If you’re a member of any Facebook groups or egroups for online selling, then you no doubt have seen the acronym BOLO being thrown about here and there. If you watch a lot of cop shows on television, you probably know that this means “Be On the Look Out” (for) and on a show like Law and Order SVU or Rookie Blues, it means the police are hunting a suspect or someone that’s wanted for something.
In the world of online selling, a BOLO sort of has the same meaning, but instead of a person, it means to keep an eye out for an item that a seller can generally pick up for a low amount and flip for a higher profit margin. You may wonder why a seller would want to share a BOLO (and whether you should share is a topic for another post), but normally it’s shared because the seller has found the item and is no longer able to locate anymore of them in their own area, so now they want to share their find with others in their.
In most cases, a BOLO is hard to find so what should you do if you run across one? Well, your first thought is probably to buy as many of them as you can, but before you do there are some things you should do.
Find out if the item is really worth buying and reselling? Just as one man’s junk is another man’s treasure, you may find that the BOLO does not meet your selling requirements. Perhaps it doesn’t have a sales rank that is high enough for you on Amazon, or you discover there are already a bazillion of them for sale on eBay – all at incredibly low prices. Do some research before you by and check to make sure that the return on your money is worth the purchase.
Get it. List it and send it in! If the BOLO was made public, then there are a lot of people hunting for the same thing. Strike while the iron is still hot and list it as soon as you get home or send it on in to Amazon FBA. This will keep you ahead of the other competition and can help get your item sold quickly before others start to appear.
Visit every store in your area. Don’t give up if you don’t find the item in the first store you visit. If the BOLO was seen in a CVS or WalGreens, visit every CVS or WalGreens in your area. This was how a seller scored big back when holiday Pringles were the big BOLO item. She didn’t find any at the first two stores she visited, but the third store was the charm and she was able to get each flavor that Pringles was offering. Since the chips were so hard to find, she was able to make a lot out of them and sell them for more than what many people were getting just trying to sell the single cans.
Are you a BOLO hunter? Leave a comment below.