COURSE SYLLABUS

COURSE SYLLABUS:

Buying & Selling With Online Auctions, Government Sales and Surplus Merchandise

Instructor: William Flood, M.A., M.Ed

Fax: 707-982-2852

Textbook(s):

· Absolute Beginner's Guide to Ebay by Michael Miller, ISBN0789731053

· Optional: The Official Government Auction Guide by George Chelekis (out of print, available used at Amazon.com, Half.com, etc.; highly recommended)

Course Description

Learn the ins and outs of buying and selling merchandise from online auctions such as eBay, government auctions such as US Marshals sales, and through liquidation sales. This course will introduce you to the variety of auctions and sales, will help you locate auction deals, and will provide tips on both the buying and selling process.

Course Content

· Auction buying/selling as a business opportunity

· Overview of where to buy and what to sell

· Government auctions; seizures, surplus, unclaimed & abandoned property

· Liquidation sales, overruns, overstocks, and discontinuations

· Online auctions

· The mechanics of selling for profit

· Taking payment

· Shipping concerns

· Auction record keeping

· Resources for support

Course Objectives: Upon completion of this course the student should be able to...

1. Successfully list and sell on various online auction sites

2. List 5 agencies involved in government sales

3. Describe the process of merchandise liquidation

4. Cite 3 tips to selling successfully online

5. Detail a sales plan for acquired merchandise

Methods: The course will include...

1. Assigned readings

2. Conducting a successful ebay transaction from listing through payment

3. Shipping information project

4. Government auction project

5. Mini-storage or estate sale auction project

6. Internet surplus/closeout project

Course Projects

Student Introduction

Once you start the class, post a brief introduction about yourself, your background, reasons for taking the course, experiences with auctions, etc., in the student introductions area. Make sure to interact with your classmates so you can get to know one another.

Online Auction Transaction

This series of activities is designed to get you up and successfully running an online auction. The projects will include getting listed with an online auction site, registering to accept credit card payments, actually selling items online, and finally, preparing a report detailing your activities.

Part 1 - Getting Listed With ebay

For this first segment you will need to register with the most popular auction site, www.ebay.com. This will allow you to buy and sell merchandise. You may also want to consider registering with the 2nd and 3rd most popular auction sites - at Yahoo.com and at Amazon.com

Part 2 - Registering with an online payment service

This second part to the online auction project will allow you to accept credit cards for your online sales. The most popular online payment site is www.paypal.com. Take the time to get registered there so you can accept credit card payments.

Part 3 - Making your first auction purchase

If you have never bought from an online auction before, this exercise will get you familiar with the process. Pick an inexpensive item that you would like to have, and participate in the auction to buy it. Whether you are the successful bidder or not, you will learn a great deal about the buying side. If you are successful, you will gain exposure to the payment process, shipping, and the feedback process. Discuss your results in the discussion board entitled “Online Auction Purchase Project.”

Part 4 - Selling personal surplus

Here's where the 'rubber meets the road!' You will need to list on ebay at least one (1) item of personal surplus, and carry it through to the final sale. When choosing an item to sell, make sure to consider desirability, likelihood of the item selling, reasonable pricing, shipping (glass items are not ideal), etc. As you write your listing, you will be making decisions as to the appropriate category in which to list, pricing strategy, crafting a compelling title, and writing an exciting yet factual listing. Also, if at all possible, arrange to take a digital photo of the item since photos in your auction listings can mean the difference between success and failure. Whether the item sells or not you will gain a wealth of experience. You will discuss your results in the appropriate discussion board.

Project 2 - Shipping project

This project is designed to get you familiar with all of your options for shipping products once sold. Visit your local post office (you can also visit www.usps.com) to discuss media/book rate, parcel, and priority mail costs, as well as insurance fees. Also visit UPS and/or Fedex either at a local drop point (the UPS Store for UPS or Kinkos for Fedex), or online at www.usps.com or www.fedex.com.

Discuss information related to rates and insurance. Finally, in the discussion board called “Shipping Project” discuss a summary of your findings. Focus on which services will best serve the kinds of products you intend to sell.

Project 3 – Wholesale Supply Project

Online auction entrepreneurs have a myriad of supply sources. Many make use of public auctions like those we will discuss in class - estate sales, government auctions, liquidators, and even private sales. Others use thrift shops, yard sales, and flea markets. A great many make connections with traditional wholesalers for ongoing supplies of new merchandise. Your job with this project is to locate a wholesaler-supplier for merchandise. This can be a supplier for specific items for which you have an interest, or a vendor of general merchandise. Provide information on the products available, the depth of their price discounts, and procedures for working with them (ie. minimum initial orders, reorder requirements, etc.). Share contact information so any classmates interested in your supplier(s) can reach them.

Project 4 – Auction Tools Project

In your links section I have provided scores of links to auction tools. These tools include templates for auction listings, bulk loaders, sniping tools for winning auctions at the last minute, newsletters, tools that search multiple auctions, and others. Your job is to browse those, find one or two that really catch your attention, and then report about it to the group. Provide a summary and commentary on the tool, its usefulness, what you feel you can use it for, and so forth. There will be a discussion board for this assignment.

Project 5 - Government Auction Project

Government auctions are a great place to get a good deal or to find items to resell on online auction sites. This project will expose you to the world of government auctions by attending one in your area. Use you local paper to search for a government-backed auction such as a police auction, IRS sale, bankruptcy sale, trustees sale, sheriff’s sale, state surplus sale, etc. After attendance, write up the details of the event in the discussion board called “Government Auction Project.” Describe what was sold, at what prices, your impressions of the potential for a bargain, the bidding process, attendees, potential for resale, etc.

Project 6 - Private Auction Project

Like government auctions, private auctions are a great wholesale source, and a great place to get good deals for yourself. This project will expose you to the world of private auctions by attending one in your area. Use your local paper to search for a private auction. Ideally, a mini-storage auction or estate sale would be the best choice, but you can also attend a creditor's sale, antique auction house auction, etc. You can even consider a flea market, but you won’t typically find the best bargains there. You do not need to bid or buy; rather, just attend to get a sense of what takes place. After attendance, describe the event in the board called “Private Auction Project.” Describe what was sold, at what prices, your impressions of the potential for a bargain, the bidding process, attendees, potential for resale, etc.

Project 7 - Surplus/Closeout Project

In this project you will be introduced to distressed merchandise such as surplus, close-outs, overstocks, overruns, and clearance. These are among the best wholesale sources if you intend to do business in bulk. Use an Internet surplus merchandise site such as www.surplus.net and search for various kinds of products that interest you. In our message board called “Surplus/Closeout Project” describe your findings. Describe what was available, at what prices, your impressions of the potential for a bargain, requirements to purchase (i.e. quantities), potential for resale, etc.

Submission of Assignments

I’ve designed this class to be hands-on and get you out there actually engaged in the auction process. No sitting around here! Course projects are intended as real-world exercises and for your benefit to learn the various aspects of online and offline auctions. There is a module in our course software for “submitting” assignments, but you will not use that, because it’s intended for traditional graded assignments. Rather, and as you read above, your reporting on the various projects will be put into our different project discussion boards. That way, everyone will be able to benefit from everyone else’s experiences. Plus it will give you the benefit of commentary, from me and your classmates, on your experiences.

A Note About George Chelekis’ Government Auction Book

Although I’ve listed this book as optional, I highly recommend obtaining a copy; there are none better. The book is out of print, but there are usually good supplies to be found used on sites like Amazon.com, BN.com (Barnes & Noble), Borders.com, Half.com, and Ebay. Of course, the great advantage is that you can get one for a very discounted price that way! I’ve place a schedule of reading for that book in our syllabus. However, the book is not required for the course…and may be temporarily difficult to find. Thus, if you don’t obtain a copy, you will find I have placed a corollary set of materials in the course documents and course links section providing you with the necessary information on government auctions.

Course Outline

Lesson

(Week) Subject Chapters Project

1 Types of Auction Opportunities Miller 1, 2 Student Introductions

Set up eBay Account

2 Buying on Online Auctions Miller 4-9 Register with Paypal

Auction Purchase Project

3 Selling on Online Auctions Miller10-12, 15, 30 List Personal Item For Sale

4 Your Auction Listings Miller 13, 14, 16

5 When the Auction Ends Miller 18-20 Shippers Project

6 Sources of Ongoing Supply Miller 29, Review 11 Wholesale Supply Project

7 Becoming an Auction Marketer Miller 17, 21-26, 31, 32