All Down To My Credit

Newcastle Herald

Wednesday June 21, 2006

Jeff Corbett

I'VE just sold my first thing on eBay. A fishing reel, for a princely $15. I feel . . . well, I feel like I've done something important for the first time.

I bought the reel at Adamstown markets for $6 to sell on eBay simply to sell something for the first time on eBay. I've always liked to be with the hip crowd, and the biggest hippest crowd now is on eBay.

It is the global online auction site, the world's most popular international shopping site. Since its introduction to Australia in late 1999 the growth of its business and recognition of its business name have reached levels probably not matched in any half-decade of our history.

In the past few years eBay's Australian business has doubled annually to the current billion-plus dollars. ACNielson Research reported last November that 8500 Australians derived their primary or secondary income from trading on eBay and that 7000 were considering leaving their full-time jobs for full-time eBay trading.

We've all got to start somewhere and I started with a D.A.M. Quick 550 eggbeater reel, made in Germany perhaps 40 years ago and, according to my Googling, with high quality metal workings and an excellent drag. If I'd made those points in the description I listed with eBay I might have done better than $15 for it.

When I put the reel on eBay 10 days ago I set the reserve price at $30, and when a couple of days later I'd had no bids I reset the reserve at $15. As you can see I wasn't greedy even if I was hoping to better than double my money! I had just one bid, for the reserve of $15, and so the reel is now on its way to Dennis in Victoria's Clifton Springs.

The mailing costs were $10.50 and you'll be relieved to learn that that's to be paid by Dennis. Well, I'm sure Dennis will pay it. You see, when I took the reel to the post office to ascertain the postage cost so I could tell Dennis so he could send me a money order, I couldn't be bothered waiting for the money. The reel is on its way and if Dennis reneges on the money I won't be overly bothered.

But I would, then, destroy his eBay reputation. What's called feedback for each buyer and seller is really the lubrication for the trading. Dennis, for example, had made four previous purchases in the past two weeks on eBay and in each case the seller reports in Dennis's eBay file that Dennis was true to his word. I hope now Dennis will provide the same feedback for me.

I have access to a surprising amount of information. I can, through Dennis's file, see what he has bought and for how much and from whom (only their eBay ID name is disclosed), what those sellers sell and for how much and to whom, what Dennis sells and for how much and to whom, and on and on, and through eBay's email I can contact any of these people.

While I provided photos of the reel, as do most eBay sellers, the photos may not have been of the reel I was selling, my written description may not have been accurate and, indeed, I may not have had a reel to sell. As a seller, and normally seller's get the money first, my only risk is that Dennis won't come good with his winning bid of $15.

There are no shortage of conmen and scamsters working through eBay around the world, and some even build false glowing feedback history, but somehow the system works for millions of buyers and sellers.

So how much will I make (if Dennis sends the $20.50)? The sale price $15 minus my purchase price of $6 and eBay's fees of $2.53 leaves $6.47. The fees in my case covered the listing, the photos and the 5.25 per cent of sale price. eBay is assured of the money because it has my credit card details, which, incidentally, I had no qualms about providing because if eBay can't provide a secure environment for such information its massive business is in mortal strife.

What to sell next?

I know my wife wouldn't miss any of the ridiculously expensive porcelain figures wrapped in tissue and stashed in the weirdest places because I've noticed that when she comes across one she reacts as though she'd forgotten she had it. Indeed, when she goes looking today she won't be able to decide whether I've auctioned off any already.

But you can trust me.

© 2006 Newcastle Herald

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