Advisors, more than almost anyone, appreciate the basic economic concept of supply and demand. You like finding the best deals for your clients, but it doesn\u2019t hurt to find some for yourself, as well.
When you need to replenish or upgrade work-related items, there are savings galore for anyone who learns the machinations of eBay Inc., the massive online auction site.
You\u2019ll find everything from new and used desktop computers and laptops to PDAs, fax machines, printers and batteries or cartridge replacements. But there are tricks to buying online. Here are a few I\u2019ve learned in the six years I\u2019ve been doing it:
eBay Inc. and eBay Canada<\/b>
www.ebay.com or www.ebay.ca<\/i>
If you\u2019re new to eBay, go online and create an account. You\u2019ll need a credit card number to prove your identity to the company, which will weed out potential con artists. I\u2019d recommend a lightly used card with a low credit limit, one you use only for online transactions, just to be extra safe.
PayPal<\/b>
www.paypal.com<\/i>
While you\u2019re at it, visit the eBay-owned PayPal site and use the same credit card to create an account. Once cleared, you can instantly pay for any eBay purchases via PayPal on your card or bank account, which is a lot better than dealing with cheques or money orders. It also significantly cuts down the time you\u2019ll wait to receive a purchase.
There are no charges involved for buyers with either account; eBay and PayPal make their commissions from sellers.
Window shopping<\/b>
There are millions of items on eBay, and you\u2019ll have to search to find the niches you will revisit. Your own eBay page has a \u201cfavourite searches\u201d section that will let you bookmark all such hunts, so make sure you hone them down as much as possible, to save time in the future. Also be aware of the prices local stores charge to ensure you find a real deal.
Now, narrow down your potential bidding targets and, rather than bid, click the \u201cwatch this item\u201d icon in the upper right-hand area of the item\u2019s Web page. This lets you track similar items on your own eBay page to see how the bidding is going before you make any move. If you are looking for a used laptop computer, a new printer or fancy cellphone, for example, then \u201cwatch\u201d four or five of your favourite ones to see if any is receiving less attention than the others and is, therefore, becoming cheaper.
Check the \u201cfeedback\u201d<\/b>
All buyers and sellers on eBay leave \u201cfeedback\u201d on each transaction, which can be positive, neutral or negative. It is an excellent system. From your \u201cshort list\u201d of potential bids, make sure to scan the responses of previous buyers to see what people think of the seller and the products. If you see more than a few complaints, look elsewhere.
Shipping: geography and weight<\/b>
Make sure each item on your short list deals with Canadian bidders. It is then vital to check the location of the sellers and how much they want for shipping. If the seller is vague about \u201cinternational shipping,\u201d e-mail him or her and ask for specific charges to your city before you bid. I have only complained three times on eBay, and each complaint was about U.S. sellers who tried to charge outrageous shipping fees when the auction ended. Also note the weight of the item \u2014 it may look like a bargain, but shipping 10 or 20 kilos from England or Florida will cost much more than shipping it from a closer location. If you\u2019re buying a particularly heavy item, further refine your search for sellers in your immediate area and ask if you can pick it up for free.
Customs, duties and warranties<\/b>
Before bidding, keep in mind that foreign purchases could be subject to customs and duties when they cross the border. A cool laptop selling for US$200 or US$400, for example, may look like a bargain compared with price at a local dealer, but it will be much less a deal once Canada Post calls to say the item has arrived and you owe $100 in duty.
If you are buying a brand-new item, remember that warranties are restricted to the original selling country. A Canadian subsidiary of a foreign product maker may not be obliged to repair a faulty item from a sister company.
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