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BST protocol
lkeigwin
Posts: 16,893 ✭✭✭✭✭
When selling on BST common sense suggests the first guy who says he wants the coin gets it. How do you deal with a PM that says "I'm interested" which arrives before another PM that says "I want it"?
Does the first guy get a chance to commit and buy the coin? Do you reply and ask for a commitment and set it aside until you hear back? And tell the second guy to sit tight?
Or does the second guy get it because he committed first?
I guess the question is what does "I'm interested" mean to you and how would you handle it?
Lance.
edited to add: All the coins have prices listed and decent images.
Does the first guy get a chance to commit and buy the coin? Do you reply and ask for a commitment and set it aside until you hear back? And tell the second guy to sit tight?
Or does the second guy get it because he committed first?
I guess the question is what does "I'm interested" mean to you and how would you handle it?
Lance.
edited to add: All the coins have prices listed and decent images.
Coin Photography Services / Everyman Registry set / BHNC #213
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And in it, I would offer the first guy who replied an opportunity to pass or play within a specified time period. I would make that cutoff be the end of the day, or in this case, since it is already in the afternoon, a set time tomorrow morning. At the end of that time period, if he has committed, he owns it. And if not, the second guy owns it, if he is still willing to buy it. I understand that this method could result in the loss of a sale, but it feels like a fair way to handle it.
"Buy It" trumps "I'm interested" if the coin is priced.
Ken
I would probably ask the first person what he means, is that a definate I want it. If there is any hesitation then I would sell to the second person. That said, I do not think that selling to the second person would be "wrong" given that the first person did not state that he wants it under stated terms.
I agree with both of the above comments from Billet7 and Coinguy1.
I've had members yank the rug out from under me on deals like this before and it doesn't feel good at all and doesn't set well for future deals.
Too many positive BST transactions with too many members to list.
<< <i>Imo first to pay is the one that gets it. >>
You want each party who is interested in a coin to send payment, not knowing whether he will end up with it or not?
<< <i>The first PM gets the first shot, even if it was only an "I'm interested", and I would tell the "I want it" guy that you have someone who has contacted you first (and maybe tell them that the other party just said "I'm interested" and you have not consummated a deal). That's the way I would handle it. >>
If everyone was communicating on the same rapid time frame, I would agree with this. On several occasions, I have been strung out by someone who did not get back to me quickly (within an hour or two), while I had multiple real buyers chomping at the bit for the coin. I think that if you want something on the BST, and are not going to be available for a while, you should extend the courtesy of an alternate contact means in the interval...or understand that the coin might be sold to the next guy.
Sometimes people will ask you to hold an item. When that happens I will state a specific amount of time (24- 48 hours) that I will hold an item for them.
Authorized dealer for PCGS, PCGS Currency, NGC, NCS, PMG, CAC. Member of the PNG, ANA. Member dealer of CoinPlex and CCE/FACTS as "CH5"
As one who frequently sells coins without photos, I will honor the ready buyer over one who is 'interested, but wants a picture first'....and I try to make that clear up front, that it may take a day and I will sell to someone else in that time period who doesn't require a pic.
Jim
When a man who is honestly mistaken hears the truth, he will either quit being mistaken or cease to be honest....Abraham Lincoln
Patriotism is supporting your country all the time, and your government when it deserves it.....Mark Twain
I am waiting now for an answer where I said I want it....nothing yet..
POB 854
Temecula CA 92593
310-541-7222 office
310-710-2869 cell
www.LSRarecoins.com
Larry@LSRarecoins.com
PCGS Las Vegas June 24-26
Baltimore July 14-17
Chicago August 11-15
<< <i>
<< <i>Imo first to pay is the one that gets it. >>
You want each party who is interested in a coin to send payment, not knowing whether he will end up with it or not?
They will need the info in order to send me payment in the first place. Basically whoever gets it to that point first wins.
Just like walking up to the counter with cash in hand and leaving money at home when visiting a store.
When I've already estlablished a dialogue with "I'm interested" I edit my sell post to mark the item as PENDING until I actually get a commitment. I maintain the "PENDING" status until I actually get paid, then I change it to SOLD or delete the add.
But of course the order in which you read & reply to your PM's is entirely up to you.
POB 854
Temecula CA 92593
310-541-7222 office
310-710-2869 cell
www.LSRarecoins.com
Larry@LSRarecoins.com
PCGS Las Vegas June 24-26
Baltimore July 14-17
Chicago August 11-15
<< <i>
<< <i>
<< <i>Imo first to pay is the one that gets it. >>
You want each party who is interested in a coin to send payment, not knowing whether he will end up with it or not?
They will need the info in order to send me payment in the first place. Basically whoever gets it to that point first wins. >>
So, it's not really the first to pay that counts. But rather, it's whoever is the first to get it to the point of obtaining info (in order to send payment)? It's tricky, isn't it?
<< <i>How do you pay if the seller hasn't given you an address yet ? >>
In my case "I want it" gets a prompt reply saying "It's yours! Send payment to blah blah blah."
A few guys know my PayPal address and they pay me first then send me a PM saying "Hey Dog, I just bought your coin." I'm like, you did???
If I had it my way, stupidity would be painful!
<< <i>Imo first to pay is the one that gets it. >>
Disagree, first one to commit to paying gets it. Can't have two buyers sending money on the same coin.
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I prefer the term, "lock me in" for the price mentioned in my thread. At that point, it's theirs no matter what happens and we both have an obligation. They buyer to pay what the agreed price is and send payment in a timely manner (or what was agreed upon) and the seller to ship the exact items also in a timely manner.
Pretty cut and dry to me. If "Im interested" comes before the guy who said he "wants it", I go with the guy who "wants it", because they have made up their mind and dont want to negotiate. Of course, all jmho and the way I would do it. Doesnt mean it's right or better, but ive never had a problem in doing so.
<< <i>Im interested means they want to negotiate. I want it means, they want it for the price you have mentioned in your thread.
I prefer the term, "lock me in" for the price mentioned in my thread. At that point, it's theirs no matter what happens and we both have an obligation. They buyer to pay what the agreed price is and send payment in a timely manner (or what was agreed upon) and the seller to ship the exact items also in a timely manner.
Pretty cut and dry to me. If "Im interested" comes before the guy who said he "wants it", I go with the guy who "wants it", because they have made up their mind and dont want to negotiate. Of course, all jmho and the way I would do it. Doesnt mean it's right or better, but ive never had a problem in doing so. >>
While I wouldn't do it that way, I feel that your method is as or more "right" than mine, especially if it has served you well.
Have you ever had anyone who said they wanted/would take the coin, later try to negotiate and/or back out? I ask, because my concern would be that some people might use the magic words "I'll take it" as a means of ensuring that they are first in line, but later change their tune.
<< <i>Okay, what if first guy says "I want it" and then never follows thru? Have this going on myself right now...... I assume the PC answer becomes "I haven't received a response to my follow-on emails to you and I have not received payment so I am assuming you no longer want this item, so please use this as confirmation that I will be offering this item to another interested party". >>
Yeah that's aggrevating when a deadbeat puts you in limbo. I at least expect the courtesy of "I'll mail your check tomorrow" or whatever. If you don't get a PayPal in a day or 2 or check/mo in a week, you don't have to be PC, just send them a message saying "Hey, I haven't received your payment yet, you still want your coin?" Smoetimes people forget or the mail is slow. If you get no reply or a negative reply simply relist the thing. If you do receive their money but have sold the coin to a prompt payer, simply refund slowboat's money a.s.a.p. and apologize profusely for the miscommunication.
<< <i>Have you ever had anyone who said they wanted/would take the coin, later try to negotiate and/or back out? I ask, because my concern would be that some people might use the magic words "I'll take it" as a means of ensuring that they are first in line, but later change their tune. >>
Luckily I haven't, but if I did all I would do is post a thread about it and let the Board Lynch Mob tear them to shreds. hahhahaha Don't jack people around on this board!
I've also used it to mean "but would like to know more about it to make sure it fits"....ie, maybe a picture or some additional info.
If someone comes back to me and answers any questions or asks to clarify if that means I will buy it, then I appreciate that if there is any doubt on their part.
If someone goes off and sells it on me, then I will know better than to deal with them because they have no desire to work with someone and it is only about the quick money on their part.
If you don't like hearing the above, sorry, but it is something that can be worked on, if you want to. If you don't want to, that is your right but it is also my right now to deal with you.
I've told more than a few members...."I'm interested"....and, it has ended up with me buying more than a few coins from those members. Great people to work with. They have someone who will absolutely buy from them again, and they know I am right there with ready, and good, funds. Win-win.
Best answer that I saw early on was Coinguy1's answer.
Caveat it for me with.....should get a response in less than 24 hours or else it is fair game to sell to the 2nd person. (Mark uses a similar concept but, depending where someone logs in, and how their work hours go, I would generally give 12-24 hours)
I've been told I tolerate fools poorly...that may explain things if I have a problem with you. Current ebay items - Nothing at the moment
I don't have any hard and fast guidelines when I'm selling something, I try and let the first person who expresses interest in a piece get it, but sometimes queries are vague and people are slow to return an email. If a coin is new and "hot" you want to take advantage of that. I don't ewant to tell someone that I have a hold on a coin, the find out the "interest" is jus that, then you have to go to the next buyer, who will wonder why the first person didn't take it.
It's all very complicated I had a situation develop this weekend on the BST which would take too much time to try to explain here, to cut to the chase I had to tell someone whom I had told they could have a coin that they couldn't because in fact there was an earlier claim on it. I just try to be fair, what else can you do? The OP would know what I'm talking about
A tough predicament with this one, Lance. Seems the guy who wants it is probably more apt to buy it than the guy who's interest is piqued by the presentation of it.
The dilemma is not communicating it with us, but with them.
"1st I'll take it, gets it"
It's pretty simple to do.
I've been told I tolerate fools poorly...that may explain things if I have a problem with you. Current ebay items - Nothing at the moment
EAC 6024
<< <i>It's all very complicated I had a situation develop this weekend on the BST which would take too much time to try to explain here, to cut to the chase I had to tell someone whom I had told they could have a coin that they couldn't because in fact there was an earlier claim on it. I just try to be fair, what else can you do? The OP would know what I'm talking about
You handled it just right, Yellowkid. I was bummed to lose out, being sure I was first in line, but I am big on fairness and trust. I'll wait my turn.
Lance.
Of course I don't know but that is how it appeared to me. I didn't start a thread over it or anything.
--Jerry
<< <i>If the seller has a price on the coin I say I will "Buy It". If the seller has no price I say I am "Interested".
"Buy It" trumps "I'm interested" if the coin is priced.
Ken >>
I totally agree!
I'm interested, to me, means that buyer is going to look for a better deal or try to bargain with the seller.
I don't think you're obligated to wait for him/her to make up their mind.
JMHO.
JT
I collect all 20th century series except gold including those series that ended there.
<< <i>The first firm commitment at a mutually agreed upon price gets it. In the virtual world, especially relying on PMs, who knows when someone will get back to you? It might be five minutes, five hours, or five days. These transactions, IMO, are different than transactions with dealers, in which there is an opportunity to make a phone call and discuss the deal. >>
I guess it just seems to me to be unfair when you're presenting an item for sale, to do anything other than first in first out. It seems to me to be playing the offers against each other for your own gain (if only from a time perspective) -- and that's not someone I would prefer to do business with, to be frank. After all, what's the rush? I can see if the other party doesn't respond in a reasonable amount of time, but still.
Admittedly, I don't sell coins, but in my business I don't negotiate with multiple parties. My first dance partner gets her dance for the whole song, and we agree to part ways or consummate the deal at the end. It builds, in my opinion, a stronger partnership. Perhaps it's that perspective that is blurring my vision on this issue.
Still, many responses here struck me as odd, as I did not expect at all to be in the minority on this one.....Mike
However if someone says can you tell me more or send pics. is where things can get a bit tricky. shows interest but kinda like a tire kicker. as oppose to the top phases that mean basically im in.
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Successful BST transactions with Coinboy and Wondercoin.
<< <i>Wow.....this i a pretty ridiculous thread, how " I'm interested" now means 15 different things now. All I know anytime I recieved an email from Mark Feld of his new inventory as lobg as i replied first it was mine....whether I said..."I want it" or I am interested" it means the same and anyone who thinks that it means anything other than the customer wants the coin is being utterly ridiculous. >>
As I indicated in my post, that is a completely different scenario.
I would also add that it probably depends on the respondent. If TDN indicated possible interest, I would probably give him a bit of leeway. There are some folks here who are, for black of a better word, "flakes", and based on my experience here would not be worth going through the motions with. Somenof them have been blocked from PMing me.
I am not a dealer, selling coins is not my livelihood, and I will do business with whomever it pleases me to do so, even if it is potentially to my detriment.
<< <i>That's a tough one. In that situation, I would send the same message to both parties, letting each of them know what has transpired.
And in it, I would offer the first guy who replied an opportunity to pass or play within a specified time period. I would make that cutoff be the end of the day, or in this case, since it is already in the afternoon, a set time tomorrow morning. At the end of that time period, if he has committed, he owns it. And if not, the second guy owns it, if he is still willing to buy it. I understand that this method could result in the loss of a sale, but it feels like a fair way to handle it. >>
<< <i>Wow.....this i a pretty ridiculous thread, how " I'm interested" now means 15 different things now. All I know anytime I recieved an email from Mark Feld of his new inventory as lobg as i replied first it was mine....whether I said..."I want it" or I am interested" it means the same and anyone who thinks that it means anything other than the customer wants the coin is being utterly ridiculous. >>
Alan, I don't think it's ridiculous, at all.
As has been pointed out in other replies, different people communicate differently. One person might use the expression "I'm interested" to indicate that he wants (or probably wants) to buy the item. But someone else might use it as means of starting price negotiations or payment terms, or asking about a crossover attempt or whatever. The seller can't be sure. So, as a seller, while I choose to give the first person to reply a reasonable amount of time to work something out (and which has probably cost me some sales), I can understand why other sellers might do it differently.
One thing this thread brings up is that it is a good idea to let potential buyers know what your terms are. For example, when I send out my email lists, I include the following "Coins will be placed on hold or sold, based on the order in which requests or orders are received". If I were going to sell to the first person to commit, I might say something like "The first person to commit to buying, by saying 'I'll take it'", owns it".
Mark Feld's high $$ want list customers in good standing might have priority over you average joes but I'm not a dealer or a business and NONE of you have an approval account with me. So with me it's money talks and bs walks but at the same time I want to be considerate & fair and not alienate or piss off anybody that has potential to send me their hard earned $$$.
This was a dealer who I've purchased from in the past (numerous times). It surprised me that he didn't get back to me first. Perhaps I had a limited budget and only could afford 2 of the 4 items. Perhaps I could afford to buy four and would have substituted something else for the already-sold item.
While it struck me as odd that the dealer interpreted "I'm interested" as "I'm buying", I did expect him to hold the available items for me. Had he responded that someone else offered to buy them after he received my email he would have hurt our relationship.
In fact, I was pleased that he sent them. His intent was not to sell them "on approval" (nor have I purchased on approval from him before) but I'm pretty sure that he would have taken them back if something didn't meet my satisfaction.
I mention all of this to suggest that most of the discussion on this thread is held absent context of what the item value is, whether a relationship exists, how significant the sale is in terms of the total business a seller does, etc. Does the seller view this as a one-shot deal or is he/she looking to establish a relationship? (btw, It is clear from Realone's post about Mark Feld that they had a long-term relationship. The expectation of "I'm interested" in this case is reasonable.)
When I say I'm interested it means I'm most likely buying. I might want to clarify condition or terms. I might want to see if the seller prefers a trade or if additional items are available. I know that any issues may need to be resolved quickly; that's simply a matter of respect for the seller. If I know I want an item and I haven't done business with the seller, I am careful to use words like "I want it, can you hold it for me until we clarify..." or more simply "I'll buy it".
These factors make a difference in how I'd respond to the OP's question.
Interesting thread.
In short : Actions speak louder than words. If there's a fumble on the ground in a game, we might see diplomats discussing it on the sidelines or analysts doing their thing in a booth, but the players don't care what we think or say.
I would let the first guy know that there is another buyer and to Please
let you know ASAP if he wants it. If he's kicking tires and asks for a
better price you tell them no thank you and tell the second guy to send
payment. Spending a lot of time with the first guy when the second guy
is ready to go ain't fair to you or him. Rock n Roll with the real buyer.