Formula for a "perfect" dealer/collector transaction - updated
coinguy1
Posts: 13,484 ✭✭✭
Recently, we had a "perfect" and pleasurable first-time transaction with a forum member. Out of respect for his privacy, I contacted him before posting this, to see if it was ok with him. He was gracious in his response, reminded me of a few details which I would have otherwise forgotten to include and even gave me permission to mention his forum name. Fun, though it might be, rather than keeping everyone in suspense, I'll disclose his name here and now...."Bear".
This is how the transaction occurred:
Bear called me and asked about three coins listed on our web site. He also told me a little bit about his likes and dislikes. He mentioned one preference, in particular, that provided me with highly useful information about whether the coins in question seemed to have the qualities he desired.
He also provided me with a reference, so that I could ship the coins on approval basis, without requiring payment first. Though, quite frankly, from his posts and demeanor on this board, I probably would have shipped coins to him on approval, without a reference. But please, don't tell him that.
I informed him that I would need to call the office, to check on the availability of the coins in question and that I would get back to him shortly.
I called our office and learned that two of the three coins were available and then called Bear, to let him know.
The coins were shipped by FedEx for delivery the next day. We typically ship by either 1 day FedEx or Express Mail, 2 day FedEx or registered/insured mail, depending upon the coins and the needs of the client.
Bear called me the next day to inform me that the coins had arrived safely and that he liked them. He then asked me in a nice way, what I could do price-wise and I actually ended up giving him a larger discount than I otherwise would have, because he was so nice and easy to deal with.
I also asked if there was anything in particular that he liked or disliked about the coins so that I would know better, what his collecting tastes were. He informed me that the coins (a PCGS MS67 New Rochelle and a PCGS MS67 1937-D Boone) had "clean surfaces, excellent luster with full cartwheel effect and strong strike. Both coins also had a matching light golden sheen on the obverse and reverse." He felt that "I've seen many MS-67 coins and these two commemoratives were really the very top of the line in quality." Thanks for the great P.R Bear!
In this particular case, there was nothing that he could point out to me that bothered him about the coins. But, if there had been, that would have been fine and even welcomed, as the more feedback (positive or negative) we receive, the more we know about what the client wants or doesn't want.
I think we were both pleased with the transaction.
Here are some of the things that, from my perspective, made it easy, efficient and pleasurable:
Bear was friendly and polite the entire time.
He didn't focus on or complain about the one coin that I wasn't able to send to him.
He called me in a timely manner to let me know the coins had arrived safely.
He liked the coins and told me so - he wanted a discount but he didn't beat the coins up, to try to get one.
He told me what he might like in the future, if I were to acquire or locate certain pieces. And, you can bet, that if / when we acquire such coins, I'll be more than happy to let him know about them.
He told me he would have a check in the mail this week and I know he will do so.
Dealers and collectors can and do work together in a mutually satisfactory, enjoyable and beneficial way - it's really very easy, with some common courtesy and good communication on both ends.
I will add, that this type of transaction has been the rule, rather than the exception with the forum members we have done business with. I decided to post this, after seeing a thread last night, where someone raised the issue / question about collectors / clients providing feedback to dealers, after having received coins in the mail.
This is how the transaction occurred:
Bear called me and asked about three coins listed on our web site. He also told me a little bit about his likes and dislikes. He mentioned one preference, in particular, that provided me with highly useful information about whether the coins in question seemed to have the qualities he desired.
He also provided me with a reference, so that I could ship the coins on approval basis, without requiring payment first. Though, quite frankly, from his posts and demeanor on this board, I probably would have shipped coins to him on approval, without a reference. But please, don't tell him that.
I informed him that I would need to call the office, to check on the availability of the coins in question and that I would get back to him shortly.
I called our office and learned that two of the three coins were available and then called Bear, to let him know.
The coins were shipped by FedEx for delivery the next day. We typically ship by either 1 day FedEx or Express Mail, 2 day FedEx or registered/insured mail, depending upon the coins and the needs of the client.
Bear called me the next day to inform me that the coins had arrived safely and that he liked them. He then asked me in a nice way, what I could do price-wise and I actually ended up giving him a larger discount than I otherwise would have, because he was so nice and easy to deal with.
I also asked if there was anything in particular that he liked or disliked about the coins so that I would know better, what his collecting tastes were. He informed me that the coins (a PCGS MS67 New Rochelle and a PCGS MS67 1937-D Boone) had "clean surfaces, excellent luster with full cartwheel effect and strong strike. Both coins also had a matching light golden sheen on the obverse and reverse." He felt that "I've seen many MS-67 coins and these two commemoratives were really the very top of the line in quality." Thanks for the great P.R Bear!
In this particular case, there was nothing that he could point out to me that bothered him about the coins. But, if there had been, that would have been fine and even welcomed, as the more feedback (positive or negative) we receive, the more we know about what the client wants or doesn't want.
I think we were both pleased with the transaction.
Here are some of the things that, from my perspective, made it easy, efficient and pleasurable:
Bear was friendly and polite the entire time.
He didn't focus on or complain about the one coin that I wasn't able to send to him.
He called me in a timely manner to let me know the coins had arrived safely.
He liked the coins and told me so - he wanted a discount but he didn't beat the coins up, to try to get one.
He told me what he might like in the future, if I were to acquire or locate certain pieces. And, you can bet, that if / when we acquire such coins, I'll be more than happy to let him know about them.
He told me he would have a check in the mail this week and I know he will do so.
Dealers and collectors can and do work together in a mutually satisfactory, enjoyable and beneficial way - it's really very easy, with some common courtesy and good communication on both ends.
I will add, that this type of transaction has been the rule, rather than the exception with the forum members we have done business with. I decided to post this, after seeing a thread last night, where someone raised the issue / question about collectors / clients providing feedback to dealers, after having received coins in the mail.
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Comments
Kudos to Mark and Bear!
"France said this week they need more evidence to convince them Saddam is a threat. Yeah, last time France asked for more evidence it came rollin thru Paris with a German Flag on it." -Dave Letterman
and it sets us apart from practitioners and consultants. Gregor
<< <i>
.... He then asked me in a nice way, what I could do price-wise and I actually ended up giving him a larger discount than I otherwise would have, because he was so nice and easy to deal with....
>>
Fine post, really a good job here that can be used as model and the way I personally like to hear business handled, especially when I am a buyer. Now how about when I am the seller. How about some insight on the methodology you use to come up with a final price to satisfy all. To me, setting the price I find is the hardest part. Any hard and fast rules?
My website
<< <i>Sounds like a fine time was had by all Mark. Of course, you do realize that he's going to pay you in Jelly donuts and honey jars right?
Oh?!? I thought he was still growling frankie notes.
ALL the transactions I have had with Pinnacle have been a pleasure!
I think I have bought at least one coin from every employee..........
but you!
Check out my PQ selection of Morgan & Peace Dollars, and more at:
WWW.PQDOLLARS.COM or WWW.GILBERTCOINS.COM
So glad you didn't have to give customer Bear your "COVETED SCOWL OF REMOVAL."
That the forum's two most obnoxious, incendiary, belicose, holier-than-thou trouble makers could actually pull off a transaction like this amazes me. An example for us all.
Clankeye
1. The limo picks me up at 12 noon. No earlier, I sleep late.
2. I arrive at your office. My advance people having already swept it for bugs, photographers and artworks which might leave an unfavorable impression.
3. You praise me for two solid hours before I even consider looking at some of your... sniff coins.
4. You apologize profusely for not having any Carver Commems that meet my standards.
5. You feel grateful after my storming out, that I promised not to speak to your boss and demand your removal.
Very simple really.
Clankeye
Great post, again!
cladking - do YOU have a problem with "Frankie notes"?
dwood and Don - thanks.
CharlieB - you asked :
<< <i>Now how about when I am the seller. How about some insight on the methodology you use to come up with a final price to satisfy all. To me, setting the price I find is the hardest part. Any hard and fast rules >>
Our initial listed "asking price" is based upon a number of different factors, including our market knowledge (or lack, thereof), pricing / sales information at our disposal and our experience. Cost is also a major factor, assuming we feel what we paid a fair, realistic price (and weren't fortunate enough to have somehow bought it at a bargain level or unfortunate enough to have had to pay over market). We also take into account whether the client will be paying by check or credit card, as we have to eat a credit card fee of roughly 3%. The size and ease of the transaction are also factors, as is the relationship with the client. Some coins are easy to price and others, more difficult.
Steve - thanks and YOU are the reason I'm glad I don't work on commission basis.
Clankeye - I love your " "COVETED SCOWL OF REMOVAL." Do you have a copyright on that? Also, if I had seen your "perfect deal" requirements before your required noon pick up time, perhaps we could have worked something out. I'm so very sorry I missed out on the opportunity to work with you - not!
Tim - I might have been talking about you. But then again......
Ron - A wise decision to hide those goodies!
Sorry to end this on a down note, but - KK and Jeremy - NO!
<< <i>Sorry to end this on a down note, but - KK and Jeremy - NO! >>
The YN's are begging for freebies again? PM me your address guys and I will mail you a FREE NGC Mississippi state quarter sample slab.
Cameron Kiefer
"Senorita HepKitty"
"I want a real cool Kitty from Hepcat City, to stay in step with me" - Bill Carter
I bought a 28 S MS 65 FH SLQ from Bonnie when your operation was in Texas. The coin had personality and I think Todd was able to work with me a bit on the price.
Ditto re the 1883 MS 65 Seated Half I bought from Scott. Unlike the first transaction (which was done at a show), you sent the coin on approval, and once again, worked with me a bit on the price.
On both occasions, Pinnacle knew the type of material I was looking for, which I sincerely appreciate and saved me time in the process (I get frustrated when I am shown coins that are so ugly that I think they will come out of the slab and bite me). The fact that you could send me a coin on approval tells me a lot about how well you know my taste in coins.
You guys have good material, and while it is not inexpensive, I believe it is priced fairly re both buyer and seller.
"Seu cabra da peste,
"Sou Mangueira......."
but I never drool.
Camelot
This is one of peeves... I was so angry when some weenie at a big retail house excitedly called me over to show me a coin that I ``must see.'' It turned out the coin was horrible, but in a high-grade slab. The weenie's comment? ``Hey, I gotta try...'' Since then, I have deliberately avoided him. In fact, I have mostly avoided the company that employs him too.
I've mentioned my peeves to Mark; he seems genuinely interested so he'd get to know what to do and what not to do for his customer base. Smart thinking...
Sometimes, I think it's not so important to have a perfect transaction as it is to try to have a perfect transaction. In other words, it is the intent that matters. If the dealer is sincerely trying to put out a good product, and the collector is also not out to get something for nothing, then more often than not there will be a love connection.
EVP
How does one get a hater to stop hating?
I can be reached at evillageprowler@gmail.com
and even friendship is something I work very hard for with my regular provider dealers.
Camelot
EVP
How does one get a hater to stop hating?
I can be reached at evillageprowler@gmail.com
or a dozen jelly donutes. For just a nice coin, all they get is a good check to cash and repeat bussiness.
.
Camelot
My 1866 Philly Mint Set