TeleTrade versus eBay-----which suits you best as a seller and why??

keets

Last month I used Teletrade as a seller for the first time and came away with positive experience from start to finish. I thought I'd share some of my impressions and ask others to do likewise.

First of all, the single biggest thing that sticks in my mind is that with Teletrade, most everything is done by them while the cost to me is lower and fixed at 8%. It seems that with eBay the costs have gone up to the point where it can easily cost in excess of 10% for some lower cost items even before the "price realized" fee is added. On the downside to all that is the Teletrade minimum consignment of $1000 and the 30+ day wait to recieve funds. Many people claim that eBay has the big edge in exposure due to the sheer number of members, but in reality I doubt that non-collectors/dealers view the coin listings(as an example, I think there are only about five categories I've ever searched at eBay). With Teletrade being a site devoted to coins, more attention seems to be dedicated as result to serving that particular community. The photography, while perhaps lacking to a degree, is at least uniform/professional with no "enhancement" done---a real eBay problem---and for the most part everything is genuine since it'll be in 1 of 4 TPG holders.

Selling at eBay gives us each a bit more control but in my opinion requires more savvy and initial investment to get going. For my own part I always offer free shipping, so that's a built in cost of my own making that dissappears at TeleTrade. My single rookie mistake from this first consignment was placing buy-back bids on a couple of coins that sold the second time around at levels past those bids. I'll try again soon, but in the interim I thought I'd post this thread for some feedback and also for some additional tips from TeleTrade veterans.

Thanks.

Al H.

Coxe

I came close a few times to consigning to TT. However, like many collectors (and people know this about me), I have a lot to say about just about every coin in my collection or even ones that pass through my hands briefly. Seeing no or bad catalogue descriptions at TT in maddening and would drive me nuts on my own submissions. I had a problem with Heritage in the cataloguers' descriptions but I was nitpicking too much perhaps. The money came through ok from them as it seems TT also is good about. Looks like you can stack it favorably with reserves and multiple relistings at TT. Would like to hear also from those who have been doing consignments with them for some time. TT has changed a lot over the years, some good and some not so good.

TJM965

On Ebay I only take in account the shipping fee when bidding. Say I would pay $100 for a coin and shipping is $5. I would bid $95. That same coin on teletrade has a 12% buyers fee and a minimum of $8.50 shipping. I would only bid $80 on the same coin. If I won, you would only receive $73.60. On Ebay you would receive the $100 minus your shipping and Ebay-Paypal fees. Probably $85 - $90.

ABC123

The 30 day + wait for your funds is the biggest factor working against Teletrade, otherwise they do a great job for their consignors.

Dave99B

This should be a good thread....

I suppose in the end it depends on the material you are selling, but I generally feel you get a much broader audience on eBay, from novices to serious collectors. Nothing to back that up, mind you, just a gut feeling. And sometimes the novices pay stupid money!

I prefer to control the images and descriptions as well --- a lousy image can cost you big bucks in this business. Teletrade does a decent/good job in my opinion as far as images go, but after handling thousands of coins a week they are going to blow it every once in a while.

The 30-day wait for funds doesn't bother me that much.

I also think the fee structure favors eBay, assuming you don’t PayPal-it.

Dave

braddick

Sometimes I'll see Teletrade Morgans on eBay a couple of weeks later sell for much more. It seems, unless you as a consigner are willing the shill a bit on your Teletrade auctions you are leaving money on the table.

morgannut2

Based on all the BS that goes with eBay--from auditing sellers to wierdo buyers--I am much happier with TT. They are professionals--Ebay is fine if you're selling a Ford Pinto covered with 30,000 Lincoln cents glued to it-- but otherwise I like the pros. BTW - Coxe is right, more room for descriptions at TT would be useful.

flaminio

When I'm selling coins here and there, I'm happy to list them on eBay.

But if I needed to liquidate my entire collection, I'd send it off to Teletrade or Heritage.

keets

TJM965................good example but probably not a realistic assumption. granted i only have this one consignment to base an opinion on, but the prices were equal or better than what's been realized at eBay for the same issue/grade coins. that's why i ended with the conclusions based on the 8% fee and the lack of hassles to prepare the listings and then to ship the coins. i feel it's often overlooked that "time-is-money" and it takes time to list/package/communicate, all things wrapped up in the 8% fee.

one thing that struck me was the fact that none of my coins had any description aside from grade/service/picture, and a few of them were difficult grades for the particular date/MM of the issue.

DennisH

I have nothing good to say about Teletrade, other than it is not joined at the hip with PayPal.

braddick

The added expense/cost of shipping your coins to Teletrade shouldn't be overlooked when calculating the total fees paid vs eBay.

TJM965

That's right. Added expense to ship the coins to Teletrade, also I overlooked the fact that tax is charged to Californians. So if i lived there I would bid another 8% less and you know alot of buyers are in California

Dave99B

One more comment:

Teletrade's return policy (if it can be called that) is horrendous. That policy influences me greatly from the buy side of things.

Dave

keets

Sometimes I'll see Teletrade Morgans on eBay a couple of weeks later sell for much more. It seems, unless you as a consigner are willing the shill a bit on your Teletrade auctions you are leaving money on the table.

an interesting comment when read with the understanding of all the shenanigans that go on at eBay!!! i guess both sites have advantages and pitfalls which give them more in common than differences. sticking with a known seller at eBay is probably the best way to go from a buying standpoint and perhaps doing the best possible from a selling standpoint at eBay will be best in the long run.

maybe it was wishful thinking to ask for feedback about what's worked for TeleTrade vets, evidentally noone has had anything good happen.

braddick

Feedback on what has worked on Teletrade. . .

I like the way you can send in a box of coins have Teletrade send them to the grading service of your choice, then catalog and sell them upon their return from grading.
If you're patient it's not a bad way to go.
The fees are cheaper than sending them in yourself and usually there are one or two 'hits' within the grouping that pay for the fees on the others leaving pure profit when all the coins sell. Not always, mind you, but it's sweet when it does happen.

It is nice to sometimes ship and forget.
Teletrade allows you to do so.

Recently I had a medium size submission in, kind of forgot about the coins and received a neat check from Teletrade- more than I expected, and probably more than had I worked the coins myself (slabbing and eBaying).

toreador

Teletrade has something called the guaranteed sold program, where they can run a coin about 3 times in about 6 weeks for only 1 unsold fee. Its a good deal.
Guaranteed Sold Program™
Relist your coins in up to two additional auctions for free! At the time of consigning your coins, mark that would you like to relist your coins. In the event they do not sell the first time round, we will relist your coins in up to two of our next available auctions for no additional fees. If your coins sell in one of these additional auctions, you will only pay a seller's fee.

Also if you send in about 2 consignments per month of equivalent value, you get paid within 1 week after the first auction, as part of their "continuous consignor program", and that really speeds up payment.

RedTiger

One other factor is the juice and fees the buyer pays. If a coin is bid $300 on Ebay, the seller might see $270 after all the fees and Paypal. If the same person bids on Teletrade is willing to pay the exact same $300, that means he/she bids $250/$275 depending on if they are making other purchases and taxes in their state. The seller sees that lower amount less the 8%.

BECOKA

Correct me if I am wrong but not only do you lose 8% sellers fee but don't you also lose on the buyers fee of 12%? That's 20% not including shipping that a buyer may factor into the final price.

I would take the 8% in e-bay and Pay-pal fees anyday with a shorter turn around. Granted it is a pain to take coin pics but for me that is part of the fun of owning and selling coins is the photography.

Anyhow I have nothing against TT since I have never sold with them. I have bought numerous times and if it is really only an 8% hit I might consider but for it to be an 8% hit means that TT only gets 4% after buyers fee which does not make sense.

bushmaster8

Teletrade rocks! I don't care what the TT critics say, I consign quite often and rarely encounter any problems whatsoever. If they do screw up, you let them know and they will fix it pronto!

In order to illustrate the biggest difference between TT and ebay, I offer this quote from HRH himself:
"Selling coins on ebay is very labor intensive."

TT is so easy!

rwyarmch

I hadn't consigned with Teletrade for over 10 years but sent in a variety of proofs recently. Couldn't complain at all about their imaging given the state of some of the slabs. I sure wish I could do as well on my own with slabbed coins.

ABC123

Ebay wins---at least you do not have to wait until 15 minutes after the "auction" to find out that you were outbid by "the phantom" bidder ! Many people feel Teletrade bidding is rigged !