If you’re not selling junk and have an inkling of its worth, I also like to set a buy now price. While it may deter some, it also prevents that inevitable question cluttering up your inbox, and plants a suggested value in the prospective buyer’s mind because they will always suspect that you want more than it is worth.

While it wasn’t developed specifically for this scenario, I apply the 80:20 Pareto principle to calculate this, because it’s a recurring figure in human behaviour. Simply pick a fair price and add 25% and set this as your Buy Now, thus making the fair price 80% of your unrealistic Buy Now.

There’s a chance you will hit paydirt and have someone opt for the Buy Now, but in my experience, most auctions spookily hit 80% of the Buy Now, and everyone still wins.

The idea is to sell one item using the techniques above, and then list the same item again but this time with a normal start price and buy now price. Many people will see your other item and this creates a value in their mind so when your $1 no reserve item sells you will find that it sells for very close to your normal price plus you’ve got loads of brand and product recognition for your business!

Another reason to have the start price be $1 is a lot of people will browse a category by price so if your reserve is low it will also be near the top.