Setting and getting the sale price of your item can be simple and managed with a little research. Here are a few tricks to get some intel on the items you are selling by using the Facebook Marketplace online platform itself!
Understanding Supply
Understanding the supply of your item helps to determine its sale price. Within Facebook Marketplace, use the search bar to find the item you are looking to sell and consider these three dimensions:
- Posts in Your Area – If there are several posts of your item in your immediate area, the buyer has options. This isn’t necessarily a bad thing unless the item is posted for a long time, seemingly reasonably priced and hasn’t sold.
- Time Up for Sale – If there are several posts that are old, the item may be priced too high, not in demand or potentially in bad shape.
- Reduction in Sale Price – A reduction in price may mean low demand, the item was priced too high to begin with or the seller is interested in moving the item quickly.
Setting the Sale Price
Understanding the supply, time up for sale and fluctuation in sale price are key data points in determining your sale price. Another data point to guide you to a reasonable sale price is available through the posting process. Facebook Marketplace provides the sale price range of similar items for sale at the time you are posting. When researching the three “Understanding Supply” dimensions, take note of the most recent posts that are similar to the item you would like to post. Also, take special note of like-items with price reductions and are older posts to gauge the price point at which items are not selling. Pricing higher than you what you are willing to sell is a good practice. Buyers frequently like to come down to the next $5 or $10 mark for an item below $50— unless they are low balling.
Getting the Sale Price
There are a few principles that may help guide your thinking on the bottom line price you should accept.
- High Interest – If you have several parties with immediate interest, then demand is high and you will likely be able to sell at the asking price. You, as the seller, have options. Don’t respond immediately to the first interested party to see if there are more interested parties. I must have had 30 people interested in a set of Eiffel Tower lamps. I got full asking price.
- Urgency – If you do not have to sell your item immediately, time is your leverage in the sale. (You aren’t in a rush and can wait for the right buyer.)
- Negotiating Pre-Pickup –Some buyers will not ask anything about the item and only attempt to negotiate the price. In my experience, these sales rarely, if ever, come to fruition and the exchange back and forth are a waste of time. (The buyer is more interested in the sport of negotiating.)
Happy selling! Go get some cash for your stuff!
