly on items like these, dropping in popularity on PriceMe (and thus potentially available at a good price on Trade Me):

    2. During your prelimininary research phase, when you’ve decided on the sort of product you want to buy but are not sure which brand or which model, make Google your best friend. Search for information about the product category — magazine articles are usually a good place to start, because they tend to look at all the products in a particular field and give you a good overview. Depending on the product category, you’re likely to find those sorts of articles online. If not, go browsing at your local newsstand or even your local library (where you’ll usually find a wide range of magazines, although often not the latest issues).

    3. Once you’ve chosen your desired item(s) to purchase, head to Google again. Search for information about that product — and particularly search for product reviews (search for the product/brand name and add in the word ‘review’). At the very least, you’ll gain an understanding of what other consumers, journalists or industry gurus think of the product; at best you’ll find out any flaws before you hand over any hard-earned cash.

    4. In many cases, you’ll come across names of competitive products in the reviews. Search for information about those products as well – and even search for comparisons with your current favourite (search for compare BrandA BrandB). Again, you’ll end up with a better understanding of the comparative virtues of each product.

      5. You might also like to put the word out amongst your more friends on Facebook or Twitter, letting them know what you’re after. Usually, a positive recommendation from a well-informed friend who you know personally is the most powerful endorsement of all.

      6. Decision made? Okay, time to search for the actual item. Naturally, we recommend searching first on Trade Me (either by browsing through the relevant category on the site or by putting the product name into the search box). Once you find some parties offering the item for sale, browse their details (including their feedback rating — look for sellers who’ve amassed at least 100 positive feedbacks and better than 97% positive rating). Once you’ve decided which auction listings look good, add those auctions to your watchlist — you still have a little more homework to do before bedtime.

      7. Before you do the deal on Trade Me, check out the pricing of your desired product at traditional retailers (just in case a retailer is selling the product at a lower pricetag than the Trade Me seller). Start with a trip to their website (although not every retailer lists every product online); if that doesn’t work for you, go to PriceMe.co.nz or (for technology-related items) PriceSpy.co.nz and search for your chosen product. Also check out the daily deal sites (GrabOne, Treat Me, Cudo, Groupy, Groupon et al) just in case there’s a special offer currently in place.

      Happy that the best deal available to you is on Trade Me? Great! Follow the buying advice in our Trade Me Success Secrets book and you’re done and dusted!

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        Twelve Top Trading Tips July 10, 2011

        Posted by Michael Carney in : auctions, buying, selling , 2comments

        What does it take to do well on Trade Me these days? Here are a dozen tips to spice up your trading:

        1.Know What’s Hot
        What are the most popular items on Trade Me right now, within your chosen category? Here’s one way to find out:

        (a) Click on the ‘Browse’ button, just under Kev the Kiwi.

        (b) Find your category (we’ve chosen Carpet, Tiles & Flooring in the Building & Renovations section for our example).

        (c). Click on the link to take you to the chosen section.  Once you get there, you may want to drill down a little further (in our example, we might refine the search to focus on carpets).

        (d) Once you’ve reached your chosen destination, use the “sort by” feature and sort by “”Most Bids”:

        (e) Browse the top results and you’ll see what’s currently most popular within the category — very useful whether you’re selling or buying, especially in categories driven by fashion, technology or price.

        2. Know What’s Cool
        Want to see what auctions the Trade Me team think are cool — and they should know! Head here: http://www.trademe.co.nz/cool-auctions. Content refreshes daily.

        3. Know What’s Selling
        The Trade Me numbercrunchers are always hard at work analysing what’s happening on the site — and once a month they publish a roundup of the percentages of items that sell in each of Trade Me’s categories. It’s a great way to identify how well you’re doing versus your competitors and peers — and even whether you’re selling the right types of products (grass on the other side always sells better, of course).

        You’ll find the monthly Sell-Through Statistics here: http://www.trademe.co.nz/Community/SellThroughRates.aspx

        4. Know What Others Paid
        Wanting to sell that seldom-used coffeemaker but not sure what you might get for the effort? By using Trade Me’s Expired Listings search facility you can identify recent prices and determine whether it’s worth the effort of posting on Trade Me.

        (a) Head to the search box at the top of the Trade Me listings and click on “More Options”.

        (b) Type your search term into the box (and make certain that “Expired Listings” is selected).

        (c) Sort the results by “Most bids” and the items that actually attracted bids will rise to the top of the results.

        (d) Check out the comparative prices paid for items similar to yours (for up to the last two months) and make your decision.

        5. Know What Others Think Of The Seller
        Before you buy anything of value on Trade Me, check out the reputation of the seller — see the feedback score in the “About The Seller” box near the bottom of each auction.

        At least 100 Feedback Ratings and 100%? Great!  Otherwise, dig a little deeper — click on the feedback number and read the actual feedback posted about this seller (especially any negative comments).

        6. Know On What Days & At What Times To Finish Your Auction
        Best days to close your auctions (because more buyers are browsing on Trade Me): Sundays, Mondays, Tuesdays. Best time? Usually between 9pm and 10pm (but watch out if there’s a popular TV programme on the night your auction is due to close — the box still has great drawing power if the show has the right stuff).

        7. Know What An Item Costs Elsewhere
        Don’t just do your comparison shopping on Trade Me — try searching on PriceSpy or PriceMe, check out current deals on TreatMe, Groupon or GrabOne, and keep a watch on local retailer catalogues. Deals are all around us.

        8. Know What Photos You Should Provide
        Before you list an item on Trade Me, take a look at those selling competitive products. what photos do they provide? Is there anything special about what you’re offering? Capture it on virtual celluloid and upload it to your listing.

        9. Know What To Say About Your Product
        If you describe your product in very few words on your listing, you deserve to get a lousy price. Do your homework, list as much relevant information as you can and you’ll come out better off.

        10. Know The Rules
        Trade Me has rules. Read up on them (here or in the book Trade Me Success Secrets).

        11. Know What To Do After The Sale
        Your customers will judge you on what you do after the auction is over. As soon as you’re paid, ship!

        12. Know When To Bid
        The one essential piece of advice you need to know before you bid for anything on Trade Me is this: you shouldn’t bid at all until the last few minutes of any auction. Read more here.

        PS If you want to find out a whole lot more about all this stuff, take a good look at the Second Edition of Trade Me Success Secrets.

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        How to be a Great Trade Me Buyer April 7, 2011

        Posted by Michael Carney in : buying , 1 comment so far

        The auction’s over. You won. Congratulations! You are now the proud owner-to-be. Time to get acquainted with the seller.

        As soon as the auction is finished, if you’re the successful bidder the seller’s email address will be displayed alongside the auction details. Both you and the seller will be emailed each other’s contact details by Trade Me. If the seller is making use of Trade Me’s automated services, you’ll also receive an email giving Payment Instructions (and possibly offering the opportunity to use Trade Me’s Pay Now service).

        Your next step is simple: email the seller promptly, confirm that you’ve won the auction and, if the item is to be sent or delivered to you, give your address details (unless you too are taking advantage of Trade Me’s labour-saving devices and have already set up your delivery address info through your “My Trade Me” pages). If you haven’t already received the seller’s Payment Instructions, ask for their fiscal particulars (e.g. their bank account if you’re paying through that method) and await a response.

        Not everyone constantly monitors their email — from the seller’s point of view it’s probably been a week since they listed the item so they’re not necessarily hanging around the keyboard waiting for your message. Give them a couple of days to come back to you before sending through a polite reminder.

        PAYMENT
        Once the seller’s been in touch with you and given you their payment details, pay promptly.

        If the seller does offer Trade Me’s Pay Now credit card payment service (and you’re in a position to take advantage of that service using either credit or debit card), fantastic! All the relevant information (including your user name, auction number and chosen address) is automagically communicated to the seller. If you can use Pay Now, we definitely recommend you do so — it removes a whole lot of pain from the virtual paperwork you’ll otherwise have to face.

        Alternatively, if you’re paying directly into the seller’s bank account, make certain that you include the Auction Number (and, ideally, your User ID, since it is possible for the same Auction Number to refer to two different auction transactions) in one of the reference fields so that they can easily identify the payment.

        We recommend you send a followup email to the seller once you’ve paid, giving them all the payment details and again referencing the Auction Number and your User ID. Some Trade Me sellers (particularly the 10,000 who qualify as Top Sellers) list hundreds or thousands of auctions on the site every week. It can be a nightmare for them to track down your payment if you don’t give them the right details.

        PATIENCE, GRASSHOPPER, PATIENCE
        You’ve paid, you’ve told the seller you’ve paid, maybe you’ve even had an email back confirming receipt of the payment.

        Time to wait. Sending stuff out is the most time-intensive part of doing business on Trade Me and some sellers prefer to organise all their despatches on the same day. Then there’s the time in transit. If your item has been sent by courier (or tracked NZ Post services) you can Track and Trace it all the way home. Otherwise, stand by your (snail) mailbox: here it comes…

        LISTEN TO THE PROS
        When we were interviewing top traders for the “Trade Me Success Secrets” book, we asked them to tell us about their favourite Trade Me customers. If you want to be appreciated as an excellent Trade Me buyer (and get great feedback), learn from these examples:

        There is a real art to being a good Trade Me buyer, but in essence it all boils down to the Golden Rule: do unto others as you would have them do unto you.

        PS Biggest single gripe about Trade Me Buyers by Trade Me’s Top Sellers: buyers who pay but don’t send through address details, requiring costly manual followup emails. Stay off their Grump List: don’t forget to send out your delivery address!!

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        Seven Smart Trading Tips for 2011 January 11, 2011

        Posted by Michael Carney in : buying, selling, trade me, trademe , 6comments

        Ready to do things differently on Trade Me this year? These seven tips will help you buy better and sell smarter in 2011.

        A. BUYING

        1. Don’t settle for the first item you find.
        When you have your heart set on buying something, it’s tempting to grab the first product that meets all your needs. If it’s a rare collectable (perhaps a handwritten note from James Cook to the British Admiralty with details of a fabulous long-lost treasure stashed somewhere in Gisborne), then by all means grab, grab, grab. Otherwise, do a little homework first, before you place any bids.

        For example, let’s  hypothesize that you are looking for a set of petanque boules, to while away those long summer nights (we picked petanque because it was one of the first items we stumbled upon when we began browsing on Trade Me today).

        Perhaps you, like us, found this listing:

        The product looks good, the price (at $23.99) seems perfectly reasonable for a new set and the seller has a 99.8% rating. All systems should be Go, right?

        Well, that would be true if you were browsing in a shopping mall — but this is Trade Me. The rules are different.

        How so?

        Well, for a start, unlike in a retail environment (where stores need to sell products to make a living), many Trade Me sellers aren’t in it for the money. Sure, most of us would like to make a few extra pennies selling our surplus wares on Trade Me — but that may not be why we’ve listed our goods on the site. Sometimes, we just want to be rid of the stuff cluttering up our attics and garages and shelves (or perhaps our significant other has hinted at GBH “if I have to look at that moosehead one more time”). So items that might be worth a lot more get listed for a low price just to get rid of them.

        Secondly (and sorry, there’s no tactful way to put this), not every seller knows what he or she is doing — in other words, they haven’t read TRADE ME SUCCESS SECRETS. As a result, you never know when you’ll find valuable artifacts listed with a low starting price (and no competing bidders). That’s especially true if sellers have done a poor job of describing the product in their listing — or the photos look like they’ve been taken underwater.

        Our first smart buying tip for 2011, then: look around before you bid.

        And the easiest way to do that? For that advice, turn to Tip #2 (about which more in a moment).

        But first, sticking with our petanque example: if you looked around on Trade Me, you would have found quite a few listings for petanque.

        Are any a better deal than our original find? To work that out, sort your results by price:

        Lo and behold, a couple of potential petanque bargains emerge immediately:

        [Even though the second seller shown above has listed a $50 Buy Now price, he/she has still started the auction at $1 with no reserve (the yellow flag indicates that any bid of $1 or more could take home the prize) -- so you could well end up with a very low-cost petanque set.]

        Add both prospects to your watchlist and keep your bidding powder dry until just before the end of each auction (see Tip #4 below for more details).

        2. Use the Search facility properly.
        At the top of the page on Trade Me, you’ll find the Search box. If you’re a Trade Me regular, you no doubt use the Search box all the time — but you’re probably not taking full advantage of all the capabilities available to you.

        Trade Me Power Searchers know that:

        There are more than a million listings on Trade Me every week. Using smarter search strategies to find the items you really want should make life a lot easier and avoid your having to sift through the 999,999 items that really aren’t you.

        3. What’s it worth?

        Despite the fiscal optimism of many sellers, if a product is priced too expensively on Trade Me it mostly won’t sell. So how do we judge what products are really worth, before we decide whether or not to bid on them?

        We use the Trade Me Time Machine and take a look back to see what similar products sold for on the site.

        Okay, Trade Me don’t really call it a Time Machine — but it serves that purpose. The path to the time machine is via the little link on the right of the search button labelled “More options”.

        Click on that link and you’ll be taken to an Advanced Search options page that enables you to search what Trade Me calls “Expired Listings” — auctions that have closed.

        If we search closed auctions for petanque, we find (amongst other results), auctions that closed recently with petanque sets going for $1.50 — so we know we just have to be patient to score a good deal.

        4. Hold your breath — and your bid

        This is the most important buying tip of all: don’t bid until the last few minutes of any auction. Otherwise you’ll just end up attracting other bidders.

        For more information, may we respectfully point you in the direction of Chapter Six of Trade Me Success Secrets. It deals with the topic in far more detail than we can address effectively here.

        B. SELLING

        Finally in our roundup, three selling tips to guide you through 2011. NB: Follow the links to some of our most popular past columns — it may be a New Year, but much of this advice is timeless.

        5. The Six Little Words

        These six little words, added to your listing, can double the number of prospective bidders for your auction: “add this item to your watchlist”.


        6. What should you sell on Trade Me?

        So you’ve decided to get serious about Trade Me and make some real money on the site. But what should you sell – and where can you find goodies at the right price to make a good profit anyway?

        Start here.

        7. When bad things happen to good auctions

        Sometimes, Trade Me auctions sell out in a flash. Other times, not so much.

        You polish up your headlines, take some great photos and write sizzling words that (you figure) will have people bidding like crazy. You kick-start your auction with great hope and check back in a day or so later.

        What? After all your good work, how could this happen? No bids! See here for what to do next.

        The Seven Tips

        Okay, that’s our lot this time round. If you’d like even more advice, check out the column on the right of this page to:
        1. Sign up for our free newsletter;
        2. Get your own copy of TRADE ME SUCCESS SECRETS; or
        3. Find out about our Advanced Selling on Trade Me online ecourse, starting soon.

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        Doing your Christmas Shopping on Trade Me November 2, 2010

        Posted by Michael Carney in : Christmas, buying , add a comment

        What? Too soon?

        Bah humbug — many savvy shoppers were snapping up Christmas stocking goodies a couple of months ago. But for those of us who aren’t quite so prepared, here are some helpful hints on shopping for the festive season on Trade Me.

        Something Old, Something New

        Around half of the products for sale on Trade Me are new (and the proportion of new stuff grows at Christmas-time). So don’t worry that you’re only choosing from used goods. Of course, pre-loved pressies can be great, too — for example, a Star Wars card autographed by the voice of Darth Vader, the legendary James Earl Jones, just might be the thing for the geek in your lfe.

        Or perhaps your nearest and dearest is a royalist? Check out such goodies as this Chuck and Di cup:

        CHRISTMAS SHOPPING ON TRADE ME
        PART A: IF YOU ALREADY KNOW EXACTLY WHAT YOU WANT TO BUY

        Sometimes we know exactly what sort of gift we want to buy. Gives us a warm, fuzzy feeling inside. So buying that gift is more a matter of knowing exactly where to find it and how much to pay.

        1. Search
        Start your quest by searching for the item (let’s be incredibly creative and describe it as a ‘widget’) on Trade Me. Make a note of who’s selling widgets and at what price they’ve listed each widget.

        2. Browse
        Browse in the widget category for misspellings, products without pictures and other items that won’t show up in searches (for more details, read our earlier article on how to find bargains on Trade Me).

        3. Verify
        Check out the feedback of the widget sellers. Look for any recent negatives. Cross out any sellers with poor reputations, highlight those with better than sterling customer service. Add the good ones to your “favourite sellers” list to be emailed details of their new listings.

        4. History Check
        Go to the Trade Me Search Box and click on “More Options”. Use the advanced search facility (with “Expired Items” selected) to see at what prices those widgets previously sold (or didn’t sell). That will give you an idea of the actual value of the widget in the Trade Me marketplace. (NB If your widget is rare or obscure, there may be no recent auction listings).

        5. Real World
        Don’t forget the non-virtual world. Check out widget pricing in actual stores or in printed catalogues. And see what the Recommended Retail Pricing is, perhaps by phoning up widget stockists.

        Get ready to buy
        Having down all your homework, you’ll now know what sort of price to pay for your widget. Identify target auctions, hurry up and wait.

        Hold your breath – and your bid
        As you move into Bidding Mode, may we respectfully point you in the direction of Chapter Six of Trade Me Success Secrets. It reveals the most important secret of buying successfully on Trade Me, and deals with the topic in far more detail than we can address effectively here.

        CHRISTMAS SHOPPING ON TRADE ME
        B. IF YOU HAVE ABSOLUTELY NO IDEA WHAT TO BUY

        What types of gifts would your family/friends/significant others like to receive this holiday season? This is what American consumers told researchers last season:

        This data from BIGresearch’s Consumer Intention & Actions study

        Specifics
        Want more specific advice? Google “most wanted gifts 2010″″ and you’ll find a variety of lists of the Most Wanted, for men, women, kids, teens, you name it.

        And finally, if you’re buying for kids, check out top toy lists such as this one:


        The Toyworld Annual Top 20 Hot Toys for Christmas 2010 (listed below in alphabetical order):

        1/ BABY born;         – A life like doll that can drink, wet her nappy, eat and use her potty, cry and squeak and be bathed Suitable for ages 3+

        2/ BAKUGAN – This is a collectable battle game with characters that pop open when they’re rolled onto a game card! Suitable for ages 5+

        3/BARBIE The timeless and ever popular Barbie range features the latest for 2010 including Fashion Fairy Tale Barbie who flashes when you press her dancing queen belt. Suitable for ages 3+

        4/ BEYBLADES – Let it Rip with Beyblade Metal Fusion – the ultimate battling top. Collect, customize and compete like never before with a new, metal gear system! Challenge friends around the global with Beyblade virtual battles on line – www.beybladebattles.com Suitable for ages 8+

        5/ BIKES – Always a favourite under the Xmas tree. New colours and styles to choose from. Suitable for ages 4+

        6/ HOT WHEELS RANGE-Collectable diecast to massive playsets which encourage hours of fun. Suitable for ages 4+

        7/ LEAPFROG RANGE – Educational early learning products that enhance oral, sound, colour and motor skills for toddlers. Suitable for ages 6 – 36 months

        8/ LEGO AND LEGO GAMES RANGE – Creative building can be enjoyed by all age groups from preschool being Duplo to City or Technic for the older enthusiast. Lego’s New Games offer a new and exciting way of game play. Suitable for ages 3+

        9/ LITTLEST PET SHOP RANGE         – How BIG is your Littlest Pet Shop collection? This brand provides the ultimate choice for girls who love to collect. Girls simply can’t get enough of these quirky, edgy and cute pet pals and the playsets and accessories that make the experience complete. Newly released Blythe doll, fashionista and pet sitter, adds a whole new dimension of play Suitable for 4 Years – & Up

        10/ MY LITTLE PONY RANGE – Sugar and spice and friends for life My Little Pony core cast live in the fun-filled world of friendship choose from Rainbow Dash, Pinkie Pie, Toola-Roola, Cheerilie, Scootaloo, Starsong, or Sweetie Belle – or collect them all! These ponies make the perfect friend for any little girl Suitable for ages 4 years and up

        11/ NERF RANGE         – Win every battle with Nerf! When you’re in the heat of battle, you need a high-performance blaster that will have your back – whether it’s a Supersoaker water blaster to drench your friends, or a dart blaster N-Strike arsenal, Nerf has the blaster for you! Beware of imitations – its Nerf or Nothin’ this Christmas Suitable 6 Years – & Up

        12/ PAPER JAMZ GUITAR – Pick up Paper Jamz Guitar and instantly become a Rock Star. Active Graphics Technology allows you to jam out by simply touching the surface. Built in speaker. Also has connection for earphone or amplifier. Age range: 8+

        13/ PLAYWORLD – OUTDOOR PLAY EQUIPMENT – three, four and six swing and slide sets and trampolines provide a complete outdoor fun centre for your garden. Suitable for ages 2+

        14/ POCKET MONEY COLLECTABLES – Mighty Beans, Zoobles, Party Animals, Gogo Crazy Bones. Cheap ranges that kids love to collect. Suitable for ages 4+

        15/ REMOTE CONTROL (RC) RANGE – Includes cars, helicopters, boats and new and exciting innovative product such as Vectron Wave which flight mode is control by the palm of your hand. Suitable for ages 5+

        16/ SCOOTERS – still a popular favourite, kids can ride to school and have hours of fun with their very own scooter. Suitable for ages 5+

        17/ SYLVANIAN FAMILIES RANGE – collectable range of miniature dolls. The design of the range sets it apart from most of the other alternatives that are available and the unique little animal families, each with their own story, give children hours of pleasure (and many grown-ups too!). 4 years and older Ages

        18/ THOMAS WOODEN RANGE         – The Thomas Wooden Railway’ is designed to grow with your child’s increasing ability and creativity, so the fun and adventure always stay fresh. Suitable for 18 MONTHS +

        19/ TONKA CHUCK MY RUMBLIN TRUCK – Your boy’s best buddy. Rumblin’ Chuck knows when he’s picked up, pushed around, or loaded up and says fun phrases for each. With over 50 phrases and sound effects, plus a bonus stock book (all that and he does wheelies too! Suitable for ages 3+

        20/ ZHU ZHU PETS RANGE.         Collectable characters which have their own unique personalities. With their whimsical sounds watch them scoot, scamper, bump and boogie across the floor or through their hamster habitat. Suitable for ages 4+ For more information visit www.toyworld.co.nz

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        The Single Most Important Buying Secret August 31, 2010

        Posted by Michael Carney in : buying , 1 comment so far

        The one essential piece of advice you need to know before you bid for anything on Trade Me is this:

        You shouldn’t bid at all until the last few minutes of any auction.

        It may not be much fun for the seller. And you won’t get caught up in the thrill of the chase. But this is by far the best strategy for buying on Trade Me. When you find something you like,  add it to your watchlist, wait until 15 minutes before the auction is due to end and then follow these five simple steps:

        1. Decide on the maximum amount you want to pay.
        Unless the auction item is the long-lost silver watch that Lloyd George gave your grandfather, you need to set yourself a limit on what you’re prepared to pay. Deduct the shipping costs. That’s your Maximum Bidding Amount.
        2. Check the current bidding.
        Open the auction listing page and check the current bidding. If it’s already over your budget limit, step away from the computer. Otherwise, proceed to Step 3.

        3. Refresh the auction listing page every minute or so.
        Keep refreshing the page until four or five minutes before the auction closes.

        4. Place your bid.
        Place your Maximum Bidding Amount in the box labelled ‘Minimum next bid’ and (vital!) tick the AutoBid box. Double check that you’ve put the correct dollar amount in the Bid box and that the AutoBid box is ticked.

        5. Click ‘Place Bid’.
        You’ll be asked to confirm your bid. Check it, click to confirm, then walk away.

        So what just happened?
        You set a budget and used Trade Me technology to do the bidding for you, up to the maximum amount you specified. You either won or lost the auction, but the odds are in your favour. You will win more auctions using this strategy than with any other Trade Me buying strategy.

        WHAT’S SO GREAT ABOUT THIS STRATEGY?

        A number of things:

        1. You won’t spend more than you planned.
        Discipline yourself upfront and stick to the maximum you think the item is worth. Then walk away. Yes, you will lose some auctions using this strategy. But those are auctions where someone else is prepared to pay more than you believe the item is worth. Congratulate yourself — you didn’t let your emotions run away with you. And you’ve still got your money in your pocket, ready to bid another day.

        2. You won’t set off a red flare alerting other bidders.
        Just one early bid on an auction will draw other members like bees to a honey pot. ‘What are we missing out on?’ Surfers skimming through Trade Me tend to head first towards the auctions with bids, figuring there must be something going on, if others have been inspired to bid. The more bids, the more interesting the item looks. Bidding early also tips off any other potential buyers who had placed the auction on their watchlist, increasing the likelihood that they’ll be more active when the auction is about to close.

        3. Trade Me’s AutoBid system does all the work.
        As the name suggests, the AutoBid system is used to make automatic bids. When you enter the most you are prepared to pay as an AutoBid, Trade Me will keep you in the lead, by the minimum allowable bid increment, until you win the auction or your AutoBid is exceeded. You won’t have to sit there watching, making a bid, watching, bidding again, watching, bidding, chewing your fingernails. Relax — your trusty companion is on the job.

        WHAT ARE YOU UP AGAINST?

        There are four other primary Trade Me buying strategies:

        1. Nibbling
        Users place a bid early in the auction, just enough to take the lead. They don’t bid again until they’re outbid, at which point they nibble away with small increments, just enough to try to take the lead. How do you respond to these users? Ignore them. If they nibble away enough to push the auction beyond your Maximum Bidding Amount, good luck to them. Otherwise they’ll be left behind when your late bid kicks in just before the auction closes.

        2. Pre-emptive high bid
        Some members believe that if they bid high at an early stage they’ll scare away other bidders. They may — or they may simply raise the cost of acquisition for everybody else, if it’s a popular item. If other bidders are indeed discouraged from joining the bidding, that’s good news for your late bid.

        3. Early AutoBids
        These Trade Me members have mastered the AutoBid but place their bids relatively early in the auction, often because they’re not going to be at the computer when the auction is due to close. Unfortunately, their bid does increase the visibility of the auction to casual Trade Me browsers and they risk escalating the auction pricing well before the end game — essentially an automated nibbling process. Nothing you can do but stay out of the way.

        4. Edge-of-the-seat late bids
        More and more members — especially those who’ve been around for a while — adopt the late-bidding strategy, but often want to be there at the kill so they are able to place their own bids manually in the last few minutes. It’s a fine strategy if they really, really want that auction item, but they end up bidding against the machine (ie, your AutoBid), and either drive up your final cost before pulling out or win in the end but pay more than you believe the item is worth. What can you do about these people? Nothing much — but at least you’re emotionally detached.

        What about other late autobidders?
        There will be other bidders out there who use the same winning strategy we’ve outlined, either as a result of their own experience or (hopefully) because they read this article (or our TRADE ME SUCCESS SECRETS book) as well. What can you do about them?

        In the end, it comes down to two elements. Firstly, be as informed as you possibly can about the true value of the item you’re chasing. If the item is worth more to you than to them, your Maximum Bidding Amount will be higher and you’ll win.

        Secondly, when you set the dollar value of your Maximum Bidding Amount, don’t round the total off. If you’ve decided that $40 is what the item is worth, toss in another 27 cents (or 59 cents, or 83 cents) or some uneven number that will take you just above what would seem a natural cut-off point. That may be just enough to win you the auction because people typically gravitate to nice round numbers.

        Sure, this strategy isn’t as much fun — or as adrenalin-pumping — as a down-and-dirty bidding war but winning within your budget makes it all worthwhile!

        SO IS THERE A RECOMMENDED STRATEGY IF YOU ABSOLUTELY, POSITIVELY MUST WIN?

        Sure there is. And you can either read about it within the pages of TRADE ME SUCCESS SECRETS — or sign up for our free newsletter [use the signup form on the right hand side of the page] and we’ll cover it in our next issue!

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