Should I set a reserve price on my item?

MaxSold sells everything without reserve. All bids start at $1. MaxSold leverages competitive market forces to get maximum market prices for items through maximum exposure.

Recent example: Lady has a flooring store. Mostly remnant stuff. She thinks $10,000. She also has a forklift. She thinks $4000. Everyone wants her forklift but she promises it to the auction. Catalog day she gets an offer for $4700 and she wants to sell it. However, she leaves it in. It brings $7300. The rest of the auction brings $24,000. The person who wanted to buy the forklift at $4700 (and who said he wouldn't bid at the auction) bid to $5800. The lady is thrilled that she left the fork lift and sold it without reserve.

See here for examples of top sellers on MaxSold.

Reasons why you should leave the better things in the auction without reserve:

1. Typically better items have lots of buyers:

Leave the better items in the auction. Better items attract multiple bidders to the event, yet only one will prevail and win the item (at the highest price of course).

2. Several other buyers who are capable of buying, are now in the auction with unspent money looking around and probably bidding on other things:

These buyers are competing for the other things in the auction. So, typically the seller would benefit in several ways by leaving it in the auction. Removing the better items only assures that that one item is purchased at a minimum level.

3. The MaxSold process does better than alternatives:
Clients are happiest if we can get them to buy in on the merits of the process versus alternatives (without fixating on price). Merits like safe, finite, transparent, cost effective, and generating returns for more items than other methods.

4. According to Kerry Miller in a study about auction buyer behaviors:

"low starting prices stimulate auction traffic and get early bidders psychologically invested in the auction, leading to more completed sales and higher final prices."

With that in mind, we encourage our sellers not to use reserves when selling through MaxSold or any other auction house.

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