Relist the item immediately on eBay (reducing the price if possible) to take advantage of eBay's free relisting policy and also catching any potential buyers that were watching the item. We have often found that by relisting at a lower starting price gets more buyers interested, and results in a higher final sale price.
Hold off for a whilebefore relisting the item. It may have been the wrong time for your item for any number of reasons (too many similar items listed, etc, etc). If you relist on eBay within xx days of the original auction ending, it is still free to do so.
If you have accumulated many similar items that haven't sold you could relist them as a bulk lot. We have done this with McDonalds promo toys and Tazos. Paying another listing fee on a single item may not be worthwhile, but spread over 10+ items might make it an option worth considering.
Taking this concept a step further, we set up a market stall, of our own, at a local car boot sale. It was nothing fancy in terms of set-up or what we were selling, nor did we make much money, but it was an enjoyable day and effective in clearing out items that hadn't gone as well on eBay as we'd initially hoped. What it also means, is that you can take more risks on buying items to sell on ebay, knowing that you've got a back up of selling them at your market stall. We now even buy items purely to improve the range of our next market stall, knowing that we'll never list them on eBay.
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