This thread really only applies to people who buy/sell seriously, and do it for profit and not to play the game. If you are one of those people, then read on.
Now I'm not much of a fan of paypal, but now that I've gotten pretty good at using it for my advantage I figured maybe I would share a couple things that have helped me manage my reselling business.
Record your sales and purchases -
What I mean by this is you should write down or type up all the information you get during a transaction (contact info, account info, financial info). I write them up <u>and</u> type them up, just in case I don't have access to one or another. This has helped me TONS of times and I'm so glad that I do it. Trust me it will help you too! Organization will net you profit in the long run!
Be in the market to sell and buy as much as you can -
Don't be completely cashed out or completely booked with accounts. Always have the money to act on a great deal, or have an account to sell. Opportunities are always sitting around, you just have to find them!
Don't hold on to an account for too long -
If you hold on to an account for too long then your account will depreciate in value. This happens especially when a new set of gear (S3, T6) comes out and accounts rapidly increase in value. Sell your accounts as fast as you can to avoid a depreciation in value!
Start a WTB post -
Make one of those annoying "WTB ACCOUNTS" threads and bump them regularly. Even if you don't NEED an account, someone might IM you with a great deal and you don't want to miss out on that.
Establish a good reputation -
Utilize the trustwho system and definitely use a feedback thread. I've attracted buyers and sellers simply because of my reputation, and not my price.
Set up a seperate bank account -
Have a bank account that you use for buying/selling. Setting up a checking account is relatively cheap and easy so don't make excuses to yourself. This will help you seperate your little business from your personal funds.
Get a paypal debit card -
I love this thing. I can withdraw funds from my paypal account instantly ($400/day ATM withdrawal, $3000/day purchases), and it really helps me move funds around when I need to. It's cheap and easy, you can set one up via the paypal website.
Keep track of the market -
This is obvious, but stay up to date on what accounts are selling for on the market. Remember, 2 $300 characters on 1 account does NOT make it a $600 account! Understand what people will buy and what people wont buy. Know your market!
I have been pretty busy recently because I've been busy in pre-production for a movie I'm involved in. I haven't been buying/selling for the past couple of weeks and I don't suggest you take a hiatus from it like I am unless you really have to. If you do take a break, make sure you know the market before you dive back in. My contact information is in my signature, so contact me if you have some questions.
Good luck!
Now I'm not much of a fan of paypal, but now that I've gotten pretty good at using it for my advantage I figured maybe I would share a couple things that have helped me manage my reselling business.
Record your sales and purchases -
What I mean by this is you should write down or type up all the information you get during a transaction (contact info, account info, financial info). I write them up <u>and</u> type them up, just in case I don't have access to one or another. This has helped me TONS of times and I'm so glad that I do it. Trust me it will help you too! Organization will net you profit in the long run!
Be in the market to sell and buy as much as you can -
Don't be completely cashed out or completely booked with accounts. Always have the money to act on a great deal, or have an account to sell. Opportunities are always sitting around, you just have to find them!
Don't hold on to an account for too long -
If you hold on to an account for too long then your account will depreciate in value. This happens especially when a new set of gear (S3, T6) comes out and accounts rapidly increase in value. Sell your accounts as fast as you can to avoid a depreciation in value!
Start a WTB post -
Make one of those annoying "WTB ACCOUNTS" threads and bump them regularly. Even if you don't NEED an account, someone might IM you with a great deal and you don't want to miss out on that.
Establish a good reputation -
Utilize the trustwho system and definitely use a feedback thread. I've attracted buyers and sellers simply because of my reputation, and not my price.
Set up a seperate bank account -
Have a bank account that you use for buying/selling. Setting up a checking account is relatively cheap and easy so don't make excuses to yourself. This will help you seperate your little business from your personal funds.
Get a paypal debit card -
I love this thing. I can withdraw funds from my paypal account instantly ($400/day ATM withdrawal, $3000/day purchases), and it really helps me move funds around when I need to. It's cheap and easy, you can set one up via the paypal website.
Keep track of the market -
This is obvious, but stay up to date on what accounts are selling for on the market. Remember, 2 $300 characters on 1 account does NOT make it a $600 account! Understand what people will buy and what people wont buy. Know your market!
I have been pretty busy recently because I've been busy in pre-production for a movie I'm involved in. I haven't been buying/selling for the past couple of weeks and I don't suggest you take a hiatus from it like I am unless you really have to. If you do take a break, make sure you know the market before you dive back in. My contact information is in my signature, so contact me if you have some questions.
Good luck!
