WantList Suggestions

Cameo CC

We are reviewing our Wantlist procedures and found that this is an area we need improvement. Here are some of the questions we need to think through:

1- How long should we keep a coin on the WantList?

2- How should we handle the key date material that only comes around a couple of times a year?

3- How should we handle coins that we are not in our product line?

4- How should we handle the follow-up with the client?

Any suggestions you might help would be greatly appreciated.

Todd

BillJones

I've done a fair amount of want list business, and here's how I handle it:

1. How Long? I keep in touch with the customer to see if they have acquired the coins. How long do you keep it open if you don't know where they are? That's hard to answer. For reliable customers I keep it open for a longer time that someone I perceive is not as serious about getting the coin. Generally if a want list person does not respond to letters, phone calls or emails, their list goes to the bottom of the pile. If people reject coins that are properly graded and fairly priced - bottom of the pile or HISTORY. Some people tell you in so many words, "I'll buy all the MS-65 coins you can find in MS-64 holders. So will I - big deal - bottom of the pile.

2. Key date material - Save them for your best customers who have want listed them. They are your bread and butter. For you best customers counsel them about how hard it is to find these coins. Give them price estimates so that they can plan their finances.

3. Not in your line - I'd avoid them unless you have enough knowledge to handle them. Two risks: 1. overpaying for something because you don't know the market. 2. Buying something for which you have no market if the want list person does not buy it.

4. Follow-up - Send them and email call them etc. I didn't really follow the intent of this question.

keets

hey todd

i'll address #1 and #4:

it seems a prudent approach would be to do a periodic contact of some type, whether that's monthly or quarterly. i've sought help from CameoCC and others in locating certain 1965-1975 jefferson proofs and never really gotten much of a follow up past "we don't have anything now" and some of the coins have since been purchased elsewhere. even with dealers whom i've purchased from, i seem to work my way to the bottom. what sucks about that outcome with regard to CameoCC is that we're located within about 40 miles of each other and could probably work well together, meeting at local shows and such.

my thing with want-listing with a dealer is this----if i'm looking for certain hard-to-find-dates, it's counter productive to have more than one dealer searching, avoiding any unnecessary compitition for the same coins. when i list with someone and i don't receive some type of follow-up, i have no idea if they're actively trying to help me, blowing me off or even received my request. it seems to be an industry-wide problem.

so the end result is generally the same-----i make contact, said dealer never replies and i eventually buy from someone else. an avoidable outcome.

al h.

Cameo CC

Good points from both of you. What happens to us is that we tend to sell what we have today and over time the coins on the Wantlist seem to get lost or forgotten.

We use an XL Spreadsheet and that helps the buyers sort the list better. Further, when we do get in a coin from the Wantlist, the followup is not that good.

We have thought about hiring a person who's fulltime job is to manage the Wantlist, follow up on each coin monthly and update the list daily. So far we are still looking for that person.

It is hard to admit that we have let some of our clients down and then we have to go back a apology.

We desire to do a better job and thank you both for your comments.

Todd

BillJones

Hi Keets!

I don’t do much of anything with VERY MODERN Registry quality material. My suppliers tell me that finding it is very hard, and the prices a dealer must pay to get it are speculative relative to the general market. In more blunt terms I’m afraid that if I sink a high price into something and the want list guy passes on it, I’m stuck with it.

It is easier if I can get the item on consignment and offer it to you. I have several dealers who will let me take virtually anything because they trust me and I have a very good track record for selling what I take. But if the item is a really hot MODERN registry thing chances are NONE of my suppliers will have it. You might try specialist dealers like Supercoin or Cladking.

Dealers also have a problem when you get a coin that is on several want lists. What do you do? You have to offer to one of them first. Usually the best customer gets the offer. The best way to be the best customer is be willing to pay the asking price consistently. That may or may not fit with your plans, but I’ll tell you this. If you get the rep as a bargain hunter or cherry picker, you will go to the bottom of the pile. Making a great coin investment, and getting the coins you really want may NOT go hand in hand.

Finally there is the problem of having the dealer sell something to the first guy who comings along when that item was on your want list. I found that to be really aggravating when I was purely a collector because I had the rep as a fair, consistent buyer. If I left you a want list, I’d buy the coin if you found it. No hemming and hauling.

I don’t have an answer for that. I’ll tell you that for me want list guys come first if they good buyers. But since you are into very high grade Jefferson Nickels and I’m not, (with one exception, I’ll send you a PM with I get home) I can’t help you.

I hope this puts some perspective on the issue for you from a dealer’s point of view.

Dog97

I've done want lists with dozens of dealers and never got any hits back from them so I figured dealers didn't pay any attention to them.

The several want lists that I still maintain are with dealers who have the online want lists that I can easily modify as my needs & wants change and I get automatic notifications when they have my coin in inventory like David Lawrence, & Heritage. The first person that calls about it gets the coin. I understand that collectors that maintain a close relationship with their dealer probably get first dibs on the coin & that is finally listed in inventory and me notified if nobody else wants it. That should take care of #1 & #2.

#3 I maintain want lists just in case the dealer happens to stumble across the coin I want. I know he might not specialize in that kind of coin but you never know, he might pick one up in a trade or lot deal or something.

#4 If I chose to maintain a close relationship with that dealer then he knows how to handle the followup. I really don't know what you mean by "followup." If you mean calling me several days later to see if I like the coin I bought from you well if I don't return it then it means I like it. You don't need to call me over every $100 coin I buy but if I spend thousands I expect a little attention.
If you mean followup on the want list then my answer points back to item #1 & #2 above.

Cameo CC

Dog97 - I mean by followup is what time frame should use when following up with the client after they have received a WantList? Two weeks, 30 days, etc..

Todd