The art of coin price negotiation
WingedLiberty1957
Posts: 2,992 ✭✭✭✭✭
WingedLiberty1957
Posts: 2,992 ✭✭✭✭✭
WingedLiberty1957
Posts: 2,992 ✭✭✭✭✭
Comments
my favorite has always been “what’s your best price”? Then after you give your best price you get a counteroffer.
My Ebay Store
I usually just asK;
"What is the non-tourist price"?
BHNC #203
My favorite is when I ask for their best price and pass, just to get another "best price".
If I am interested in the coin, I will usually ask once if they can take less....If yes, I evaluate the new offer then either buy or say thank you and leave. If it is a coin of super interest, and it has the magic look, I just pay the asking price. Cheers, RickO
How often do you actually get their best price? LOL.
I don't like to play games. I'll ask for their best price and then I'll either play or pass. Life is too short to chisel down a dealer.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
I always ask for their best price and then accept or decline. Occasionally though when I decline they will offer again at a lower price, I never make a counter when I ask for their best price.
Best price?
Better price?
Keep me from leaving price?
Sicker and sicker.
At a show, many years ago, a dealer who didn't know me asked for my best price on a coin. I quoted my best price.
Over the course of the next day and a half, he countered me three different times and each time, I passed. Finally, he bought the coin at the price I had originally quoted. I explained to him that when asked for my best price, I quote my best price. Apparently, he wasn't used to that concept.
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
If I quote a "best price", any counter offer gets my best price revoked. I don't have time to play games.
Here is my standing offer. Here is my number. Call if you will accept.
I'm dumb. I usually buy at the ask and try to sell there , too.
``https://ebay.us/m/KxolR5
I tried pricing my coins with stickers at a show with my lowest net price once. People didn't seem to understand the concept of paying sticker price even if it was wholesale or lower. But if I ask for a price I either pass or play. Usually when I pass, dealers will try and force an offer out of me. If I think we are close, I will make an offer. Many times I have been prodded to make a counter offer on the "best price" and I usually end up ticking off the dealer.
My Ebay Store
This is great! I hope there's more COINBERT in the future
When I buy coins at auction, I can often get them for below the price on the sticker on the slab.
I wonder if that's partiailly due to the underbidder not wanting to pay sticker price?
Arnie Margolis would do this some times at his table:
Customer: "How Much is that coin?"
Reply: "$100"
Customer: "What's your Best Price?"
Reply: " $120 - you didn't say best for who!"
Quite possibly.
I’ve told this story before but it fits this conversation.
I listed a seated dollar PCGS AU50 on eBay with a mistake in my BIN price. If I remember correctly Greysheet bid was around $700 and I was going to list it slightly above that price. I accidentally hit a 4 instead of an 8 and it was listed as a BIN for around $400 I got an offer of $350. I immediately declined and ended the listing to revise my price. Had the person not been so unwilling to pay sticker price they would have gotten a heck of a deal.
My Ebay Store
Never negotiated price.
Same thing happened to me last month, but the price was a little different- listed at $45 instead of $95. I received an offer of $40, realized my error and declined with an apology and then raised the price. The guy who offered $40 bought it for $80 with a new offer. I originally intended my "best price" to be $85, but I felt bad for the guy and since he saved me from selling for $45, I accepted the offer.
I'm glad the pointy haired boss takes my advice, unlike others:
"Got a flaming heart, can't get my fill"
What bugs me on Ebay is when a seller lists a "Buy It Now price", then has "make an offer" on it. So we make an offer. Then the "make on offer" price is rejected. Come to find out that it is is only 5 bucks lower then the asking price!
Just list the thing at the lower price man and end it.
An interesting experiment is quoting bullion WAY back of spot.
pass.
Then having the "customer"
Fun to watch them try to figure it out and then try some amateurish weaseling.
To no avail.
When I was a collector, I often asked my local dealer (also at the show) to buy the coin for me. The wholesale price was usually much less than I could get it for. The best coins I ever owned always cost me more than "sheet" or even a fair retail price. When a "gem" is virtually a one-of-a kind - the coin in the case that every dealer at the show is trying to purchase from the dealer, you need to pull the trigger.
As a dealer, when a customer tried to dicker too much and then walk away from my price, when they often came to their senses and returned to buy it (I had removed it from the case) I had the psychopathic pleasure of telling them it was sold at higher price.
Over the years, this happened quite a few times.
BTW, this happened to me once or twice. Whether the item was actually sold or the dealer was teaching me a lesson, I learned that if you really know what you are doing, don't hesitate because of price.
For me it is simple. I look at the coin and if I like it, I will ask, "is this your best price marked on the coin?". If they say yes, I decide right there and then if I take it or pass. If they say, "no, I can do better". Then I ask for their best price. If I like it at the price quoted, l buy it. If not I pass.
Donato
Donato's Complete US Type Set ---- Donato's Dansco 7070 Modified Type Set ---- Donato's Basic U.S. Coin Design Set
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Normally one back and forth in the haggling dance is enough. The seller gives their price and the potential buyer givers their buying price...or vice-versa. If they cant meet on mutual terms...move along.
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LOL!
I once had an eBay customer who asked for my best price on a $10 widget. I sent him an offer at $8. He countered at $7. I countered at $9. He emailed me, shocked, and said "we were at $8." I said, "my time is worth something and you're wasting it." He was pretty angry. LOL.
As a major buyer and seller, the BIN with best price option is just about the stupidest marketing strategy there is, IM(experienced)O.
I mostly agree, though I should probably just give you an LOL because that's your MO.
A $100 BIN with a $95 BO is a silly marketing strategy, especially for something with a clear price.
If you move outside of coins, however, it makes sense to list something for $1000 but then accept offers, possibly even much lower offers. Why? Glad you asked. I'm happy to add to your LIMITED experience. It is a common marketing technique used by auction companies. If you've ever attended an old country auction, they will always ask for $500 before actually opening a coin for $50. Why? Because they want the $500 number in the back of your mind when you're bidding. It is, to some degree, the same purpose of posting bid estimates in auction catalogs.
If I have an item that I want $500 for, I could just BIN at $500. But as this thread proves, everyone wants to make an offer to get a deal. I have a much better chance of getting $500 if I list it at $600 or $700 and accept offers. [Again, assuming it's not a widget with an obvious retail price. Otherwise I just look overpriced.]
You're more than welcome for the insight!
In your example above, if you want $500, list the dang coin at $700 BIN and no best offer options.
Guess what, eBay allows a buyer to make offers EVEN if there is no best offer option.
When you list your coins as BIN's with best offers, you are telling the world your shyt is overpriced.
No, you are telling people you are willing to negotiate but that the item is worth $700.
Did you even read all the words? LOL. There is a reason auction houses do this. There's a reason department stores do it. Why do you think they put a $50 price tag on it with 20% offer? It is not an admission that the shirt was overpriced, it is an attempt to get the buyer to THINK they are getting a deal.
Where is that dang disagree button?
Such a silly way to do business. I will not go to a Micheal store unless I have a 40% off coupon.
I do not play games, I sell quality coins, take it of leave it.
I've always disliked and felt uncomfortable with 'haggling' on a price.
Personally, I approach it this way.......
Say for example a dealer has a coin that I want to buy and their price is $500, I'll simply say 'It's a bit high for me but I'm definitely a buyer at $400"
I've accomplished a few things:
and 4. If my offer is turned down, we both know I'll be walking away from the coin.
Makes it easy this way for both of us.
I don't know if this approach leads to more success or not in getting a price reduced but as I said above, it's the only way that I'm comfortable doing this.
"“Those who sacrifice liberty for security/safety deserve neither.“(Benjamin Franklin)
"I only golf on days that end in 'Y'" (DE59)
You can disagree all you want, but every sophomore-level business major knows exactly what I'm saying. It is Retail 101.
Once made an offer on a painting on ebay for about 70% of the asking price, but was rejected with the comment "I have to earn a living". Flash forward five years later, the painting is still in that person's store at a lower price than my original offer with still no takers. Hard to make a living when you can't free up cash.
Just a third option to throw in the EOC and JML scenario.
If I see a $500 coin listed for $700 and no best offer option, I assume the seller is unreasonable with overpriced merchandise and move on. Do I miss out on a coin in this case? Maybe. But they definitely missed out on a potential customer.
On the other side, I would be hesitant to offer $200 under ask as well, so I guess both sellers miss out by overpricing by 40%.
Collector, occasional seller
That's part of why it works. If you really want to pay $500 but are shy about insulting the $700 guy, you end up at $550 or $600.
EOC claims to not understand, but he's obviously never attended a sale, never cut a coupon, never joined buyer's club, etc.
I'm surprised he accepts eBay bucks. Those are PROOF that everything on eBay is OVERPRICED and that the FEES ARE TOO HIGH.
Geez, I can't believe I have to explain the notion of a sale to an American. LOL
>
But what if ..... Coin "A" is unique with extreme eye appeal and coin "B" is a common generic always available coin.
IMO, two completely different business models.
Bottom line, Who is happy and who complains
Jm are you happy with your business?, if so great.
My business is blowing my socks off, time to go fishing.
If my shyt is overpriced, why does so much of it sell for the marked price, even with the "Best Offer" option available?
I remember when I first came to the forum, some "senior" members would state plainly that they'd "look at the coin and assess its grade" and then find the corresponding price and make an offer. it seemed absurd at the time simply because I hadn't yet trained myself to disassociate the stated holder grade and my grade assessment.
I am able to do that now.
what I usually do is look at a coin I'm interested in and if I like it I ask simply "What's your best price?" if that price is close to what I have assessed the grade-price to be we probably have a deal. if not, I just hand them the coin back and say "Thank You."
Dealer inconsistency is another factor. I have worked in the past with a dealer and have usually received 25% off asking price, however last offer was countered at only 9% off (these are not special coins or unusual high grades). Not sure why the change.
Regarding BIN with OBO on it.... Ebay adds this with relisting of unsold items automatically. I have had problems getting offers on coins that were to be BIN because Ebay added it when relisted and they auto check the 50% price to accept offers above the list when they do it!!
[Ebay Store - Come Visit]
Roosevelt Registry
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I, usually, know what I want to pay BUT: I will reach for an item, if it's nice and the dealer is willing to work with me.
Sometimes, it’s better to be LUCKY than good. 🍀 🍺👍
My Full Walker Registry Set (1916-1947):
https://www.ngccoin.com/registry/competitive-sets/16292/
Anyone who has not experienced haggling with a ....."certain group" hasn't lived.
A few years ago ANA Summer Seminar offered a class, Advanced Numismatic Negotiating. It was an evening Mini-Seminar. I paid to take the class. I have learned more from the comments here than in the class, so now my cost for the class has been recovered.
End Systemic Elitism - It Takes All of Us
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I agree. But some Dealers and Customers like to (and even expect to) do the dance if the music is right.
Pete
The double dog dare stopper is: "What are you offering?"
This is a good point, but eye appeal and all that are factored into my definition of a $500 coin. It could be a coin that has a price guide value of $400 but eye appeal/strike/whatever feature is phenomenal making it a $500 coin, if the seller has it priced at $700 I likely won't bother. You are in a unique sector though, since unique error pricing seems a bit more of an art and I'm sure you keep a finger firmly on the pulse of your market. .
Collector, occasional seller
You can use as many superlatives as you'd like, but an item has a value. In the end its always about turning the inventory. I guess I see using the "best offer" tool as a way i increase the times inventory can be turned. You don't need to accept the offer.
The truth hurts. I no longer teach out there but I've heard similar comments about some of the classes. The important thing is to get info from as many places as possible. The Summer Seminar is a good place but one or two teachers cannot hope to compete with the knowledgeable folks here who have also been there and done that.
There are even some non-Americans that get it...
Smitten with DBLCs.
Most of the stuff I sell on ebay does not have a price guide, or a retail price, or whatever. There is my experience (not worth much), sold and completed searches, etc.
EOC (Are you related to AOC? ): DON'T LOOK. I have a Best offer on all my stuff, and sell a lot at the marked price. I get stupid offers (REJECT button is worn), quasi-stupid (More wear on the reject button) and offers that make me think.
How many of these do I have?
Which one did I list (The best one or the worst one?)
How long have I had it (6 months and it is heading out quick)
How much do I have tied up in it, and how much space is it using? (A fender versus a carburetor)
What is the feedback given by the offeree? (One guy had given NOTHING but negatives all year, instant block)
What is my listed shipping price? (For some of my stuff, it is important. Is it going 20 miles or 1500, is it FedEx ground or lost in the woods Maine)
Other thoughts that ramble across by feeble brain.
Since there is no MASTER to set prices, I listen to reason, and can always say no, but since I am not running a museum, ultimately, it will sell, or maybe get recycled.