Discussion- thoughts on "What is your best price?"

Discussion in 'Coin Chat' started by ddddd, Feb 11, 2020.

  1. mynamespat

    mynamespat Well-Known Member

    ...Jewelry Stores, Musical Instruments, antique stores, thrift shops, farmers markets, art galleries, small gun stores, pawn shops, many services have negotiable prices...

    You won't have much luck bartering at big box retailers. At owner-operator establishments bartering is still more commonplace than many people realize.
     
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  3. J.T. Parker

    J.T. Parker Well-Known Member

    As the Brits are fond of saying: 'If you don't ask, You don't get'!
    This discussion reminds me of an elderly lady I once knew. She didn't drive so I 'boy scouted' her to the store for groceries on many occasions. She often embarrassed the heck out of me when she would go up to the store manager and ask him/her, "Are you going to charge a little old lady this much for this (insert item)". Many a time the mgr. was so taken aback, they actually reduced the price!
    If you don't ask, you don't get...Indeed,
    J.T.
     
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  4. Stevearino

    Stevearino Well-Known Member

    Here’s one of the few instances where I do not agree with you, Doug. As others have said, there are many services and stores where the price is negotiable.

    Now, I am not very comfortable dickering with folks. My wife IS and it almost makes me embarrassed. The reason I’m not comfortable is that I grew up in my parents’ little cafe: people didn’t dicker (yes, we had a few hoboes who asked for a meal and they were never turned down). And from the age of
    10 until I left for college I also worked in the drugstore where people never dickered (complained at times, but never dickered).

    So it’s new behavior for me to negotiate. It’s why I ALWAYS ask on eBay if the seller is open to an offer before making an offer.

    Steve
     
    Last edited: Feb 12, 2020
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  5. Publius2

    Publius2 Well-Known Member

    Speaking strictly as a collector/buyer, I don't understand why a seller would be put off by a potential buyer asking "What's your best price?". I think it is unreasonable for a seller to expect the buyer to assume that the listed price is always firm unless the seller has clearly stated that position. After all, except in certain categories, coins are not fungible items like packaged tee shirts in the big-box store. The seller is always free to price his wares in any manner he chooses. The buyer is always free to couch his purchase offer in any way he chooses.

    Again my own opinion, sellers must put up with unreasonable customers, low-ball offers, insincere offers, and unethical/dishonest buyers however annoying those people may be. Seems to me it just goes with the territory of retail trade especially the anonymous market of eBay.

    From my standpoint, though, when I ask a seller for his best price and he gives it to me, the negotiation is done. At that point, I either take it or leave it.

    In other cases, if the buyer has put a visible price on the item and that price is not significantly more than I am willing to pay or than what the coin is "worth", I may make a lower offer that I think is somewhat lower than the maximum amount I would pay and hope the seller is willing to dicker.

    If the seller has not put a price on the coin (and I always interpret this as an invitation to bargain), then I may ask him his asking price (not "best price" but "asking price", there is a difference) or open with an offer of my own.
     
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  6. Alegandron

    Alegandron "ΤΩΙ ΚΡΑΤΙΣΤΩΙ..." ΜΕΓΑΣ ΑΛΕΞΑΝΔΡΟΣ, June 323 BCE

    EVERYTHING is negotiable. However, EVERYTHING has an elasticity when negotiating. You tick-off the Seller, they may NEVER sell it.

    Rather, I approach each transaction with research, and an understanding what I am willing to pay. Otherwise, don't waste your or the Seller's time

    I have been blessed with a career that has taken me on business to many locations and cultures worldwide. I find, many Americans (Yes, I am from the US), feel that if you POST a price, it IS the price. Nope.

    I very much agree with @J.T. Parker 'If you don't ask, You don't get'! (yeah, I lived in the UK, too.)
     
    Last edited: Feb 12, 2020
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  7. Andrew McMenamin

    Andrew McMenamin Nerva You Mind

    I evaluate what similar coins sell for and make a fair offer if the asking price IMHO is to high. Most dealers work with me. I work the same way with buyers, and am ALWAYS respectful - dealers who act otherwise are immature and need to get out of the business. Being a dealer doesn't give you a license to be a jerk - PERIOD. In addition to being a numismatist, I am also an avid gun collector (& gunsmith). Most gun dealers are open to negotiation. So am I. Respect given = respect received.
     
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  8. halfcent1793

    halfcent1793 Well-Known Member

    When buying, I always ask for the dealer's best price. Then I buy or pass. I don't negotiate further.
     
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  9. Lehigh96

    Lehigh96 Toning Enthusiast

    Doug, most retail environments are stores where the people working in the store are simply cashiers who don't have the authority to negotiate prices. In this instance, we are talking about E-Bay sellers who have complete control over their inventory and many E-Bay sellers (myself included) encourage negotiation by listing their coins as BIN or Best Offer.
     
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  10. ddddd

    ddddd Member

    I recognize that there will often be negotiation. What annoys me most are instances like the following examples:

    (Note: none of these have the best offer feature enabled)

    1. Coin is listed at $100
    Buyer: what is your best price?
    Seller: based on recent sales and the market, $100 is a fair price but I can discount it to $90. But that is the lowest I can do.
    Buyer: How about $70?


    2. Coin is listed at $100
    Buyer: what is your best price?
    Seller: based on recent sales and the market, $100 is a fair price but I can discount it to $90. But that is the lowest I can do.
    Buyer: .....(never replies again)

    3. Coin is listed at $100
    Buyer: what is your best price?
    Seller: based on recent sales and the market, $100 is a fair price but I will consider a fair offer
    Buyer: .....(never replies again)
     
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  11. Lehigh96

    Lehigh96 Toning Enthusiast

    As to the central question, I list every coin in my inventory as a BIN or Best Offer. For each coin I determine my auto accept offer price and my auto decline offer price. The percentages of these change from coin to coin and are dependent upon a number of variables including but not limited to: marketplace saturation of that date/mm, my purchased price compared to market price, how many of that date/mm I have in my inventory etc.

    Typically, most buyers simply make an offer, and if that offer is above my auto decline price, I either accept, decline, or counteroffer. For those buyers who send me a message asking me for my "best price" without proffering an offer, I will send them and offer price that is somewhere between my list price and my auto accept price. If they try to counteroffer I will immediately decline and tell them that they asked me for my "best price" which by definition is not negotiable. This is to say that it is entirely possible that if the same buyer had submitted a lower offer without asking me for my best price, they might be able to get a better deal.

    People who routinely ask for your "best price" think that they are doing you and themselves a favor by cutting to the chase and eliminating the negotiation process. I think they are leaving money on the table, which suits me just fine.
     
  12. ddddd

    ddddd Member

    That’s a good way of looking at it.

    I used to have more items on eBay with best offer, but at one point I mostly stopped using it. The big reason was enough people would accept an offer and then never pay. So I’d be forced to wait a few days, open a case, wait at least a few more days for the case to be settled, and only then get my fees back plus be able to relist. Also, if I have some common item, the best offer isn’t really needed as I try to price it below what everyone else has it at. I do still see value in best offer for more unique items.
     
  13. J.T. Parker

    J.T. Parker Well-Known Member

    In my wild and woolly days I use to set up at various Tx flea markets. If you do it for any length of time you get to know many of the repeat vendors.
    There was this one fellow who was known for setting extremely fair prices for his 'collectibles'.
    When a buyer did not approach him 'just so' he always went up on the quoted price or had an even more radical response.
    I recall a lady trying to get him to come off a written price of Roseville™ pottery. (The price he had quoted was 1/2 book at the time.) She insistently kept offering him 50% of HIS already reduced price. He finally took the piece out of her hands and smashed it on the concrete in front of her, saying, 'This is what I think of your offer'!...The look, although not cost effective & drastic, was none-the-less Priceless.
    Sorry for rambling screed.
    Cheers,
    J.T.
     
  14. Lehigh96

    Lehigh96 Toning Enthusiast

    Oh God, what horrible buyers you've had. I thought your previous post where you never heard from them again was bad, but a guy accepting the offer and then refusing to pay is worst case scenario.

    I use the "best offer" feature because it allows me to price my coins a full retail (which some people will pay) and it satisfies the rest of the coin collecting community that full on expects you to come down from your list price. It is really no different than retail stores setting ridiculous tag prices and then offering huge 20%-30%-40%-50% sales.
     
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  15. TypeCoin971793

    TypeCoin971793 Just a random guy on the internet

    This is what I generally do, though I often have a number ready.
     
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  16. ddddd

    ddddd Member

    It hasn’t happened a ton, but it was enough times to be a nuisance. The majority of buyers are fine, but some of the bad ones really leave an impression.

    I do agree that some coins still benefit from having the best offer feature, especially something like toners where there isn’t really a set price.
     
  17. Stevearino

    Stevearino Well-Known Member

    I edited my previous post so I’m commenting on DOUG’s post, not John’s. Although I recall Doug sharing his entire name once and one of them might’ve been John ;) .

    Steve
     
  18. baseball21

    baseball21 Well-Known Member

    There's a small percentage of people that just spam listing after listing with low ball offers seeing if any sellers will bite on the price. They're only interested if they can make money off of it or get an insane deal and a complete waste of time
     
  19. Lehigh96

    Lehigh96 Toning Enthusiast

    A very good reason why the auto decline feature is important to utilize.
     
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  20. hotwheelsearl

    hotwheelsearl Well-Known Member

    I sell musical instruments on eBay.

    Every time I have a bassoon (specifically bassoon) I get INSANE lowballs.

    I'll have the bassoon listed for $750 or $800 and I'll get $100-$150 offers.

    I'll counteroffer with the full price with a comment: please try to be more reasonable.

    To which they often counter back with $5 or $10 just to...what? Waste my time? Show their displeasure? I don't know.

    I set an auto decline on everything now.
     
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  21. ddddd

    ddddd Member

    Agreed. I learned to use it after one of my more amusing negotiations on eBay years ago:
    Coin was around $110
    Buyer offers $50
    I counter at $100
    They counter at $1 (yes one dollar)
    ....I set up auto decline after that:banghead:
     
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