Dealers who buy from the public...how do you overcome unreasonable expectations and...

Whether you're buying from the unknowledgeable public, or even someone who is a 'coin person', how do you overcome those people who fall into the category of thinking that dealers should pay retail, or those who are aggressively shopping their stuff around, or who expect you to pay prices which would require you to sell above retail to make even 5 or 10%? Or what about the unwashed public who saw a video online and thinks their coin is worth $10,000 because it's really, really old? And how do you overcome the attitude problems/confrontational personalities that come with some of those people when they don't like your offer, or even when you simply turn them down?

 

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Gee, it seems that we have plenty of people on these forums who are just like that!

 

Got's a thick skin when it comes to collecting.......

 

Every situation is different. I think a good place to start, is to try to put yourself in the other person's shoes, and understand where they are coming from. (not a dealer, just a physician who deals with people's misconceptions about diseases and treatments on a daily basis. not too dissimilar from the scenarios in the o.p.)

 

I was in my dealers place when a young lady brought in a silver eagle in one of the fancy TV program slabs. She had inherited the piece and was confident it was worth hundreds. I watched my dealer gently talk her into reality. She left with her ASE, head hung low. As soon as she was out the door he looked at me and said how much he hated having to let people down like that..... Being in a customer service field myself, I can see the difficulty in the situation. Particularly if you have a heart. And I am betting there is no “one size fits all” answer.

 

I agree, "expectation management" and establishing an environment of trust are key.

 

easy solution..
tell them to go elsewhere

 

Dang, youse up late Frank.........

 

Why do you make assumptions that buyers are unreasonable when they make a 5 figure bid based on average TPG, Cac, and 10% reduced eBay sales values, being told their price is improper?

You may ask any price you want, and many as myself will just say OK, and explain no irritation intended, just using best authoritative resources available to establish a mutually fair exchange value, as a seller may also.

Our state has gone that extra step to see that individuals claiming to have the privileged status of "Dealer" are registered after paying a bond, being responsible, meeting credible standards for declarations of quality, pricing, tax collection/payment. If honest, their efforts are virtually never challenged as dealers in past trials.

JMHO

 

I would try to gently explain that most coins were very common, even though they can be quite old, (let's think about a 1905 Indian Cent, for example). And then I might pull out a price guide. And if they are still skeptical, I would invite them to get offers from other dealers.

 

I've seen dealers offer to sell them the same coins at a lower price.

 

My local coin dealer has the best response. Big friendly smile and says, "You have grandkids? It will make a nice gift. It's not for me, but hey, thanks for coming in!"

Quick, friendly, and firmly closes the door on buying it. Plus, it encourages the furthering of the hobby to a future generation.

 

The fellow who runs the coin shop I visit frequently gets these situations often. He puts eBay up on his computer screen, lets the customer see the screen and looks up each coin (in the sold area) to show the person what the item has been selling for on eBay. He tells the person about the expenses for getting that selling price and then makes a fair offer. This strategy usually gets the person with sky high expectations back to reality.

 

Very well explained GDJMSP. Thank you.

 

I don't think you have to overcome the people that are bothering you. After all, it's not like you have to convince them of anything unless you really want to buy their product. I do think you have to remember that as a coin dealer you are in retail trade with all that entails. Now, your retail trade is somewhat different than that of the guy running the corner convenience store since some of your product for sale may or does come from your customers.

I think a polite education is appropriate for some (as outlined in some posts above) particularly if you are interested in buying their product. If time does not permit or you are not interested in their product then a polite "not interested" is appropriate and all that is necessary. I do recommend unfailing courtesy even in the face of rudeness.

Of course, if someone comes over the counter at you, then all bets are off!

 

TLDR: Often unreasonable expectations stem from misunderstanding/misinformation, so correcting this with an explanation can help a lot.

At our shop, we tend to focus on explaining why a coin is valuable. For example, if a customer came in with a common date morgan that has been cleaned and expected $100, I would first ask where they came up with that number. Many say "well its old" or "etsy has it listed for $2200." It is important to address these, starting with explaining that old coins are not necessarily valuable. Rather, what makes a coin valuable is supply and demand. I then explain how the condition would make it more difficult for me to sell that coin. Sometimes I even pull up a similar coin that has sold on ebay, and then explain the fees ebay takes.

 

I gently try to let them in on reality. I don't want to hurt their feelings but I must be honest with them.

 

And then there's the other side of the coin: dealers who offer next to nothing for US coins hoping to quintiple their money.