I have had a bit of time wasting but not much and have sold 8, maybe 10 bikes on CL.
Best experiences I have had have been with female buyers. They show up knowing what they are looking for, ride the bike, and make a decision...I think all female potential buyers who've shown up have taken the bike.
Opinions vary on the best selling methods but I think we'd all agree on good pictures and BIG pictures (ie hosted outside CL). I favor a pretty thorough description, but put into an easy to read format, short paragraphs or bullet points. Also disclosing whatever faults the bike has, like paint scrapes or whatever. All that creates an (accurate) impression that I am an honest seller who knows his stuff, and somehow the level of detail also seems to attract people who want a nice bike.
I did sell a bike for my neighbor, a gaspipe Batavus (the bike, not my neighbor, his name is Gary), which was not so great and I'd done little to it. The guy who showed up first liked it and it was cheap ($80 I think), but I almost refused to sell it because from the questions he was asking I just had a feeling it would not be a good match. The bike was really a project and I wish it had gone to a knowledgeable buyer.
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I never think I have hit hard, unless it rebounds.
- Dr Samuel Johnson