How do I set reserve prices for my auction?
An example of an AI chatbot conversation about setting reserve prices for auctions.
How do I set reserve prices for my auction?
Setting a reserve price means establishing a minimum price that must be met for the auction to be successful. It protects you from selling at too low a price.
What factors should I consider when determining the reserve price?
Consider the item's market value, your costs, and how much you're willing to accept. Research similar items to gauge a fair reserve.
Can I change the reserve price after the auction has started?
Typically, once an auction has started, you cannot change the reserve price. It's best to set it carefully beforehand.
What happens if the bidding doesn't reach the reserve price?
If the bidding doesn't reach the reserve price, the item won't be sold, and you can choose to relist it or sell it elsewhere.
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