1 00:00:00,000 --> 00:00:01,580 Welcome back to another episode 2 00:00:01,580 --> 00:00:03,500 of the Resellers Mindset podcast. 3 00:00:03,500 --> 00:00:06,180 My name is Mike, also known as the used book guy on YouTube, 4 00:00:06,180 --> 00:00:09,500 along with my friend and fellow full-time reseller, Johnny B. 5 00:00:09,500 --> 00:00:11,860 We help people start and grow their reselling businesses 6 00:00:11,860 --> 00:00:12,980 from the ground up. 7 00:00:12,980 --> 00:00:15,420 We also have a weekly Zoom call and private Discord 8 00:00:15,420 --> 00:00:16,860 for all YouTube members. 9 00:00:16,860 --> 00:00:20,020 Head on over to youtube.com backslash used book guy 10 00:00:20,020 --> 00:00:21,700 to join the channel and gain access 11 00:00:21,700 --> 00:00:24,040 to the full length podcast Zoom call 12 00:00:24,040 --> 00:00:25,700 and private Discord today. 13 00:00:25,700 --> 00:00:27,460 Let's get into this week's episode. 14 00:00:27,460 --> 00:00:28,300 What is up everybody? 15 00:00:28,300 --> 00:00:30,820 Welcome to another episode of Resellers Mindset podcast. 16 00:00:30,820 --> 00:00:34,840 Mike sitting next to Johnny, his topic right here, 17 00:00:34,840 --> 00:00:37,740 right now, we're gonna talk about pricing 18 00:00:37,740 --> 00:00:40,020 in the realm of how do we price? 19 00:00:40,020 --> 00:00:42,840 How do we think people should price their items? 20 00:00:42,840 --> 00:00:44,460 Are you repricing your items 21 00:00:44,460 --> 00:00:46,720 when it comes to Amazon and eBay land? 22 00:00:46,720 --> 00:00:49,740 I personally have never really seen many videos 23 00:00:49,740 --> 00:00:52,960 about eBay sellers doing like repricing on their items. 24 00:00:52,960 --> 00:00:57,540 I know large eBay sellers have the dated markdowns, 25 00:00:57,540 --> 00:00:59,540 but like just the video talking about going back in 26 00:00:59,540 --> 00:01:01,420 and checking your items when it comes to pricing. 27 00:01:01,420 --> 00:01:03,020 So that'll be cool to kind of get into, 28 00:01:03,020 --> 00:01:04,820 but Johnny's gonna take us away, 29 00:01:04,820 --> 00:01:06,320 lead us down this rabbit hole. 30 00:01:07,280 --> 00:01:09,540 Yeah, I mean, it's probably the number one problem 31 00:01:09,540 --> 00:01:10,940 in reselling as a whole, I think, 32 00:01:10,940 --> 00:01:12,660 is just poor pricing strategy. 33 00:01:12,660 --> 00:01:14,420 Either you're going in one of two spectrums, 34 00:01:14,420 --> 00:01:17,100 either you're overpricing your items 35 00:01:17,100 --> 00:01:21,740 and hoping for that once a year Christmas miracle sale 36 00:01:21,740 --> 00:01:23,800 and that you're that person 37 00:01:23,800 --> 00:01:26,500 and wishing upon a star if you're Pinocchio. 38 00:01:26,500 --> 00:01:30,740 Which is just gonna make less to attractive buyers. 39 00:01:30,740 --> 00:01:31,980 People are gonna undercut you. 40 00:01:31,980 --> 00:01:34,300 They're gonna get all the sales, you're not. 41 00:01:34,300 --> 00:01:37,740 The other end is, which just results in low profit margin 42 00:01:37,740 --> 00:01:39,660 and potentially losing money on sales. 43 00:01:39,660 --> 00:01:42,140 The other way to do it is pricing way too low 44 00:01:42,140 --> 00:01:44,600 to try to move your product, but you're making no money 45 00:01:44,600 --> 00:01:47,540 and you're working for less than minimum wage at that point 46 00:01:47,540 --> 00:01:50,500 between all the boxes you're packing 47 00:01:50,500 --> 00:01:52,420 or all the photography you're taking 48 00:01:52,420 --> 00:01:54,140 or the listing you're doing. 49 00:01:54,140 --> 00:01:55,580 It's just a nightmare. 50 00:01:55,580 --> 00:01:57,140 And you're spinning your wheels. 51 00:01:57,140 --> 00:01:59,820 And again, you're pretty much flipping burgers 52 00:01:59,820 --> 00:02:01,820 at McDonald's at that point. 53 00:02:01,820 --> 00:02:03,780 It's hard for me, 54 00:02:03,780 --> 00:02:06,500 because I have such a strong stance on this 55 00:02:06,500 --> 00:02:11,260 that the only thing that matters is selling your items. 56 00:02:11,260 --> 00:02:13,260 I'm not gonna say it's the only thing 57 00:02:13,260 --> 00:02:15,620 that's gonna contribute to you getting a sale, 58 00:02:15,620 --> 00:02:17,720 but it is the biggest factor 59 00:02:17,720 --> 00:02:21,460 that influences you getting sale on the item is the price. 60 00:02:21,460 --> 00:02:23,980 So all the idea that, 61 00:02:23,980 --> 00:02:28,980 well, my listing is better or my condition is better. 62 00:02:29,540 --> 00:02:31,460 That is a piece of the pie. 63 00:02:31,460 --> 00:02:35,860 But the pricing part is at least half of the pizza pie 64 00:02:35,860 --> 00:02:37,540 than everything else. 65 00:02:37,540 --> 00:02:39,060 In my eyes, it's more than half, 66 00:02:39,060 --> 00:02:41,060 but I'm just being generous here. 67 00:02:41,060 --> 00:02:45,180 Everything else kind of eats up the other part of the pizza. 68 00:02:45,180 --> 00:02:48,340 So if pricing is the biggest concern, 69 00:02:48,340 --> 00:02:51,260 the biggest thing people look for when they shop, 70 00:02:51,260 --> 00:02:54,460 why do you think every platform lets you filter price, 71 00:02:54,460 --> 00:02:55,980 low to high? 72 00:02:55,980 --> 00:02:58,580 It's the same idea with other things you could filter by, 73 00:02:58,580 --> 00:03:00,500 because it is important to the customer. 74 00:03:00,500 --> 00:03:02,280 And in Amazon land, 75 00:03:02,280 --> 00:03:05,660 I'll jump into Amazon land here because buy box, 76 00:03:05,660 --> 00:03:07,660 buy box, you go on the listing, you hit buy now. 77 00:03:07,660 --> 00:03:11,920 The biggest influencing factor is price of the item, 78 00:03:11,920 --> 00:03:15,220 even if it's by one stinking penny, 79 00:03:15,220 --> 00:03:19,860 one penny, 1.01 pennies, that's it. 80 00:03:19,860 --> 00:03:22,580 And it's not even, it's one hundredths of a dollar. 81 00:03:22,580 --> 00:03:25,580 So the idea you could have your item priced 82 00:03:25,580 --> 00:03:29,340 one penny less than Johnny and get a sale 83 00:03:29,340 --> 00:03:31,300 because of one penny, 84 00:03:31,300 --> 00:03:34,460 but we are too stubborn to do this in the realm of Amazon 85 00:03:34,460 --> 00:03:39,260 because, well, I'll just wait in line or Johnny's a nice guy 86 00:03:39,260 --> 00:03:41,540 and I'm just gonna match his price. 87 00:03:41,540 --> 00:03:45,340 Okay, so let's get all the naysayers out of the way. 88 00:03:45,340 --> 00:03:47,280 Well, it's based on location. 89 00:03:47,280 --> 00:03:49,320 Sure, if the buyer's in Texas 90 00:03:49,320 --> 00:03:51,140 and they live by Johnny and his items 91 00:03:51,140 --> 00:03:52,340 in the warehouse in Texas, 92 00:03:52,340 --> 00:03:53,840 and he's got his price more than mine, 93 00:03:53,840 --> 00:03:56,020 which is located in New York City 94 00:03:56,020 --> 00:03:57,700 or somewhere in Pennsylvania, 95 00:03:57,700 --> 00:03:59,700 then yes, he will have the buy box. 96 00:03:59,700 --> 00:04:03,000 But yet again, let's get back to the majority talk here. 97 00:04:03,000 --> 00:04:07,020 The majority is influenced by the price, not the location. 98 00:04:07,020 --> 00:04:09,500 If this is what matters, this should be our only focus. 99 00:04:09,500 --> 00:04:12,740 This idea that, okay, we sent our items in, 100 00:04:12,740 --> 00:04:16,380 but items aren't selling, or I know what I got, right? 101 00:04:16,380 --> 00:04:19,580 How many times do we, as resellers, send somebody an offer 102 00:04:19,580 --> 00:04:21,100 to buy a bulk lot and they're like, 103 00:04:21,100 --> 00:04:23,220 price is firm, I know what I got. 104 00:04:23,220 --> 00:04:25,060 We are resellers, we're paying a dollar, 105 00:04:25,060 --> 00:04:28,280 like we're getting this stuff for a quarter, 50 cents. 106 00:04:28,280 --> 00:04:31,620 Do we always have to be like, I know what I got? 107 00:04:31,620 --> 00:04:32,700 I don't think so. 108 00:04:32,700 --> 00:04:36,060 I live in the realm now where, hey, it is what it is. 109 00:04:36,060 --> 00:04:39,540 Maybe when I sent Barney in, it was a $20 DVD 110 00:04:39,540 --> 00:04:40,980 and it sold for $11. 111 00:04:40,980 --> 00:04:43,820 I still make my four or 50, I spent a quarter, 112 00:04:43,820 --> 00:04:46,420 I spent 50 cents, that's all this game is. 113 00:04:47,980 --> 00:04:51,940 Right, and I don't know, as a consumer, not a reseller, 114 00:04:51,940 --> 00:04:55,060 as a consumer, who the hell sorts high to low? 115 00:04:55,060 --> 00:04:56,540 They don't, period. 116 00:04:56,540 --> 00:04:58,180 They're gonna sort low to high 117 00:04:58,180 --> 00:05:02,460 after they do like maybe reviews or something. 118 00:05:02,460 --> 00:05:04,020 So let's talk eBay here. 119 00:05:04,020 --> 00:05:09,020 Okay, so person types in an item and the list pulls up. 120 00:05:09,420 --> 00:05:10,860 They're gonna be looking at the price, 121 00:05:10,860 --> 00:05:12,260 then they're gonna click in the listing. 122 00:05:12,260 --> 00:05:14,620 That's where all the little other separators you've done 123 00:05:14,620 --> 00:05:15,820 have come into play. 124 00:05:15,820 --> 00:05:17,760 But to even get them to click on it, 125 00:05:17,760 --> 00:05:20,440 it has to be in a reasonable price range. 126 00:05:20,440 --> 00:05:22,840 It's when we get unreasonable or too low, 127 00:05:24,140 --> 00:05:26,580 that's where our margins are gonna suffer. 128 00:05:27,860 --> 00:05:29,140 So market competition. 129 00:05:29,140 --> 00:05:32,620 So Amazon, there's usually one listing for the item, right? 130 00:05:32,620 --> 00:05:35,820 So we're all competing on this one listing. 131 00:05:35,820 --> 00:05:39,700 And the only separator we can do there is indeed price. 132 00:05:39,700 --> 00:05:42,500 That's the only one. 133 00:05:42,500 --> 00:05:44,940 Somebody may argue in the comments about, 134 00:05:44,940 --> 00:05:47,100 oh, there's the collectible category, Johnny, 135 00:05:47,100 --> 00:05:48,780 or there's the condition things. 136 00:05:48,780 --> 00:05:52,300 Well, you can get to step in. 137 00:05:52,300 --> 00:05:53,420 That does not apply. 138 00:05:54,980 --> 00:05:56,040 eBay land. 139 00:05:58,140 --> 00:05:59,900 Again, I don't think condition matters too much. 140 00:05:59,900 --> 00:06:02,360 I think the additional photos will matter more. 141 00:06:02,360 --> 00:06:03,660 But the number one thing, again, 142 00:06:03,660 --> 00:06:07,100 to get them to click on it, it's gonna be price, honestly. 143 00:06:07,100 --> 00:06:08,860 So market competition. 144 00:06:08,860 --> 00:06:11,460 We do need to be priced competitively. 145 00:06:11,460 --> 00:06:13,460 Mike talked about pricing maybe a little higher 146 00:06:13,460 --> 00:06:14,500 waiting your turn in line. 147 00:06:14,500 --> 00:06:15,580 If you're good with that, 148 00:06:15,580 --> 00:06:18,260 and that strategy is working for you by all means. 149 00:06:18,260 --> 00:06:21,440 But for a guaranteed, you're the next person in line 150 00:06:21,440 --> 00:06:24,900 to get the sale, you need to be the lowest price, honestly. 151 00:06:24,900 --> 00:06:27,060 But you need to clear some margin. 152 00:06:27,060 --> 00:06:30,220 If you're wanting to send in items at $4 153 00:06:30,220 --> 00:06:31,700 into the Amazon warehouse, again, 154 00:06:31,700 --> 00:06:32,620 you're gonna make no money. 155 00:06:32,620 --> 00:06:34,500 In fact, you're gonna lose money. 156 00:06:34,500 --> 00:06:38,660 So you may have to price up above the $4 range 157 00:06:38,660 --> 00:06:40,500 to maybe eight or nine to make money. 158 00:06:40,500 --> 00:06:42,340 But why the heck are you sending in the item 159 00:06:42,340 --> 00:06:43,180 in the first place? 160 00:06:43,180 --> 00:06:45,380 Unless you're seeing something magical on the screen, 161 00:06:45,380 --> 00:06:48,220 like 100% sell through. 162 00:06:48,220 --> 00:06:51,300 But to me, that market's already too overly saturated 163 00:06:51,300 --> 00:06:52,400 and overly competitive. 164 00:06:52,400 --> 00:06:54,020 You should just leave it alone. 165 00:06:54,020 --> 00:06:55,620 Nine times out of 10. 166 00:06:55,620 --> 00:06:57,220 But again, unless you know something different 167 00:06:57,220 --> 00:06:59,560 about the market, like maybe this thing balloons, 168 00:06:59,560 --> 00:07:00,820 it's a seasonal item. 169 00:07:00,820 --> 00:07:02,180 It's balloons during Christmas. 170 00:07:02,180 --> 00:07:03,820 Great, fantastic. 171 00:07:03,820 --> 00:07:05,660 That's for you in far between months, 172 00:07:05,660 --> 00:07:06,980 the majority of items. 173 00:07:06,980 --> 00:07:09,780 So competitive pricing also, 174 00:07:09,780 --> 00:07:12,900 you gotta couple that with healthy margin. 175 00:07:12,900 --> 00:07:14,980 If you're making 1% margin, 176 00:07:14,980 --> 00:07:16,860 you're running not a great business. 177 00:07:18,200 --> 00:07:20,340 If you can get in the 20% range or higher, 178 00:07:20,340 --> 00:07:21,280 you're doing great. 179 00:07:21,280 --> 00:07:24,620 Like the OA guys or the RA guys, 180 00:07:24,620 --> 00:07:26,740 they love 20% margin. 181 00:07:26,740 --> 00:07:29,220 Over here in just used product land, 182 00:07:29,220 --> 00:07:33,220 we turn our nose up at 20% margin. 183 00:07:33,220 --> 00:07:34,200 We shouldn't. 184 00:07:34,200 --> 00:07:35,260 Money's money. 185 00:07:35,260 --> 00:07:36,580 It all adds up. 186 00:07:36,580 --> 00:07:40,700 Again, we're paying a dollar or less for most of the stuff. 187 00:07:40,700 --> 00:07:42,700 If you're maybe a more expensive state, 188 00:07:42,700 --> 00:07:44,860 maybe you're paying two to $3 per. 189 00:07:44,860 --> 00:07:47,240 So margin's even more important to you. 190 00:07:48,900 --> 00:07:52,600 What do you think about margin and market competition, Mike? 191 00:07:52,600 --> 00:07:55,060 Well, that's why I've always stayed in media. 192 00:07:55,060 --> 00:07:56,820 Like sure, I got the sources. 193 00:07:56,820 --> 00:07:57,720 I know my routes. 194 00:07:57,720 --> 00:07:59,180 I have the relationships. 195 00:08:00,120 --> 00:08:03,180 But I think it goes back to the mindset of 196 00:08:03,180 --> 00:08:04,500 no matter what category you're in, 197 00:08:04,500 --> 00:08:07,220 this stuff's out there for the taking. 198 00:08:07,220 --> 00:08:08,420 If you have the mindset, 199 00:08:08,420 --> 00:08:12,180 oh, that you're not gonna be able to get out there 200 00:08:12,180 --> 00:08:13,660 and find items. 201 00:08:13,660 --> 00:08:15,340 So you're just gonna try getting the most. 202 00:08:15,340 --> 00:08:16,860 And there are exceptions, like you said. 203 00:08:16,860 --> 00:08:18,700 Like if you're the person selling iPhones, 204 00:08:18,700 --> 00:08:20,480 you don't gotta be the lowest price. 205 00:08:20,480 --> 00:08:22,540 If you're selling something that's a collectible, 206 00:08:22,540 --> 00:08:24,340 you don't gotta be the lowest price. 207 00:08:24,340 --> 00:08:25,900 You better have good photos on eBay 208 00:08:25,900 --> 00:08:27,900 because that can be a differentiator. 209 00:08:27,900 --> 00:08:31,740 But like Johnny said, if I'm looking for the phone, 210 00:08:31,740 --> 00:08:33,500 I don't care what the photos are 211 00:08:33,500 --> 00:08:37,020 if it's priced $800 when it's really a $100 phone. 212 00:08:37,020 --> 00:08:38,980 You're never gonna click on that listing. 213 00:08:38,980 --> 00:08:40,220 And I know it sounds crazy, 214 00:08:40,220 --> 00:08:43,820 but I never went back and did any repricing 215 00:08:43,820 --> 00:08:44,980 on my eBay items. 216 00:08:44,980 --> 00:08:46,820 Maybe once or twice in my whole career, 217 00:08:46,820 --> 00:08:48,760 whatever I initially priced it at, 218 00:08:48,760 --> 00:08:50,220 which in my defense, 219 00:08:50,220 --> 00:08:52,980 any product I ever listed on eBay, 220 00:08:52,980 --> 00:08:54,820 I was always the lowest price 221 00:08:54,820 --> 00:08:56,620 at the time of listing it. 222 00:08:56,620 --> 00:08:58,580 But it's not like eBay lurched you 223 00:08:58,580 --> 00:09:00,700 that somebody else came on the listing 224 00:09:00,700 --> 00:09:02,700 and is now priced lower than you. 225 00:09:02,700 --> 00:09:06,420 Or maybe they have a quantity of 50 of these things. 226 00:09:06,420 --> 00:09:10,120 I used to sell vegan Reese's cups on eBay. 227 00:09:10,120 --> 00:09:11,580 I'd go buy them from Hershey, 228 00:09:11,580 --> 00:09:14,440 so I'm right by Hershey for like three bucks. 229 00:09:14,440 --> 00:09:18,340 I was selling them for like $15 a piece on eBay. 230 00:09:18,340 --> 00:09:21,980 And I could sell when somebody else came on the listing 231 00:09:21,980 --> 00:09:23,420 because I would stop getting sales. 232 00:09:23,420 --> 00:09:26,180 So then I could go in and manually under price. 233 00:09:26,180 --> 00:09:27,540 But I know most people don't do that. 234 00:09:27,540 --> 00:09:29,460 It's just like we list it, 235 00:09:29,460 --> 00:09:30,460 we throw it in the bin, 236 00:09:30,460 --> 00:09:31,300 we forget about it. 237 00:09:31,300 --> 00:09:33,820 We're in Amazon land, we list it, 238 00:09:33,820 --> 00:09:35,940 we don't reprice aggressively. 239 00:09:35,940 --> 00:09:37,420 And then we have to deal with, 240 00:09:37,420 --> 00:09:39,420 well, why aren't our sales what they should be? 241 00:09:39,420 --> 00:09:42,340 Why do I have all this inventory sitting around 242 00:09:42,340 --> 00:09:43,960 not making me any money? 243 00:09:43,960 --> 00:09:45,440 Well, the problem is the price, 244 00:09:45,440 --> 00:09:46,900 because you could argue, 245 00:09:46,900 --> 00:09:49,640 even if it's a super non-desirable item, 246 00:09:49,640 --> 00:09:52,660 if the price is right, it's gonna sell a lot faster. 247 00:09:52,660 --> 00:09:54,860 That's just, I just firmly believe, 248 00:09:54,860 --> 00:09:57,620 even if it's something that sells once every six months, 249 00:09:57,620 --> 00:09:59,220 and you got it at 50 bucks, 250 00:09:59,220 --> 00:10:01,380 and you drop it down to $25, 251 00:10:01,380 --> 00:10:03,380 yet again, you should have margin. 252 00:10:03,380 --> 00:10:04,580 We are resellers. 253 00:10:04,580 --> 00:10:08,840 It's not like we're paying retail price for these items. 254 00:10:08,840 --> 00:10:10,860 If you don't have margin, you're belly up anyway. 255 00:10:10,860 --> 00:10:12,500 The commerce, you don't even make, 256 00:10:12,500 --> 00:10:14,180 I guess you do make it to this point, 257 00:10:14,180 --> 00:10:15,260 but by then it's too late, 258 00:10:15,260 --> 00:10:16,420 because you already spent all your money 259 00:10:16,420 --> 00:10:18,000 and you're not getting anything back. 260 00:10:18,000 --> 00:10:19,220 So if we have the margin, 261 00:10:19,220 --> 00:10:21,500 let's leverage the margin to sell our items 262 00:10:21,500 --> 00:10:24,160 because we don't get paid until the items sell. 263 00:10:24,160 --> 00:10:27,180 The idea that having all these listings is cool. 264 00:10:27,180 --> 00:10:30,460 And yeah, I got this many listings, zero. 265 00:10:30,460 --> 00:10:31,300 I want zero listings. 266 00:10:31,300 --> 00:10:32,800 I want it all sold, 267 00:10:32,800 --> 00:10:36,580 even if that means I break even in Amazon. 268 00:10:36,580 --> 00:10:38,060 I even lose money on some sales 269 00:10:38,060 --> 00:10:41,020 because it's cheaper to just sell it for a dollar loss 270 00:10:41,020 --> 00:10:43,700 and pay Amazon to remove the item. 271 00:10:43,700 --> 00:10:46,580 So there are so many other factors that we don't think about, 272 00:10:46,580 --> 00:10:48,020 and we just hang on to this idea. 273 00:10:48,020 --> 00:10:51,180 Well, I know dude, Barney is 50, 274 00:10:51,180 --> 00:10:54,840 Barney is gonna get me my 50 bucks regardless. 275 00:10:54,840 --> 00:10:58,660 And then a year later, Barney still sitting in your inventory. 276 00:10:58,660 --> 00:11:00,980 You could have sold them for 1999, 277 00:11:00,980 --> 00:11:03,340 got 11 bucks at their fees on Amazon, 278 00:11:03,340 --> 00:11:05,180 went and spent that $11. 279 00:11:05,180 --> 00:11:07,820 And then you could literally compound that $11 280 00:11:07,820 --> 00:11:09,740 into hundreds of thousands of dollars, 281 00:11:09,740 --> 00:11:11,780 literally in the same year. 282 00:11:11,780 --> 00:11:14,780 Here's where I think Amazon sellers get into trouble. 283 00:11:14,780 --> 00:11:15,940 They'll scan it. 284 00:11:15,940 --> 00:11:17,500 There's no FBA, no new. 285 00:11:17,500 --> 00:11:19,940 There's maybe a few merchant people, right? 286 00:11:19,940 --> 00:11:21,780 They wanna price it to the moon. 287 00:11:21,780 --> 00:11:22,600 300 bucks. 288 00:11:22,600 --> 00:11:24,780 I see go-to list are doing on defaults, 289 00:11:24,780 --> 00:11:27,460 which is laughable when I have a, I don't know, 290 00:11:27,460 --> 00:11:28,820 Nora Roberts book in my hand. 291 00:11:28,820 --> 00:11:32,220 There's no way in special hell land 292 00:11:32,220 --> 00:11:34,460 where that thing is gonna sell for 300 bucks. 293 00:11:34,460 --> 00:11:36,220 I gotta come down to reasonability, 294 00:11:36,220 --> 00:11:37,420 but what's reasonability 295 00:11:37,420 --> 00:11:39,180 when there's nothing on the market? 296 00:11:39,180 --> 00:11:41,740 Well, you do have tools like Kipa and whatever, 297 00:11:41,740 --> 00:11:44,260 or you can use your book knowledge. 298 00:11:44,260 --> 00:11:46,900 Yes, you Amazon sellers do have some book knowledge, 299 00:11:46,900 --> 00:11:48,600 at least when things sell. 300 00:11:48,600 --> 00:11:51,900 You've sold romance novels before. 301 00:11:51,900 --> 00:11:54,180 How much do they typically sell for? 302 00:11:54,180 --> 00:11:56,640 List it for that price, not 300 bucks. 303 00:11:56,640 --> 00:11:59,660 It's like 1999, maybe 2999 on a good day, 304 00:11:59,660 --> 00:12:03,180 depending on the book itself, honestly. 305 00:12:03,180 --> 00:12:04,700 Now you got a history book 306 00:12:04,700 --> 00:12:06,060 and there's some better indicators. 307 00:12:06,060 --> 00:12:08,260 Like maybe you're seeing like 100 bucks 308 00:12:08,260 --> 00:12:10,100 over in merchant land. 309 00:12:10,100 --> 00:12:12,780 Maybe $300 isn't out of line at that point. 310 00:12:12,780 --> 00:12:16,120 So you gotta use your book knowledge 311 00:12:16,120 --> 00:12:18,260 and also your analyzing knowledge 312 00:12:18,260 --> 00:12:19,700 when you're looking at things, 313 00:12:19,700 --> 00:12:22,840 when you're scanning them or looking them up online. 314 00:12:22,840 --> 00:12:25,280 Over on eBay, it's the same thing. 315 00:12:25,280 --> 00:12:26,740 If you're looking at Soul Comp's, 316 00:12:26,740 --> 00:12:28,860 what's it averagely selling for? 317 00:12:28,860 --> 00:12:32,860 Not the Miracle Cell where one jack off got $500 318 00:12:32,860 --> 00:12:35,260 and everybody else is less than 100 bucks. 319 00:12:35,260 --> 00:12:39,620 Are you talking about my Disney Black Diamond VHS tapes, dude? 320 00:12:39,620 --> 00:12:41,620 I'm not talking about your money laundering. 321 00:12:43,620 --> 00:12:46,740 Money laundering is a separate podcast that'll never- 322 00:12:46,740 --> 00:12:48,220 I mean, think about it. 323 00:12:48,220 --> 00:12:50,060 I'm trying to put a timeframe on it 324 00:12:50,060 --> 00:12:55,060 where if I list something at the ridiculous price 325 00:12:57,260 --> 00:13:01,780 that something's listed or even the market price, 326 00:13:01,780 --> 00:13:06,380 how long would I be willing to wait to get all of the money 327 00:13:06,380 --> 00:13:10,220 or say take 50% of what I list the item at 328 00:13:10,220 --> 00:13:11,940 the same day I list it? 329 00:13:13,200 --> 00:13:15,100 I can't come to a number. 330 00:13:15,100 --> 00:13:17,780 How long would I wait or what's the trade-off here? 331 00:13:17,780 --> 00:13:21,700 If I could literally sell all of my inventory at 50% off, 332 00:13:21,700 --> 00:13:23,820 right now, if there's a button that just popped up, 333 00:13:23,820 --> 00:13:24,660 I would do it. 334 00:13:24,660 --> 00:13:25,540 I wouldn't even think, Johnny, 335 00:13:25,540 --> 00:13:28,020 I would click that button so fast 336 00:13:28,020 --> 00:13:30,040 my bank account would just explode. 337 00:13:30,040 --> 00:13:31,100 They'd be calling me saying 338 00:13:31,100 --> 00:13:32,780 there's some type of fraud going on. 339 00:13:32,780 --> 00:13:33,620 So- 340 00:13:33,620 --> 00:13:35,140 I'd do that all day if it's instant sell like that. 341 00:13:35,140 --> 00:13:38,540 How long are you willing to wait to get full price 342 00:13:38,540 --> 00:13:39,980 for the Barney DVD? 343 00:13:39,980 --> 00:13:42,060 That's the question you have to ask yourself 344 00:13:42,060 --> 00:13:44,900 because you don't have to run to the bottom right away 345 00:13:44,900 --> 00:13:47,660 like I do, but I'm fine with taking 346 00:13:47,660 --> 00:13:49,740 some of the money all of the time. 347 00:13:49,740 --> 00:13:53,140 So what's a reasonable timeframe for somebody 348 00:13:53,140 --> 00:13:56,980 to list an item and then go and lower the price? 349 00:13:56,980 --> 00:14:00,780 Because for me, I have my repricer set up to seven days. 350 00:14:00,780 --> 00:14:03,540 So I literally, from the second I scan the barcode 351 00:14:03,540 --> 00:14:06,500 on the back of an item, it's got seven days 352 00:14:06,500 --> 00:14:08,100 to stay at that initial price. 353 00:14:08,100 --> 00:14:13,100 And then after that, buckle up because it's tanking. 354 00:14:13,180 --> 00:14:17,500 I'm tanking, listing down to my minimum. 355 00:14:17,500 --> 00:14:20,100 So what's a reasonable time for somebody to wait 356 00:14:20,100 --> 00:14:22,920 to try to get the full price when they list an item? 357 00:14:22,920 --> 00:14:25,820 When it's saturated, there's multitudes of people in there. 358 00:14:25,820 --> 00:14:29,340 Don't even wait, just reprice competitively right away. 359 00:14:29,340 --> 00:14:32,540 If it's got a decent number of people on there, 360 00:14:32,540 --> 00:14:34,380 and I'm talking about like the sales score, 361 00:14:34,380 --> 00:14:37,960 the E score here, and a little bit of the ranking. 362 00:14:37,960 --> 00:14:39,720 So if I'm seeing something like with a hundred 363 00:14:39,720 --> 00:14:42,140 and there's 50 people on the listing, 364 00:14:42,140 --> 00:14:44,760 to me, that's a reprice right away. 365 00:14:44,760 --> 00:14:48,140 If I'm seeing same scenario, 50 and 10, 366 00:14:48,140 --> 00:14:51,300 maybe I wanna wait three months, maybe six months, 367 00:14:51,300 --> 00:14:52,980 because that's when Amazon's the cheapest 368 00:14:52,980 --> 00:14:56,020 to see if I can flip it for maximum. 369 00:14:56,020 --> 00:15:00,140 If I'm seeing two and 50, I'm leaving it at maximum price. 370 00:15:00,140 --> 00:15:01,740 The odds are in my favor. 371 00:15:02,700 --> 00:15:06,620 Until probably again, after six months, I'll reassess. 372 00:15:06,620 --> 00:15:08,660 Maybe a bajillion more people came 373 00:15:08,660 --> 00:15:10,800 to the listing since then, who knows? 374 00:15:10,800 --> 00:15:15,140 But most items on Amazon or that middle ground, 375 00:15:15,140 --> 00:15:16,420 they're overly saturated. 376 00:15:16,420 --> 00:15:18,860 So seven days to 30 days is probably 377 00:15:18,860 --> 00:15:20,760 where you wanna lean to on most items. 378 00:15:20,760 --> 00:15:23,220 After that, let it rip and go. 379 00:15:23,220 --> 00:15:26,780 All right, so you have an item, you're gonna list it. 380 00:15:27,820 --> 00:15:32,820 You look on eBay, there's one, none listed, 381 00:15:33,020 --> 00:15:34,900 one sold for $50. 382 00:15:36,500 --> 00:15:38,340 Where are you gonna list that item at? 383 00:15:39,260 --> 00:15:40,540 What's up, Amazon sellers? 384 00:15:40,540 --> 00:15:42,740 I wanted to take a second to talk about GoToLister, 385 00:15:42,740 --> 00:15:45,140 the software me and Johnny both use to list 386 00:15:45,140 --> 00:15:48,160 and manage our inventory and grow our businesses. 387 00:15:48,160 --> 00:15:50,040 With the fastest listing speeds out there 388 00:15:50,040 --> 00:15:53,260 and built-in profit analytics, it's a no-brainer. 389 00:15:53,260 --> 00:15:55,780 Easily and quickly have items available for sale 390 00:15:55,780 --> 00:15:58,700 using 2D barcodes and get more for your items 391 00:15:58,700 --> 00:16:00,740 with its built-in smart pricing. 392 00:16:00,740 --> 00:16:02,820 Make sure to check out the 30-day free trial 393 00:16:02,820 --> 00:16:05,460 at gotolister.com backslash Mike 394 00:16:05,460 --> 00:16:07,700 or using the link in the description below. 395 00:16:07,700 --> 00:16:11,100 I'm gonna look at the item and see if it's item 396 00:16:11,100 --> 00:16:14,700 that's either scarce or has some other cool factor 397 00:16:14,700 --> 00:16:15,540 going along with it. 398 00:16:15,540 --> 00:16:18,300 If not, I'm probably gonna go 20% below market 399 00:16:18,300 --> 00:16:19,340 of that 50 bucks. 400 00:16:20,540 --> 00:16:23,340 If it's got those other two metrics I mentioned, 401 00:16:23,340 --> 00:16:25,500 I'm probably gonna list it for the $50. 402 00:16:25,500 --> 00:16:27,500 Like if it's scarce or it's got something other cool 403 00:16:27,500 --> 00:16:29,580 going, like a signature or something. 404 00:16:29,580 --> 00:16:32,220 Okay, so now my idea with this, 405 00:16:32,220 --> 00:16:35,740 where I was taking you here is what percentage people, 406 00:16:35,740 --> 00:16:39,060 what percentage of resellers do you think 407 00:16:40,100 --> 00:16:42,020 are gonna price it above the $50? 408 00:16:42,020 --> 00:16:45,420 Because I think your typical reseller sees 409 00:16:45,420 --> 00:16:47,740 there's none listed, one sold for 50, 410 00:16:47,740 --> 00:16:50,020 that they got a $75 bill in their hand. 411 00:16:50,020 --> 00:16:52,100 Like I would, if I was a betting man, 412 00:16:52,100 --> 00:16:54,460 I would say more than half of resellers 413 00:16:54,460 --> 00:16:56,580 would list it more than the $50 sold comp 414 00:16:56,580 --> 00:16:58,980 because there's no other ones listed. 415 00:17:00,620 --> 00:17:02,580 Yeah, I probably wouldn't do that. 416 00:17:03,420 --> 00:17:04,820 Yeah, you, not you, but I'm saying 417 00:17:04,820 --> 00:17:07,740 you're your average person that just reselling and sees, 418 00:17:07,740 --> 00:17:09,700 oh, look, I got the only one on the market 419 00:17:09,700 --> 00:17:11,100 and one sold for 50. 420 00:17:11,100 --> 00:17:13,580 The immediate thought is to go up in price, right? 421 00:17:13,580 --> 00:17:16,620 And you could argue in some cases, that would be right. 422 00:17:16,620 --> 00:17:17,460 But yet again, 423 00:17:17,460 --> 00:17:18,700 There's some outlier scenarios 424 00:17:18,700 --> 00:17:21,140 where that's perfectly a-okay. 425 00:17:21,140 --> 00:17:22,940 I'd say that's only a-okay. 426 00:17:22,940 --> 00:17:24,860 And we kind of talked about this before. 427 00:17:24,860 --> 00:17:25,780 There's three tracks. 428 00:17:25,780 --> 00:17:26,820 This is the slowest one. 429 00:17:26,820 --> 00:17:28,620 If you're in the storage game and holding out 430 00:17:28,620 --> 00:17:31,660 for maximum dollars, and that is your business model, 431 00:17:31,660 --> 00:17:33,940 that is a-okay to do. 432 00:17:33,940 --> 00:17:36,780 But for most resellers, that's not a-okay to do. 433 00:17:36,780 --> 00:17:38,380 You need to flip it. 434 00:17:38,380 --> 00:17:41,140 You either need to be at or below market 435 00:17:41,140 --> 00:17:43,620 in order to get the flip in a timely fashion. 436 00:17:43,620 --> 00:17:46,540 Because if you don't and you're just holding on 437 00:17:46,540 --> 00:17:48,020 in the storage game, 438 00:17:48,020 --> 00:17:49,860 you're potentially waiting for your money 439 00:17:49,860 --> 00:17:54,060 and you can't spin up your business by getting that money, 440 00:17:54,060 --> 00:17:55,380 taking a little bit for yourself, 441 00:17:55,380 --> 00:17:57,940 reinvesting the rest into more inventory, 442 00:17:57,940 --> 00:17:59,940 rinse and repeat over and over again. 443 00:17:59,940 --> 00:18:01,460 There's no rinsing and repeating 444 00:18:01,460 --> 00:18:04,420 in the long-term storage game and holding. 445 00:18:04,420 --> 00:18:09,060 If you're holding, you have another business going on 446 00:18:09,060 --> 00:18:11,020 that's paying all the bills. 447 00:18:11,020 --> 00:18:13,900 And again, that's the only real reason to do it. 448 00:18:15,820 --> 00:18:18,740 The comic guy, Skyline Comics or whatever, 449 00:18:18,740 --> 00:18:21,780 he's famous for just holding at maximum dollars 450 00:18:21,780 --> 00:18:24,700 above market dollars, because he doesn't care. 451 00:18:24,700 --> 00:18:27,580 I don't think he wants to sell his gigantic comic collection 452 00:18:27,580 --> 00:18:31,420 he got 40 years ago in some obscure warehouse in New York. 453 00:18:31,420 --> 00:18:32,620 I don't think he cares. 454 00:18:32,620 --> 00:18:34,220 He just likes the cool factor of saying, 455 00:18:34,220 --> 00:18:36,580 I own pretty much all the comics in the world. 456 00:18:36,580 --> 00:18:38,460 Congratulations, my dude. 457 00:18:38,460 --> 00:18:39,780 I, it's funny. 458 00:18:39,780 --> 00:18:41,860 So now we got to deal with the idea that, 459 00:18:41,860 --> 00:18:44,500 I got a crazy, I got a crazy idea 460 00:18:44,500 --> 00:18:47,020 I'm going to throw out there for the eBay, 461 00:18:47,700 --> 00:18:48,980 the eBay executives. 462 00:18:48,980 --> 00:18:51,900 And you can thank me later when you decide to do this. 463 00:18:51,900 --> 00:18:56,140 What if eBay, like Amazon started charging a fee, 464 00:18:56,140 --> 00:18:58,700 if you had a certain amount of listings listed 465 00:18:58,700 --> 00:18:59,820 for a certain amount of time. 466 00:18:59,820 --> 00:19:02,540 So in Amazon land, you have six months 467 00:19:02,540 --> 00:19:04,420 until an item becomes long-term. 468 00:19:04,420 --> 00:19:06,740 Once it hits long-term, you pay more in storage. 469 00:19:06,740 --> 00:19:08,980 There's also a storage utilization ratio, 470 00:19:08,980 --> 00:19:12,220 which is how many of your items have been sitting for how long. 471 00:19:12,220 --> 00:19:14,820 And you pay more in monthly storage fees based on this, 472 00:19:14,820 --> 00:19:17,820 because Amazon wants you to sell your items. 473 00:19:17,820 --> 00:19:21,100 In eBay land, you got a garage, like Johnny said, 474 00:19:21,100 --> 00:19:22,700 a lot of people don't want to sell their stuff. 475 00:19:22,700 --> 00:19:25,500 You list it and then you forget it and it just sits there. 476 00:19:25,500 --> 00:19:27,420 And you wind up with all these bins full of junk 477 00:19:27,420 --> 00:19:28,740 that's never going to sell. 478 00:19:28,740 --> 00:19:32,660 So I would be curious if eBay did something like this 479 00:19:32,660 --> 00:19:35,220 and said, okay, if you have items, 480 00:19:35,220 --> 00:19:37,780 but then again, I guess you could just delete and relist 481 00:19:37,780 --> 00:19:40,660 because that's the super hack to fix your eBay store anyway. 482 00:19:41,620 --> 00:19:44,020 But if that wasn't the case, 483 00:19:44,020 --> 00:19:46,620 if people's mindset would change a little bit on eBay, 484 00:19:46,620 --> 00:19:48,860 if they said, hey, if your item has been listed 485 00:19:48,860 --> 00:19:50,420 for more than six months, 486 00:19:50,420 --> 00:19:53,580 then you're going to have to pay an extra 10 cents a month 487 00:19:53,580 --> 00:19:54,700 on that listing. 488 00:19:55,740 --> 00:19:57,020 I don't know if they want to do that 489 00:19:57,020 --> 00:20:00,100 because they get paid, just like Amazon, 490 00:20:00,100 --> 00:20:01,860 they get paid for all the sales. 491 00:20:03,020 --> 00:20:06,340 They do have those injection prices, as does Amazon. 492 00:20:06,340 --> 00:20:10,180 You get out of Amazon with their sub, their $40 sub on eBay, 493 00:20:10,180 --> 00:20:12,740 whatever store size, you kind of get out of it. 494 00:20:12,740 --> 00:20:16,220 If eBay did that, I don't think it'd be eBay anymore. 495 00:20:16,220 --> 00:20:18,100 It would just be, 496 00:20:18,100 --> 00:20:19,340 because people wouldn't list anything 497 00:20:19,340 --> 00:20:20,540 and everything at that point. 498 00:20:20,540 --> 00:20:21,940 They wouldn't. 499 00:20:21,940 --> 00:20:23,460 Nowadays, that's what you got. 500 00:20:23,460 --> 00:20:25,140 And that's what people like about eBay. 501 00:20:25,140 --> 00:20:27,460 Everything and everything in the store. 502 00:20:27,460 --> 00:20:28,300 Yeah, you can, yeah. 503 00:20:28,300 --> 00:20:30,260 eBay would fold up shop. 504 00:20:30,260 --> 00:20:32,580 They would go to, I don't know what's 505 00:20:32,580 --> 00:20:34,660 the next closest thing to eBay. 506 00:20:34,660 --> 00:20:36,060 Is it Bonanza? 507 00:20:36,060 --> 00:20:37,140 I don't know. 508 00:20:37,140 --> 00:20:38,580 Yeah, I see what you're saying. 509 00:20:38,580 --> 00:20:40,740 But it would benefit sellers 510 00:20:40,740 --> 00:20:43,220 because it would make them take an extra second to think, 511 00:20:43,220 --> 00:20:45,860 well, should I list this item or not? 512 00:20:45,860 --> 00:20:46,700 Yeah. 513 00:20:46,700 --> 00:20:47,540 Yeah, yeah. 514 00:20:47,540 --> 00:20:48,900 I mean, it would never happen, 515 00:20:48,900 --> 00:20:51,900 but I think it's just a mentality thing. 516 00:20:51,900 --> 00:20:54,100 And yet again, that's why 517 00:20:54,100 --> 00:20:56,140 I've always repriced aggressively on Amazon 518 00:20:56,140 --> 00:20:59,540 because they punish you for it on the back end. 519 00:20:59,540 --> 00:21:00,900 That's just the reality of it. 520 00:21:00,900 --> 00:21:03,700 And sure, six months is a good amount of time, 521 00:21:03,700 --> 00:21:06,420 but I like the fact that my stuff's selling. 522 00:21:06,420 --> 00:21:09,220 So once you drop your box off at UPS 523 00:21:09,220 --> 00:21:10,420 to go to Amazon's warehouse, 524 00:21:10,420 --> 00:21:12,660 some of your items become available for sale. 525 00:21:12,660 --> 00:21:15,700 There's no better feeling than having your items scanned, 526 00:21:15,700 --> 00:21:16,820 getting home and saying, 527 00:21:16,820 --> 00:21:19,780 oh, I've been looking at Barney all week 528 00:21:19,780 --> 00:21:21,500 and he already sold and he's literally 529 00:21:21,500 --> 00:21:23,860 not even out of the UPS store yet. 530 00:21:23,860 --> 00:21:27,700 That, I literally think that's the only reason I exist, Johnny, 531 00:21:27,700 --> 00:21:30,260 is because I repriced so aggressively 532 00:21:30,260 --> 00:21:32,140 and it has allowed me to grow the business 533 00:21:32,140 --> 00:21:34,300 and my bank account in ways. 534 00:21:34,300 --> 00:21:36,540 If I was the person that said, 535 00:21:36,540 --> 00:21:38,820 I'm fine being second in line, 536 00:21:38,820 --> 00:21:42,140 I'm fine matching the price of everybody else. 537 00:21:42,140 --> 00:21:45,060 I think my business looks completely different 538 00:21:45,060 --> 00:21:48,140 and I don't even know if it exists today. 539 00:21:48,140 --> 00:21:51,020 And that's just, that's my mentality around pricing, dude. 540 00:21:51,020 --> 00:21:52,140 I wanna sell everything. 541 00:21:52,140 --> 00:21:53,140 I don't even care. 542 00:21:53,140 --> 00:21:55,740 Like just give me my 50 cents into $2. 543 00:21:55,740 --> 00:21:57,020 I will go find more of this. 544 00:21:57,020 --> 00:21:58,260 There's plenty of it. 545 00:21:58,260 --> 00:22:00,740 I'm A-okay with it because not every item, 546 00:22:00,740 --> 00:22:02,260 I'm gonna get $2 on. 547 00:22:02,260 --> 00:22:03,340 The majority of my items, 548 00:22:03,340 --> 00:22:06,300 I'm gonna get between seven and $12 profit on. 549 00:22:06,300 --> 00:22:07,340 Doesn't sound like a lot, 550 00:22:07,340 --> 00:22:08,940 but when you're sending in thousands of units 551 00:22:08,940 --> 00:22:10,780 every single month, it adds up. 552 00:22:10,780 --> 00:22:11,900 And yeah, it happens. 553 00:22:11,900 --> 00:22:13,820 I lose money sometimes on Barney. 554 00:22:13,820 --> 00:22:16,420 Other times, most of the time, I win. 555 00:22:16,420 --> 00:22:20,380 It's the idea of, let's focus on the bigger piece of the pie, 556 00:22:20,380 --> 00:22:23,060 which is the price, which is winning more than you lose. 557 00:22:23,060 --> 00:22:25,940 That is how you actually grow a business and make money 558 00:22:25,940 --> 00:22:28,500 because I don't do this to store my stuff, 559 00:22:28,500 --> 00:22:30,180 like this comic guy. 560 00:22:30,180 --> 00:22:32,060 And how many people out there, Johnny, are like that, right? 561 00:22:32,060 --> 00:22:35,100 Like they're the collector or they're super passionate 562 00:22:35,100 --> 00:22:37,980 and they love, you know, they love that. 563 00:22:37,980 --> 00:22:39,940 They're such a Barney aficionado 564 00:22:39,940 --> 00:22:42,820 that this is one of my favorite DVDs. 565 00:22:42,820 --> 00:22:45,100 And I'm gonna put it, I'm gonna list it, 566 00:22:45,100 --> 00:22:46,380 but it's gonna be for something 567 00:22:46,380 --> 00:22:47,620 that's just an exuberant amount 568 00:22:47,620 --> 00:22:49,380 because I'm so passionate about this stuff. 569 00:22:49,380 --> 00:22:51,620 And with books, I know this happens 570 00:22:51,620 --> 00:22:54,340 because so many book sellers are so passionate that, 571 00:22:54,340 --> 00:22:57,540 oh man, this is by, this is an Ernest Hemingway book. 572 00:22:57,540 --> 00:22:59,140 And this is such a great book. 573 00:22:59,140 --> 00:23:02,140 I read it and you think it's worth more than it actually is 574 00:23:02,140 --> 00:23:04,380 because of your personal experience and your personal, 575 00:23:04,380 --> 00:23:06,900 I guess, idea of what something's worth 576 00:23:06,900 --> 00:23:10,140 instead of just going off with the markets telling you. 577 00:23:10,140 --> 00:23:11,820 Yeah, I'm gonna throw this at you. 578 00:23:11,820 --> 00:23:13,260 So if you can get, 579 00:23:13,260 --> 00:23:15,740 let's just take what you did last year, the number of sales. 580 00:23:15,740 --> 00:23:19,860 If you can get three to $5 more per item 581 00:23:19,860 --> 00:23:22,620 and sell 20% less, would you do that? 582 00:23:22,620 --> 00:23:25,140 You're gonna sell 20% less units, 583 00:23:25,140 --> 00:23:28,460 but you're gonna go, instead of undercutting, 584 00:23:28,460 --> 00:23:30,500 you're gonna either match or go up 585 00:23:30,500 --> 00:23:32,460 by a slight number on each item. 586 00:23:33,500 --> 00:23:35,300 No, I want it all gone. 587 00:23:35,300 --> 00:23:36,980 You want it all gone still. 588 00:23:36,980 --> 00:23:38,260 I mean, that's fair. 589 00:23:38,260 --> 00:23:40,540 That is a legitimate business model. 590 00:23:40,540 --> 00:23:43,020 The people who want to price at or above, 591 00:23:43,020 --> 00:23:44,860 you're gonna wait a little bit longer. 592 00:23:45,820 --> 00:23:49,460 I think with the way, if you're not up to date on the store, 593 00:23:49,460 --> 00:23:52,220 upcoming storage bills, you may want to take a look, my friend. 594 00:23:52,220 --> 00:23:54,580 They're going up by 30% this year, 595 00:23:54,580 --> 00:23:57,940 and the removal's going up by another 30%. 596 00:23:57,940 --> 00:24:02,340 So long-term and removal is gonna be no joke. 597 00:24:02,340 --> 00:24:06,620 A 30% increase in one physical year is insane. 598 00:24:06,620 --> 00:24:08,860 Absolutely insane. 599 00:24:08,860 --> 00:24:13,620 That is Amazon telling you they want you to turn the items. 600 00:24:13,620 --> 00:24:17,820 They don't want to store 100% of everything anymore. 601 00:24:17,820 --> 00:24:20,340 And in books, they're heavy. 602 00:24:21,780 --> 00:24:23,580 Most of them are heavy. 603 00:24:23,580 --> 00:24:26,580 So you gotta be pretty picky on what you're sending in. 604 00:24:26,580 --> 00:24:28,620 Those fees are gonna eat you alive. 605 00:24:29,660 --> 00:24:32,100 I think, dude, I think I wanna hit on that real quick 606 00:24:32,100 --> 00:24:35,220 because I think the idea that you just said, like, 607 00:24:35,220 --> 00:24:38,140 hey, would you sell 20% less, 608 00:24:38,140 --> 00:24:40,580 but make an extra two or $3 per item? 609 00:24:40,580 --> 00:24:43,100 I think that exists in a lot of eBay stores, 610 00:24:43,100 --> 00:24:45,020 and I don't think it's necessarily wrong, 611 00:24:45,020 --> 00:24:50,020 but I do think you create this job for yourself. 612 00:24:50,900 --> 00:24:52,060 All right, I know. 613 00:24:52,060 --> 00:24:53,860 You know, reselling, it's a job. 614 00:24:53,860 --> 00:24:57,020 I understand that argument, but for me, 615 00:24:57,020 --> 00:24:58,820 I see reselling as like a fun hobby 616 00:24:58,820 --> 00:25:00,540 where I can make a shit ton of money, right? 617 00:25:00,540 --> 00:25:02,380 Like, it doesn't feel like a job. 618 00:25:02,380 --> 00:25:04,260 Sure, I have days I'm like, this sucks. 619 00:25:04,260 --> 00:25:06,260 I'm driving an hour and a half, whatever. 620 00:25:06,260 --> 00:25:07,980 But overall, I'm like, this is fun, right? 621 00:25:07,980 --> 00:25:09,100 Like, I enjoy reselling. 622 00:25:09,100 --> 00:25:10,860 I enjoy going out to the pawn shops 623 00:25:10,860 --> 00:25:12,460 and finding the Barney DVDs, right? 624 00:25:12,460 --> 00:25:14,900 Like, so sure, that model works, 625 00:25:14,900 --> 00:25:18,460 but I think it's a line where all of a sudden, 626 00:25:18,460 --> 00:25:21,300 you can quickly become miserable at reselling, 627 00:25:21,300 --> 00:25:23,660 and I think this is what happens with a lot of people, 628 00:25:23,660 --> 00:25:26,500 because yes, if you wait, 629 00:25:26,500 --> 00:25:29,660 you might get a few more shekels for your items, 630 00:25:29,660 --> 00:25:32,860 but I guarantee you, your mindset will be a lot better 631 00:25:32,860 --> 00:25:35,740 if you're selling more items, even if it's for less money, 632 00:25:35,740 --> 00:25:39,460 because it's continuous cash coming into the bank account, 633 00:25:39,460 --> 00:25:40,980 even if it's just a little faucet 634 00:25:40,980 --> 00:25:42,700 that's got a little flow coming. 635 00:25:42,700 --> 00:25:45,380 If you see the faucets on every single day 636 00:25:45,380 --> 00:25:47,540 versus every other day, 637 00:25:47,540 --> 00:25:50,180 every single person in the history of the universe is, 638 00:25:50,180 --> 00:25:51,980 what reseller isn't motivated 639 00:25:51,980 --> 00:25:54,020 to go do some work in their business 640 00:25:54,020 --> 00:25:55,900 when they hear that stupid eBay cha-ching 641 00:25:55,900 --> 00:25:59,540 that I really never had the, I guess, glory of dealing with, 642 00:25:59,540 --> 00:26:00,860 because I never had an eBay store 643 00:26:00,860 --> 00:26:02,820 where I could just be sitting here 644 00:26:02,820 --> 00:26:04,340 and it's cha-chinging around the clock. 645 00:26:04,340 --> 00:26:05,780 That motivates people. 646 00:26:05,780 --> 00:26:07,740 So if you don't get that every day, 647 00:26:07,740 --> 00:26:08,980 you're gonna be a little bit defeated, 648 00:26:08,980 --> 00:26:11,100 versus when Johnny used to have this store 649 00:26:11,100 --> 00:26:12,340 and we're sitting here on the podcast 650 00:26:12,340 --> 00:26:14,100 and the thing's cha-chinging, I'm like, 651 00:26:14,100 --> 00:26:16,380 dude, I'm gonna come over there 652 00:26:16,380 --> 00:26:18,500 and mute your phone permanently, right? 653 00:26:18,500 --> 00:26:19,340 It's a good sound. 654 00:26:19,340 --> 00:26:21,980 I think it's like a mentality thing too, man, 655 00:26:21,980 --> 00:26:23,500 getting the sales every day. 656 00:26:23,500 --> 00:26:25,420 Seeing items are selling every single day 657 00:26:25,420 --> 00:26:27,420 that you send in super fast, 658 00:26:27,420 --> 00:26:30,180 is super motivating for you to get out that next week 659 00:26:30,180 --> 00:26:31,420 and do the same exact thing 660 00:26:31,420 --> 00:26:33,780 versus the person who doesn't get sales every day 661 00:26:33,780 --> 00:26:34,900 because they wanna hang on 662 00:26:34,900 --> 00:26:37,380 and try to stick it out for the higher price items. 663 00:26:37,380 --> 00:26:40,940 At some point, do you pass the threshold of, 664 00:26:40,940 --> 00:26:45,140 okay, now I have 10, 15, 20,000 items. 665 00:26:45,140 --> 00:26:47,100 It's kind of like the eBay business you were building 666 00:26:47,100 --> 00:26:49,860 where you were getting more based on your descriptions 667 00:26:49,860 --> 00:26:51,780 and your photos and your quality, 668 00:26:51,780 --> 00:26:53,660 but you've said it plenty of times. 669 00:26:53,660 --> 00:26:55,420 This is a long-term play. 670 00:26:55,420 --> 00:26:57,220 People don't have to wear a thal 671 00:26:57,220 --> 00:26:59,220 and they don't start reselling to say, 672 00:26:59,220 --> 00:27:00,500 this is gonna take three years 673 00:27:00,500 --> 00:27:02,660 to get it where I want it to be. 674 00:27:02,660 --> 00:27:05,180 Right, and brief segue, 675 00:27:05,180 --> 00:27:06,580 if you need the satisfaction 676 00:27:06,580 --> 00:27:08,620 with the cha-chinging sound for Amazon, 677 00:27:08,620 --> 00:27:10,260 we have instructions in our Discord, 678 00:27:10,260 --> 00:27:11,660 so please subscribe to it 679 00:27:11,660 --> 00:27:15,140 and you can get the cha-ching satisfactory sound in Amazon. 680 00:27:15,140 --> 00:27:17,740 I don't even have that turned on, dude. 681 00:27:17,740 --> 00:27:18,580 It's- 682 00:27:18,580 --> 00:27:21,060 It's like 50 steps to set up, but it's doable. 683 00:27:21,060 --> 00:27:23,060 But anyway, back to what you were saying. 684 00:27:24,180 --> 00:27:28,620 Now, in eBay land, this does not apply to Amazon folks 685 00:27:28,620 --> 00:27:30,220 because we get sent offers, right? 686 00:27:30,220 --> 00:27:32,540 And they're usually lower than what we listed for. 687 00:27:32,540 --> 00:27:35,220 So going slightly up to counteract those offers 688 00:27:35,220 --> 00:27:39,700 I think is okay, but you doing so, 689 00:27:39,700 --> 00:27:43,100 you realize you're gonna wait longer if you do that. 690 00:27:43,100 --> 00:27:45,060 Now, if you price correctly, 691 00:27:45,060 --> 00:27:47,380 and a similar percentage off offer is gonna come in, 692 00:27:47,380 --> 00:27:49,140 yeah, it's gonna be less dollars, 693 00:27:49,140 --> 00:27:50,780 but you're gonna turn your items quicker. 694 00:27:50,780 --> 00:27:53,820 So there is that to consider. 695 00:27:53,820 --> 00:27:56,900 So you need to understand your numbers all around 696 00:27:56,900 --> 00:27:59,540 and what's affordable and your margins and all that. 697 00:27:59,540 --> 00:28:02,260 Additionally, what we have in eBay and not Amazon 698 00:28:02,260 --> 00:28:03,580 is promoted listings. 699 00:28:03,580 --> 00:28:05,740 How much are we willing to crank up that dial 700 00:28:05,740 --> 00:28:08,100 to try to move our items slightly faster, 701 00:28:08,100 --> 00:28:10,500 to get ranked a little higher, to get clicked on? 702 00:28:10,500 --> 00:28:13,740 But even then, I still think it's gonna come down to price 703 00:28:13,740 --> 00:28:16,140 unless they got leaded from some external source. 704 00:28:16,140 --> 00:28:20,660 If they're pulling it up on eBay and you're ranked high, 705 00:28:20,660 --> 00:28:22,180 like in the top five, 706 00:28:22,180 --> 00:28:24,420 if those top five, before they even click on it, 707 00:28:24,420 --> 00:28:25,620 they're gonna click the lowest price 708 00:28:25,620 --> 00:28:27,580 out of that five, guaranteed. 709 00:28:27,580 --> 00:28:29,060 Then next is gonna come photos, 710 00:28:29,060 --> 00:28:31,940 and then after that, item specifics and description, 711 00:28:31,940 --> 00:28:33,460 bottom line, condition maybe. 712 00:28:34,340 --> 00:28:35,740 It's so hard. 713 00:28:35,740 --> 00:28:38,660 And Johnny, I'm gonna make you talk for the next two minutes 714 00:28:38,660 --> 00:28:41,740 because I have a real life example I'm going to go grab 715 00:28:41,740 --> 00:28:43,860 and we're gonna discuss it here, 716 00:28:43,860 --> 00:28:44,980 and I'll show everybody here. 717 00:28:44,980 --> 00:28:46,620 So you gotta talk for the next two minutes 718 00:28:46,620 --> 00:28:49,900 while I get my recent eBay purchase, which was a book, 719 00:28:49,900 --> 00:28:52,500 and I will give the full story once I get back. 720 00:28:52,500 --> 00:28:54,940 Okay, if anybody wants a free item, 721 00:28:54,940 --> 00:28:57,300 you need to guess right now in the comments, 722 00:28:57,300 --> 00:28:59,940 pause the video of what he's bringing back. 723 00:28:59,940 --> 00:29:02,540 I don't know what Mike's gonna give away, 724 00:29:02,540 --> 00:29:03,780 and this isn't my giveaway 725 00:29:03,780 --> 00:29:06,540 because I don't wanna give you guys anything, 726 00:29:06,540 --> 00:29:09,820 so I'm electing Mike to give away a free item 727 00:29:09,820 --> 00:29:13,380 of something he chooses, if you can guess what it is, 728 00:29:13,380 --> 00:29:14,340 to the T. 729 00:29:14,340 --> 00:29:16,820 If you do, Mike will send this on his dime. 730 00:29:18,580 --> 00:29:20,900 Hopefully he could mouth me, 731 00:29:20,900 --> 00:29:25,660 but I have a real life example from this past week. 732 00:29:25,660 --> 00:29:27,700 All right, so I'm not a big reader. 733 00:29:27,700 --> 00:29:30,340 Every once in a while, I do enjoy buying a book. 734 00:29:30,340 --> 00:29:33,300 So there was a book I had been wanting to get, 735 00:29:33,300 --> 00:29:34,620 and I'm gonna show it here. 736 00:29:34,620 --> 00:29:37,380 It's called Taking Shape 2, the ISBN, 737 00:29:37,380 --> 00:29:39,060 so you all can go look it up. 738 00:29:39,060 --> 00:29:44,060 It's 978-057-874-5268. 739 00:29:46,820 --> 00:29:48,860 Okay, so I go to Amazon. 740 00:29:48,860 --> 00:29:49,700 I'm an Amazon seller. 741 00:29:49,700 --> 00:29:51,340 I'm gonna support Amazon. 742 00:29:51,340 --> 00:29:55,340 And it's like, it's going for like 30, 33, $34. 743 00:29:55,340 --> 00:29:57,860 All right, I know eBay, Fleabay. 744 00:29:57,860 --> 00:30:00,700 I gotta be able to get it for cheaper over there, right? 745 00:30:00,700 --> 00:30:04,580 So I go over, there's a few listed. 746 00:30:04,580 --> 00:30:08,340 Oh, this little guy's got best offer on, Johnny. 747 00:30:09,340 --> 00:30:10,460 He's already the lowest price. 748 00:30:10,460 --> 00:30:11,980 It's already cheaper than Amazon, right? 749 00:30:11,980 --> 00:30:16,220 It was like $28 if I didn't even throw an offer out there. 750 00:30:16,220 --> 00:30:18,300 So this guy's the lowest price. 751 00:30:18,300 --> 00:30:20,420 He's got best offers on. 752 00:30:20,420 --> 00:30:24,420 I shoot him an offer, hey, 18 bucks, sold. 753 00:30:25,940 --> 00:30:28,220 That guy is me in a different universe. 754 00:30:28,220 --> 00:30:30,740 He's already got the best price 755 00:30:30,740 --> 00:30:32,540 anywhere out there on the internet. 756 00:30:32,540 --> 00:30:33,620 It's listed brand new. 757 00:30:33,620 --> 00:30:35,100 It's in great shape. 758 00:30:35,100 --> 00:30:36,940 And he still takes the offer, 759 00:30:36,940 --> 00:30:40,700 which is like $6 less than what he had it listed at. 760 00:30:40,700 --> 00:30:42,020 This is a real life example 761 00:30:42,020 --> 00:30:43,540 of what exactly we were talking about. 762 00:30:43,540 --> 00:30:45,100 Now, he could have sat there. 763 00:30:45,100 --> 00:30:48,340 He could have waited how long to maybe get all the money. 764 00:30:48,340 --> 00:30:51,740 He was the lowest price, but he got the sale that day. 765 00:30:51,740 --> 00:30:53,140 Don't we want money today? 766 00:30:54,100 --> 00:30:55,500 So it's the whole argument here. 767 00:30:55,500 --> 00:30:57,140 I want you to get paid today. 768 00:30:57,140 --> 00:31:01,340 I don't wanna have you wait two weeks, two months. 769 00:31:01,340 --> 00:31:04,180 Some of these cases, the item never sells. 770 00:31:04,180 --> 00:31:06,780 And then by the time you get around to repricing it, 771 00:31:06,780 --> 00:31:08,060 the market's saturated. 772 00:31:08,060 --> 00:31:09,340 There's no value in it. 773 00:31:09,340 --> 00:31:11,100 It's crazy to me. 774 00:31:11,100 --> 00:31:12,980 We're literally talking about real life examples here. 775 00:31:12,980 --> 00:31:15,820 I literally did exactly what I'm talking about. 776 00:31:15,820 --> 00:31:17,860 And the person, he didn't even counter. 777 00:31:17,860 --> 00:31:21,660 He just said, give me that 18 bucks right here, right now, 778 00:31:21,660 --> 00:31:23,460 even though I'm the lowest price. 779 00:31:23,460 --> 00:31:25,020 It's crazy to me, man. 780 00:31:25,020 --> 00:31:25,860 I don't know. 781 00:31:25,860 --> 00:31:26,700 I wanna sell it all. 782 00:31:26,700 --> 00:31:28,140 He probably got that from the bins. 783 00:31:28,140 --> 00:31:29,820 It was on top of the pile, 784 00:31:29,820 --> 00:31:31,820 light beaming down from the ceiling on it. 785 00:31:31,820 --> 00:31:33,500 And he paid less than 30 cents for it, 786 00:31:33,500 --> 00:31:35,180 or 80 cents or whatever. 787 00:31:35,180 --> 00:31:38,780 Your $18 even after fees, he like, I don't know, 788 00:31:38,780 --> 00:31:41,580 8X, 10X his money, didn't care. 789 00:31:41,580 --> 00:31:43,300 And you just go do it again. 790 00:31:43,300 --> 00:31:45,820 And you go do it again and you stay in business 791 00:31:45,820 --> 00:31:48,780 because there's actual money coming into the bank account. 792 00:31:48,780 --> 00:31:50,940 And it's not a garage full of items listed 793 00:31:50,940 --> 00:31:53,420 that are overpriced, that just never sell. 794 00:31:53,420 --> 00:31:55,740 I mean, like you said, there's rare cases 795 00:31:55,740 --> 00:31:59,100 where somebody buys the more expensive one. 796 00:31:59,100 --> 00:32:02,820 But in Amazon land, nobody's clicking through 797 00:32:02,820 --> 00:32:04,580 to see what the condition is, right? 798 00:32:04,580 --> 00:32:06,020 They're just clicking buy now. 799 00:32:06,020 --> 00:32:07,860 I mean, you talked about it. 800 00:32:07,860 --> 00:32:09,420 You don't even put condition notes. 801 00:32:09,420 --> 00:32:11,540 You don't gotta put anything in there. 802 00:32:11,540 --> 00:32:13,420 It does not matter over there. 803 00:32:13,420 --> 00:32:15,460 But here we are as resellers. 804 00:32:15,460 --> 00:32:17,300 We can't keep anything simple, Johnny. 805 00:32:17,300 --> 00:32:20,380 It's all gotta be like we're trying to get to Mars 806 00:32:20,380 --> 00:32:23,000 and figure out how to build life on Mars. 807 00:32:23,000 --> 00:32:25,100 And I'm just here to tell you, 808 00:32:25,100 --> 00:32:26,740 price your things competitively, 809 00:32:26,740 --> 00:32:28,620 even if your photos suck on eBay, 810 00:32:29,580 --> 00:32:33,860 even if your condition isn't the greatest on Amazon, 811 00:32:33,860 --> 00:32:35,860 your stuff's gonna sell regardless. 812 00:32:35,860 --> 00:32:37,700 It's crazy. 813 00:32:37,700 --> 00:32:40,580 The only time I think it matters on Amazon 814 00:32:40,580 --> 00:32:43,580 is when it's customer user error. 815 00:32:43,580 --> 00:32:45,820 They legitimately think they're buying a new item 816 00:32:45,820 --> 00:32:47,580 and they get your crappy used item 817 00:32:47,580 --> 00:32:49,400 and they leave you a negative review for that. 818 00:32:49,400 --> 00:32:50,620 But that isn't on you. 819 00:32:50,620 --> 00:32:54,500 That's the customer not understanding 820 00:32:54,500 --> 00:32:56,340 how Amazon works so they didn't realize 821 00:32:56,340 --> 00:32:58,100 it defaulted to the used copy. 822 00:32:58,100 --> 00:32:59,600 That isn't on you at all. 823 00:33:00,540 --> 00:33:03,020 That's just, I don't know. 824 00:33:03,020 --> 00:33:05,780 I've had a few of those pop up more than I thought, 825 00:33:05,780 --> 00:33:07,160 but it's just a thing. 826 00:33:07,160 --> 00:33:09,420 The customer still doesn't understand Amazon. 827 00:33:09,420 --> 00:33:14,180 What the customer understands is what's on the buy box. 828 00:33:14,180 --> 00:33:15,100 They're gonna add to the cart 829 00:33:15,100 --> 00:33:17,060 and move on with their merry little day. 830 00:33:17,060 --> 00:33:18,620 And if you're not the lowest price 831 00:33:18,620 --> 00:33:20,260 or you aren't the only listing 832 00:33:20,260 --> 00:33:23,800 so you can command a few more premium dollars, 833 00:33:23,800 --> 00:33:25,060 you're not gonna get the sale. 834 00:33:25,060 --> 00:33:27,800 There's a very small percentage of Amazon sellers 835 00:33:29,440 --> 00:33:32,300 that shop by the lowest price, I think. 836 00:33:32,300 --> 00:33:33,740 And I know some bulk sellers 837 00:33:33,740 --> 00:33:36,400 who are defaulting more to merchant. 838 00:33:36,400 --> 00:33:37,340 They make a lot of money 839 00:33:37,340 --> 00:33:39,260 because they are indeed the lowest price. 840 00:33:39,260 --> 00:33:42,780 They're even on merchant to maintain being the lowest price. 841 00:33:42,780 --> 00:33:44,460 But that's their business model. 842 00:33:44,460 --> 00:33:46,500 They're all in on being the cheapest one 843 00:33:46,500 --> 00:33:48,660 as long as they can clear a little bit of money. 844 00:33:48,660 --> 00:33:51,520 They have tremendous volume, tremendous storage, 845 00:33:51,520 --> 00:33:54,500 and a tremendous work day. 846 00:33:54,500 --> 00:33:57,580 They got to pack 100, 300 items a day. 847 00:33:57,580 --> 00:33:59,220 That's their business model. 848 00:33:59,220 --> 00:34:00,340 And more power to those guys. 849 00:34:00,340 --> 00:34:03,060 They work a lot harder than us putting, I don't know, 850 00:34:03,060 --> 00:34:06,060 40 to 100 items in a box and shipping it out. 851 00:34:06,060 --> 00:34:07,260 We got to ship one thing. 852 00:34:07,260 --> 00:34:09,780 They got to ship hundreds of things a day. 853 00:34:09,780 --> 00:34:11,340 You gotta be efficient. 854 00:34:11,340 --> 00:34:13,220 Most of us are just solo entrepreneurs 855 00:34:13,220 --> 00:34:16,220 or maybe we have a significant other helping us. 856 00:34:16,220 --> 00:34:19,100 And we need to get paid for the work we put in. 857 00:34:19,100 --> 00:34:20,980 It's just a reality of anything. 858 00:34:20,980 --> 00:34:22,100 Any business. 859 00:34:22,100 --> 00:34:24,840 You need money coming in to sustain the business. 860 00:34:24,840 --> 00:34:26,620 And for those of us that are full time 861 00:34:26,620 --> 00:34:28,940 to sustain our real life expenses, 862 00:34:28,940 --> 00:34:31,660 like not even just sustaining the business. 863 00:34:31,660 --> 00:34:33,300 So I got $10 to go source, right? 864 00:34:33,300 --> 00:34:36,060 Like I need to be able to buy cans of cat food. 865 00:34:36,060 --> 00:34:39,060 I need to be able to buy food for myself 866 00:34:39,060 --> 00:34:41,740 and pay the electric and all these other things 867 00:34:41,740 --> 00:34:43,080 that go into this. 868 00:34:43,080 --> 00:34:45,940 So I can't afford to hold out. 869 00:34:45,940 --> 00:34:47,620 I guess that's what this comes down to. 870 00:34:47,620 --> 00:34:48,460 I don't want it. 871 00:34:48,460 --> 00:34:50,020 You don't got a shoe box of candles under your bed? 872 00:34:50,020 --> 00:34:51,380 You've been waiting to burn these? 873 00:34:51,380 --> 00:34:52,720 I don't want it. 874 00:34:52,720 --> 00:34:55,680 And I can't afford to try to get all the money 875 00:34:55,680 --> 00:34:58,320 some of the time or all the money all the time. 876 00:34:58,320 --> 00:35:00,860 I need some of the money all of the time, 877 00:35:00,860 --> 00:35:02,020 every single time, 878 00:35:02,020 --> 00:35:04,920 especially if it means I'm gonna have a higher sell through 879 00:35:04,920 --> 00:35:07,380 and things are not gonna sit in my inventory. 880 00:35:07,380 --> 00:35:09,460 And even if it's a few dollars trickling in 881 00:35:09,460 --> 00:35:10,820 multiple times a day, 882 00:35:10,820 --> 00:35:13,720 it's better than no dollars and living on, you know, 883 00:35:13,720 --> 00:35:15,320 a hope and a prayer that eventually 884 00:35:15,320 --> 00:35:18,980 you're gonna get the extra five, $10 for the item 885 00:35:18,980 --> 00:35:21,380 because you just, you know what you got. 886 00:35:21,380 --> 00:35:22,320 I know what you got too. 887 00:35:22,320 --> 00:35:24,020 You got a business that isn't gonna be around 888 00:35:24,020 --> 00:35:25,880 for very long because without money, 889 00:35:26,880 --> 00:35:27,720 what are you gonna do? 890 00:35:27,720 --> 00:35:29,060 I mean, I guess you can just keep, 891 00:35:29,060 --> 00:35:31,540 I mean, I know this is people just work full-time jobs 892 00:35:31,540 --> 00:35:34,100 and just continuously put money into reselling 893 00:35:34,100 --> 00:35:36,300 and never even make a penny of reselling. 894 00:35:36,300 --> 00:35:38,380 So, I mean, I guess if you wanna be that person 895 00:35:38,380 --> 00:35:40,780 that's a okay, I'm in the business of making money 896 00:35:40,780 --> 00:35:42,700 and not just, you know, fiddle faddling around 897 00:35:42,700 --> 00:35:44,500 listening to things just to listen to them. 898 00:35:44,500 --> 00:35:47,660 And if pricing is what controls my business, 899 00:35:47,660 --> 00:35:48,780 then guess what? 900 00:35:48,780 --> 00:35:50,380 I'm the lowest price every single time. 901 00:35:50,380 --> 00:35:51,860 And everybody, you know, 902 00:35:51,860 --> 00:35:53,000 ever since I came out with that, 903 00:35:53,000 --> 00:35:56,180 my repricing video years and years ago, 904 00:35:56,180 --> 00:35:57,820 everybody still gets bent out of shape. 905 00:35:57,820 --> 00:36:00,180 Every once in a while, I get a comment on there like, 906 00:36:00,180 --> 00:36:02,600 you're destroying the market by telling everybody 907 00:36:02,600 --> 00:36:06,620 to undercut and I just say, sure, I know, I know. 908 00:36:06,620 --> 00:36:09,000 But if I don't do it, like Johnny said, 909 00:36:09,000 --> 00:36:11,900 what do you think the mega sellers are doing? 910 00:36:11,900 --> 00:36:13,900 You think the mega sellers are here to play nice. 911 00:36:13,900 --> 00:36:16,860 You think they're like, oh, it's Mike, you know, 912 00:36:16,860 --> 00:36:17,820 let's cut him a break. 913 00:36:17,820 --> 00:36:18,820 He's on this listing. 914 00:36:18,820 --> 00:36:22,100 Let's not drop it to $5 and lose money. 915 00:36:22,100 --> 00:36:22,940 They don't care. 916 00:36:22,940 --> 00:36:24,700 They sell stuff at a loss all the time. 917 00:36:24,700 --> 00:36:26,860 It's just part of doing business. 918 00:36:26,860 --> 00:36:28,000 Mm-hmm. 919 00:36:28,000 --> 00:36:32,140 Now, I'm gonna correct a few of you who have heard us, 920 00:36:32,140 --> 00:36:34,020 but not listened to us. 921 00:36:34,020 --> 00:36:36,380 When you see things like from these mega sellers 922 00:36:36,380 --> 00:36:39,100 on the Amazon listing or even on the eBay listing, 923 00:36:39,100 --> 00:36:43,940 four or $5, let's just say they're the one-off. 924 00:36:43,940 --> 00:36:48,020 We're not saying price below the one-off bottom lister. 925 00:36:48,020 --> 00:36:49,300 We're not saying that at all. 926 00:36:49,300 --> 00:36:51,460 If you do that, you're gonna make no money. 927 00:36:51,460 --> 00:36:53,060 So, okay, what's the next guy? 928 00:36:53,060 --> 00:36:54,140 Okay, this is much more reasonable. 929 00:36:54,140 --> 00:36:58,460 This $4 item, everybody else has got it at 12 to 30 bucks. 930 00:36:58,460 --> 00:37:00,260 That's in the realm of reasonability. 931 00:37:00,260 --> 00:37:02,940 That $4 or $5 guy, he just wants that out of his inventory. 932 00:37:02,940 --> 00:37:04,140 He's gonna take a little bit of a loss. 933 00:37:04,140 --> 00:37:05,620 He's probably gonna use it as a write-off. 934 00:37:05,620 --> 00:37:09,160 Congratulations, weird, low margin seller. 935 00:37:09,160 --> 00:37:12,140 You're probably one of the big operations we just mentioned 936 00:37:12,140 --> 00:37:14,860 and they got different finances 937 00:37:14,860 --> 00:37:16,740 than the rest of us bottom line. 938 00:37:16,740 --> 00:37:20,340 So a few write-offs here and there, they don't care about. 939 00:37:20,340 --> 00:37:23,820 Or maybe they have special postal rates that you don't have. 940 00:37:23,820 --> 00:37:25,420 That's probably the bigger factor there. 941 00:37:25,420 --> 00:37:27,660 They can just go lower than you, plain and simple, 942 00:37:27,660 --> 00:37:30,220 and still clear, I don't know, a quarter. 943 00:37:30,220 --> 00:37:31,780 But they're happy to clear a quarter. 944 00:37:31,780 --> 00:37:33,780 You shouldn't be happy to clear a quarter 945 00:37:33,780 --> 00:37:37,060 because unless you're shipping out five to 600 items a day, 946 00:37:37,060 --> 00:37:39,540 those quarters ain't gonna add up for you for your time. 947 00:37:39,540 --> 00:37:40,760 They simply aren't. 948 00:37:40,760 --> 00:37:43,380 So take what we say 949 00:37:43,380 --> 00:37:46,500 and actually hear what we're saying, please. 950 00:37:47,460 --> 00:37:49,340 You don't get paid until the item sells. 951 00:37:49,340 --> 00:37:51,460 It's all resell-ness. 952 00:37:51,460 --> 00:37:53,200 You can have it listed for whatever price you want, 953 00:37:53,200 --> 00:37:55,940 but you're not getting money back into your bank account. 954 00:37:55,940 --> 00:37:58,460 It literally costs you money not to sell items. 955 00:37:58,460 --> 00:38:00,260 I know, you don't think about it like that. 956 00:38:00,260 --> 00:38:02,020 But I'm here to tell you, that's what it is 957 00:38:02,020 --> 00:38:03,780 because you paid something for that. 958 00:38:03,780 --> 00:38:05,220 And even if you got it for free, 959 00:38:05,220 --> 00:38:06,800 because all you little free buggers out there 960 00:38:06,800 --> 00:38:08,500 get all bent out of shape too. 961 00:38:08,500 --> 00:38:10,040 Even if you got it for free, 962 00:38:10,040 --> 00:38:12,620 you paid your time to list the thing, 963 00:38:12,620 --> 00:38:14,260 which is probably worth more than the money 964 00:38:14,260 --> 00:38:16,200 you're gonna get paid on the backend anyway. 965 00:38:16,200 --> 00:38:17,660 But that's a whole nother discussion 966 00:38:17,660 --> 00:38:20,040 when it comes to value and your time. 967 00:38:20,040 --> 00:38:22,700 I gave some advice in a tech group 968 00:38:22,700 --> 00:38:24,460 maybe two or three months ago. 969 00:38:24,460 --> 00:38:25,980 I don't think she listened to me. 970 00:38:25,980 --> 00:38:29,340 But anyway, she was like, I'm gonna need a bigger space. 971 00:38:29,340 --> 00:38:31,220 And I'm like, why? 972 00:38:31,220 --> 00:38:33,460 Because her space could hold 10,000 items, 973 00:38:33,460 --> 00:38:35,020 but she was doing lots and bundles. 974 00:38:35,020 --> 00:38:36,580 Like, I'm running out of space. 975 00:38:36,580 --> 00:38:37,980 So I asked her realistically, 976 00:38:37,980 --> 00:38:39,060 how much of that stuff selling? 977 00:38:39,060 --> 00:38:41,580 It was a really low number, really low percentage. 978 00:38:41,580 --> 00:38:43,420 I was like, well, instead of adding 979 00:38:43,420 --> 00:38:46,920 another overhead line expense to a, I wasn't kind, 980 00:38:46,920 --> 00:38:49,440 a business model that's failing, let's not. 981 00:38:49,440 --> 00:38:50,980 And let's utilize the space we had 982 00:38:50,980 --> 00:38:55,800 to make a faster moving selling space efficient. 983 00:38:55,800 --> 00:38:58,340 Instead of doubling or tripling our overhead 984 00:38:58,340 --> 00:39:01,500 to do more of, again, what's not working. 985 00:39:02,900 --> 00:39:05,400 She was determined to do lots. 986 00:39:05,400 --> 00:39:07,600 I think she's still doing lots. 987 00:39:07,600 --> 00:39:09,540 I do think she threw out some trash, 988 00:39:09,540 --> 00:39:10,540 what she's named trash. 989 00:39:10,540 --> 00:39:11,860 That's the thing. 990 00:39:11,860 --> 00:39:13,820 When you start out, you don't know what's trash. 991 00:39:13,820 --> 00:39:16,060 You try things and you experiment. 992 00:39:16,060 --> 00:39:17,080 But once you get out of that, 993 00:39:17,080 --> 00:39:19,220 you shouldn't stick to the trash anymore. 994 00:39:19,220 --> 00:39:20,580 Let it, let it go. 995 00:39:20,580 --> 00:39:21,900 Don't even pick it up. 996 00:39:21,900 --> 00:39:22,980 If you do pick it up, 997 00:39:22,980 --> 00:39:25,100 because it came with a bulk thing, 998 00:39:25,100 --> 00:39:27,620 throw it away, make it go away somehow. 999 00:39:27,620 --> 00:39:32,620 But doubling down on what's barely working 1000 00:39:33,340 --> 00:39:35,540 or not working at all is never a good idea. 1001 00:39:35,540 --> 00:39:38,140 You need to make it working before doubling down 1002 00:39:38,140 --> 00:39:39,260 to expanding. 1003 00:39:39,260 --> 00:39:41,020 Because if she had listened to me, 1004 00:39:42,180 --> 00:39:43,960 she would be in the same space 1005 00:39:43,960 --> 00:39:47,820 and having trouble filling the space. 1006 00:39:47,820 --> 00:39:49,560 That's a beautiful place to be. 1007 00:39:49,560 --> 00:39:51,200 When you have a decent sized space 1008 00:39:51,200 --> 00:39:53,100 and things are moving at such a speed, 1009 00:39:54,420 --> 00:39:58,240 that to me means, okay, I need to either 1010 00:39:58,240 --> 00:40:00,580 bring on employee or work more hours. 1011 00:40:00,580 --> 00:40:02,700 That's a beautiful position to be to try to fill it, 1012 00:40:02,700 --> 00:40:07,620 then go up upstairs to another bigger facility. 1013 00:40:07,620 --> 00:40:10,180 But if you're just constantly listing, 1014 00:40:10,180 --> 00:40:11,980 listing out of 30, selling two, 1015 00:40:11,980 --> 00:40:14,380 listing 30, selling two, that's not working. 1016 00:40:14,380 --> 00:40:15,560 Don't do that. 1017 00:40:15,560 --> 00:40:17,540 No, at some point you should be selling 1018 00:40:17,540 --> 00:40:19,580 just as much as you're listing every single day. 1019 00:40:19,580 --> 00:40:21,900 And if you don't see progress towards that, 1020 00:40:21,900 --> 00:40:24,180 then you got a problem going on. 1021 00:40:24,180 --> 00:40:25,580 So that's gonna do it for this episode. 1022 00:40:25,580 --> 00:40:27,100 Reprice your stuff. 1023 00:40:27,100 --> 00:40:29,700 And when you initially price it, be aggressive. 1024 00:40:29,700 --> 00:40:33,020 I promise you, if you hate making sales reselling, 1025 00:40:33,020 --> 00:40:35,980 you can come back to this podcast and yell at me about it 1026 00:40:35,980 --> 00:40:38,420 because nobody hates making money reselling. 1027 00:40:38,420 --> 00:40:40,540 And the main way we can do it is by price. 1028 00:40:40,540 --> 00:40:43,860 So we'll talk to y'all in next week's episode. 1029 00:40:43,860 --> 00:40:45,420 Thanks for listening to another episode 1030 00:40:45,420 --> 00:40:47,460 of the Resellers Mindset Podcast. 1031 00:40:47,460 --> 00:40:49,800 Today's full episode and all previous episodes 1032 00:40:49,800 --> 00:40:51,920 are available to all YouTube members, 1033 00:40:51,920 --> 00:40:54,740 along with the weekly Zoom call and private Discord. 1034 00:40:54,740 --> 00:40:57,900 Head on over to youtube.com backslash to use book guy 1035 00:40:57,900 --> 00:41:00,600 and consider joining for as little as 2.99 a month.