If you have sold on teletrade, what advice

Bochiman · February 22, 2010 8:28AM

would you give someone who hasn't but is thinking about it?

Do you have a step-by-step list that you would use?
What about suggestions on using their process to set a bid/price "control"?
Ways to minimize costs with them but maximize profit?

I have sold on ebay, but never any of the auction houses. Since ebay is jacking their fees, I am wondering about this as an alternative for some items.

yellowkid · February 22, 2010 8:37AM

I think they are running some sort of promo now with reduced listing fees. I waited fro something like that and sent them my coins, got my check a couple of months later. I didn't use any reserves, it's supposed to be an auction, nothing I sold "hurt" very much.

coinkid855 · February 22, 2010 8:38AM

I'd be interested in hearing about Teletrade as well...I've also never sold anywhere but the BST and eBay...

-Paul

bushmaster8 · February 22, 2010 9:56AM

You want to max profit... so save yer coins up and then take full advantage of the promos they have several times a yr (there is one going right now until 3/31).

Bochiman · February 22, 2010 9:57AM

<< <i>You want to max profit... so save yer coins up and then take full advantage of the promos they have several times a yr (there is one going right now until 3/31). >>

The current promo is why I was wondering, though, I don't think I have $5000+ (to get the 2nd $100 of fees off), so I was looking at about $1000-$2500 worth.

bushmaster8 · February 22, 2010 10:03AM

If you get carried away with your reserves, the fees can really eat into your bottom line.

Try it, you'll like it!

Ebay and Paypal sux!!!!

dcgolfer · February 22, 2010 10:25AM

I've sold through Teletrade several times and have always been quite happy with the results. As mentioned before, don't get too carried away with the reserves.

sinin1 · February 22, 2010 10:31AM

turnaround time is much slower than eBay

you send coins today
they get next week
they list in an auction 2-3 weeks after they get

you get paid 3-5 weeks after auction

need to figure/set competitive reserves
but not so high none sell

coins worth less than ($30?) should not be sent
as buyer premium/seller fees/shipping make them losers

if you are going the raw coin submission route
works better if you can grade well and keep problems at home
and add 1 month for PCGS submission or
2 months for NGC submission

they take photos- deal with all buyers - shipping

braddick · February 22, 2010 10:37AM

Don't send them cheap coins.

I cleared out a bunch of junk a few years ago and when all was said and done received a check for something like $30.
You see what happens is they charge a minimum amount per lot so let's say you have a coin close at $9. You might get something along the lines of $3. for it.

Kind of embarrassing.
Now, admittedly I think the current special is decent and if your material is solid I'd say go for it.
Lately though I've had much better luck with Heritage and/or consigning to greattoning (on eBay).
The checks trickle in but there is no muss, no fuss that is worth it.

Bochiman · February 22, 2010 10:41AM

Thanks Sinin.
For me, the coins "should" realize $100-$200 roughly (10-15 coins would likely be sent in)

Oh yeah...these are all PCGS already and are toners (none are nuclear neon toned, but all are nice, imho)

braddick · February 22, 2010 10:45AM

<< <i>Thanks Sinin.
For me, the coins "should" realize $100-$200 roughly (10-15 coins would likely be sent in)

Oh yeah...these are all PCGS already and are toners (none are nuclear neon toned, but all are nice, imho) >>

If they're toners, consider greattoning. He can capture your coins well and charges less than Teletrade.

sinin1 · February 22, 2010 11:20AM

I agree with Braddick, if you have color that adds to value by 20-50% ++, Teletrade frquently misses the beauty, easily seen if you buy from them often

Greattoning does an awesome job of capturing color, and has a following such that you end up getting larger take home than if you did it yourself, especially if you have marginal or okay photos

turnaround is quicker with Greattoning - send to him, takes photos, lists them for 7 days (likes to start them on Sunday), and sends you a settlement a couple weeks after close

I forgot to add about Teletrade - occasionally (not very often) a buyer returns a coin that was your consignment

this gets relisted in a couple weeks - and process continues for that 1 coin - proceeds get taken out of settlement before you get paid - but still get paid on original sales and then a month after that get paid for the returned coin

and even rarer yet - you place a coin for sale, but do not put a reserve on it - and they for some unknown reason - decide to start it at a level which is higher than anyone will bid
so it does not sell because no bids (it has happened to me a couple times - next time I might call them and tell them they bought it at $xxx - their price - but I have to think they would just return it like a buyer not satisfied)

Connecticoin · February 22, 2010 11:35AM

<< <i>If they're toners, consider greattoning. He can capture your coins well and charges less than Teletrade. >>

After fees, do you do better than listing them yourself?

koynekwest · February 22, 2010 11:41AM

TT is terrible with images that show color. I took a beating a few years ago on some very nicely toned stuff because of the lousy images they took. I'm not exactly a fan of TT.

leothelyon · February 22, 2010 12:03PM

When placing reserves, is it wishful thinking to set them at a market that doesn't exist anymore?

Leo

breakdown · February 22, 2010 12:56PM

I have sold on Teletrade and have found them easy to deal with and a reasonable alternative for selling coins that are worth between about $100 and about $2500. Below that and the fees eat into you too much and above that and potential buyers are not willing to jump in. I assume buyers drop out on the high end for two reasons: 1) Bowers and Merena is their sister company and people assume that is a more reasonable venue for higher end coins and 2) the photos are serviceable at best and can be "unflattering" at worst. I assume a high throughput business model prevents them from using better photographs (similar to Heritage's small photos).
As for setting your "reserve" (bidding on your coins prior to the auction starting), keep in mind that if you set it too low, the coin may sell for a single bid above your reserve. Set it too high and it won't sell and you get the privilege of paying a buyback fee. It's a bit of an art, in other words, but it's also half of the fun.
Good luck!

ProofCents · February 22, 2010 1:27PM

ASk for lower fees i recieved no buyback fee

Bochiman · February 22, 2010 2:08PM

Thanks all.
I toss between wanting to sell some and not sell them. I really like the "coins" I am thinking of, but have too many of these and want to pay for some more advanced tuition for the boy (GET program).

So, I have contemplated on these, back and forth, for almost a year and think I may pull the plug but I didn't want to be "one of those guys" who post the questions/problems AFTER the fact only to hear "well, if you would have posted on the board FIRST, we would have told you X Y Z"

If you have sold on teletrade, what advice

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