Want list service - some tips/information/options
coinguy1
Posts: 13,484 ✭✭✭
This is written in response to a number of comments I have seen in various threads about dealers' want list services.
I believe that there are some misconceptions and a lack of clarity regarding the different ways in which want list services can be put to mutually beneficial use for both dealers AND their customers.
Each of you is free to try to work out whatever type of want list arrangement you prefer with your dealer(s) and there are a number of different options/arrangements to consider.
I can't speak for other dealers but we typically work in one of three different ways with our want list clients, depending upon our relationships with them and their stated preferences:
1) Some customers merely want to be informed if/when we acquire particular coins they are searching for. In this scenario, there is no obligation, whatsoever, on their part if we procure the coins - we merely inform the client if/when we get the coins and give him or her a shot at new purchases before we offer them to non want list clients. This arrangement does not cause the dealer to buy something he/she wouldn't normally buy, anyway, and doesn't have any effect on the price that the dealer pays for the coin or offers it at. We sell a LARGE number of coins this way, before they ever get listed on our web page or placed in an ad.
2) If we see a particular want list item at a show or in an auction, etc., we will call certain clients to let them know about the coins. In some cases, the customer will say, "if you like it and I can get it at such and such price, I'll take it". Other clients will want/need to see the coins first. If the coin is not in an auction and we can get it on the arm from the owner, to ship to our client on approval basis, we will do so. Sometimes that is feasible and other times it is not. In the on-the-arm scenario just mentioned, the coin might be a bit more pricey, as the owner knows that it is not a done deal and might want more for the coin on approval basis, than he would be willing to sell it for as part of a done deal. We do get a number of coins for our clients this way, and let them know up front, that we do not own the coins.
3) We have a number of customers with whom we have special relationships, who say to us - "I want coin such and such and if you see it, like it and are ok with the price, I own it". Even then, before purchasing the coin, we always try to contact the client first. We have purchased some big ticket items, that we would not have otherwise bought for inventory, based on our discussions and arrangements with certain customers.
I'm sure that there are a number of other ways for dealers and clients to work together, but the above examples cover most of what we do with our want lists. Our want list dealings are based on the nature of our relationships with our customers - it is a matter of trust, understanding what the client wants and what is expected of each party, by the other.
Here are a few other observations:
I do agree with those who have said it is not a good idea to give multiple dealers want lists for especially rare and/or high priced coins. However, it would certainly be unusual for those dealers to actually be trying to buy such coins in an auction and bidding against each other, unless they would be buying the coins for inventory, anyway.
It is imperative that you let your dealer know what your level of interest and commitment is - if you will need to see the coin first, be sure to tell him/her. And, there is certainly nothing wrong with that! If you have a particular price range and quality you want, make that clear, too. The more specific information you can provide about the coins you want and your expectations of the dealer, the better.
Show/tell your dealer things you like or don't like about various coins that he/she offers you - give both positive and negative feedback to help get you on the same page about your likes and dislikes.
Ask your dealer if he/she already has want lists on file for the items you are seeking, so you know where you stand, priority-wise, against other clients of that dealer.
Keep your dealer up to date with your want list - let him/her know when you no longer need items you had said you were looking for or when you have new coins you're searching for.
I'm sure I'm leaving out some things and will think of them as soon as I post this.
But, these are some of my observations and recommendations on this subject.
I believe that there are some misconceptions and a lack of clarity regarding the different ways in which want list services can be put to mutually beneficial use for both dealers AND their customers.
Each of you is free to try to work out whatever type of want list arrangement you prefer with your dealer(s) and there are a number of different options/arrangements to consider.
I can't speak for other dealers but we typically work in one of three different ways with our want list clients, depending upon our relationships with them and their stated preferences:
1) Some customers merely want to be informed if/when we acquire particular coins they are searching for. In this scenario, there is no obligation, whatsoever, on their part if we procure the coins - we merely inform the client if/when we get the coins and give him or her a shot at new purchases before we offer them to non want list clients. This arrangement does not cause the dealer to buy something he/she wouldn't normally buy, anyway, and doesn't have any effect on the price that the dealer pays for the coin or offers it at. We sell a LARGE number of coins this way, before they ever get listed on our web page or placed in an ad.
2) If we see a particular want list item at a show or in an auction, etc., we will call certain clients to let them know about the coins. In some cases, the customer will say, "if you like it and I can get it at such and such price, I'll take it". Other clients will want/need to see the coins first. If the coin is not in an auction and we can get it on the arm from the owner, to ship to our client on approval basis, we will do so. Sometimes that is feasible and other times it is not. In the on-the-arm scenario just mentioned, the coin might be a bit more pricey, as the owner knows that it is not a done deal and might want more for the coin on approval basis, than he would be willing to sell it for as part of a done deal. We do get a number of coins for our clients this way, and let them know up front, that we do not own the coins.
3) We have a number of customers with whom we have special relationships, who say to us - "I want coin such and such and if you see it, like it and are ok with the price, I own it". Even then, before purchasing the coin, we always try to contact the client first. We have purchased some big ticket items, that we would not have otherwise bought for inventory, based on our discussions and arrangements with certain customers.
I'm sure that there are a number of other ways for dealers and clients to work together, but the above examples cover most of what we do with our want lists. Our want list dealings are based on the nature of our relationships with our customers - it is a matter of trust, understanding what the client wants and what is expected of each party, by the other.
Here are a few other observations:
I do agree with those who have said it is not a good idea to give multiple dealers want lists for especially rare and/or high priced coins. However, it would certainly be unusual for those dealers to actually be trying to buy such coins in an auction and bidding against each other, unless they would be buying the coins for inventory, anyway.
It is imperative that you let your dealer know what your level of interest and commitment is - if you will need to see the coin first, be sure to tell him/her. And, there is certainly nothing wrong with that! If you have a particular price range and quality you want, make that clear, too. The more specific information you can provide about the coins you want and your expectations of the dealer, the better.
Show/tell your dealer things you like or don't like about various coins that he/she offers you - give both positive and negative feedback to help get you on the same page about your likes and dislikes.
Ask your dealer if he/she already has want lists on file for the items you are seeking, so you know where you stand, priority-wise, against other clients of that dealer.
Keep your dealer up to date with your want list - let him/her know when you no longer need items you had said you were looking for or when you have new coins you're searching for.
I'm sure I'm leaving out some things and will think of them as soon as I post this.
But, these are some of my observations and recommendations on this subject. 0
Comments
Jeremy
in my opioino and i am sure there are excpetions the best way to get coins great! coins are fair prices is actually to work with a dealer this way where both are comfortable with each other
and for the most part the coins do come up ! it may take some time but as always good things come to those that wait!!
a superb post
sincerely michael
OK, now every1 flood PR w/ your want list!
Rich
I would like to add, that if you regularly attend major shows and feel that you have the ability to locate the coins you seek, on your own, want list service might not be for you. I don't recommend it as a substitute for looking for coins on your own, but rather, as an added option or source for the items you want.
The idea will be for an individual collector to login-in on a secure site, and then be able to inventory their current collection their and update that information. A checkbox will be added to ask whether or not the coin is in the current collection or that they are loking for the coin.
If anyone is interested, PM me. We will have the application ready around April first.
Todd
800.954.0270
I thought want lists for coins the dealer happens to come across in normal business operations.
Tom
Hi Mark!
Michael Kittle Rare Coins --- 1908-S Indian Head Cent Grading Set --- No. 1 1909 Mint Set --- Kittlecoins on Facebook --- Long Beach Table 448
<< <i>Revived 7 years later, in the hopes that this might be useful to some posters here. >>
Great info Mark, and timely too. Thanks for re-posting it!
The Penny Lady®
EAC 6024