How do you all set pricing?

MavisBrix

Happy New Year, all! Wishing you all the very best for 2021! 2020 didn't set a very high bar, so I am hopeful that better days are ahead.

I am in the process of setting up my store and would like to get your opinions on how you typically set your pricing? I have added my items to my Collection, which gives a recommended price and I have also cross referenced with other sites like brickeconomy. To be honest, I am seeing a lot of variation in the pricing. I want to try to get to a fair price for both buyer and seller.

Just wanted to get an idea of how others are approaching things. Thanks in advance.

area 51 Bricks

It really just depends on how much you want to sell it for/ what you bought it for... For me I try to buy lego when it is on sale that way I can have lower prices. What type of lego are you selling.? (new or used) (sets or minifigs or pieces) that would definitely effect what $$ I was selling it for... It also has to do with demand.

Phil-TheBrickRoom

MavisBrix

Thanks, Phil. Helpful insight. I will try to follow the trends that I observe; in terms of pricing. I am mostly selling complete sets, usually already opened, with some that are still sealed. All the sets are complete and I perform an inventory prior to putting them up for sale. Sets include instructions, bricks and all Minifigures; and sticker sheets, if applicable (with stickers already applied).

I would consider the sets to be like new.

I'll have a think on it and see. Thanks for your comments. Be well.

Calibrick

For me, I decided long ago I wanted to be kind of middle-of-the-road in pricing, which shipping costs $0.50 above my actual cost (using PayPal shipping, which gives you commercial base shipping prices with USPS). For sets, that can get expensive, so that approach may not work for you...

All that aside, since I like to be middle of the road, I eyeball what the listed prices are for other sellers, physically look at the middle, and list for that. If it's inordinately above what I paid, I may knock it down some just out of guilt. :-) If it's below, obviously that doesn't work, so I calc out my fees, add a 25% profit (10% for my charity, 10% to cover fees for here, PayPal, packing costs, etc.) and 5% for me).

GreenFox

@Calibrick This may be obvious, but I think I've missed this information... Where do you add the fees when you set up your store? You said,
"so I calc out my fees, add a 25% profit (10% for my charity, 10% to cover fees for here, PayPal, packing costs, etc.) and 5% for me)."

Thanks!

Oldfan

@GreenFox I think Calibrick (and all the other sellers here) bake those "fees" into their base pricing and/or shipping costs.