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

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

  1. ddddd

    ddddd Member

    This phrase seems to have been around for a while but I'm noticing more people asking it lately (at least with me).

    What are your thoughts about the "What is your best price?" question on an item that already has a price listed.

    Say you have a coin listed for $100 (on eBay or a forum) and someone asks what is your best price. How do you reply? Do you quote a slightly lower price? Do you ask the person to make their own offer? Do you just ignore the question? Does your answer change depending how much room you have (or how motivated you are to sell)? If your price is firm, do you reinforce that and write something like "price is firm" in the listing?
    Stevearino likes this.
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  3. baseball21

    baseball21 Well-Known Member

    Yes to everything. It depends what the item is, is it rare or is it super common and you'd be happy to not have it anymore? Do you think the buyer is serious or kicking tires (there's some that consistently lower their price even after an offer), is it a random person or someone who you've sold to many times before, whats the price of the item (people trying to get a cheaper price of a dollar or so on cheap items are generally a lot of effort) etc

    I assume this is about eBay and on there the approach itself can mean a lot if they seem like a problem or not. If it's your best price just say so, if they seem like they'd be a nightmare block and ignore it. If they try and undercut you again after the offer block and move on.
    imrich, wxcoin and Stevearino like this.
  4. ace71499

    ace71499 Young Numismatic

    I sell rather often on ebay and similar websites. More than half of my customers always want a deal. I've learned to price my items a bit higher just to deal with this. If the price i have up is literally rock bottom i have no problem telling them that. I won't lose money on an item just to make a sale, but cutting off a dollar or two off my profit is fine i guess.
  5. Derek2200

    Derek2200 Active Member

    I might discount it 5 or 10 pct or not at all. It all depends on what I have in it.

    When they asking that it means you may have lowest priced one and they trying shave down some more. Take a look (do a search) what others selling theirs for.

    I had a guy offer me $150 on a slabbed world coin I had priced at $210 (it’s MV). He said “please don’t reply with counter offer.” I was taken a little back (his take it or pass) but when checked my cost in it / won awhile back at $75, I gladly took it. It had been in inventory for over 18 months and had been considering starting it at $80 auction move it. I had just paid $120 replace a cpap mask I badly needed and wondered well perhaps somebody (spirit guides) looking out for me. After shipping the coin bought $30 bottle of bourbon whiskey as that had run out.
    Last edited: Feb 11, 2020
    Mainebill, Chuck_A, johnyb and 7 others like this.
  6. Pickin and Grinin

    Pickin and Grinin Well-Known Member

    It fully depends on how you priced it. I am not afraid to tell them to take a hike.
    wxcoin and Derek2200 like this.
  7. LRC-Tom

    LRC-Tom Been around the block...

    If it's 10% or so, I'll generally accept it. But sometimes they come in with an offer of 40% back of my listing price. I don't reply, because if I did, it wouldn't be friendly...
  8. masterswimmer

    masterswimmer Well-Known Member

    feebay list price = $100
    Buyer: What's your best price?
    Me: MY best price is $150, why? What's yours?
    Buyer: huh?
  9. Stork

    Stork I deliver Supporter

    Some people expect negotiation, some don't participate.
    longshot likes this.
  10. Collecting Nut

    Collecting Nut Borderline Hoarder

    On the bay I think it's expected. It's yours so sell it for whatever price makes you happy.
    Stevearino likes this.
  11. John Johnson

    John Johnson Well-Known Member

    Some buyers are going to ask that no matter what price you put on an item. They always think they can get it for a lower price. For me, if someone asks that way about an item I have $100 on, I will answer $100 is my best price. I don't have a lot of respect for someone who doesn't have the guts to make a real offer. If I get an actual offer that is lower than my advertised price, I may come down a little bit, but truthfully, when I sell I generally offer items at a fair price and I tend to be firm.
    masterswimmer and Two Dogs like this.
  12. MK Ultra

    MK Ultra Active Member

    I haven't sold anything coin related, yet.

    I've used similar approaches. My experience is that most of the time I'm offered a lower price, sometimes not. I've generally been using completed auctions as a base price. It works best when I'm a repeat buyer, or spending over a couple hundred dollars.

    Saturn didn't negotiate, they're no longer in business.

    Sometimes people pay the higher price, sometimes they don't negotiate well, sometimes they do. I'd imagine the most successful dealers have a mix of customers so that velocity is high.

    I've often heard, "I paid more than that". I'd rather they say no, b/c what they paid has no bearing as the market fluctuates, and I'm sure if they bought the ASEERP for $65, they're not considering that in their price.
  13. ddddd

    ddddd Member

    To add, I’m usually ok with someone negotiating (unless it’s something already priced well below market or something like bullion at/below spot).

    I’m more asking about the people that will see a price and then ask for a better price without making their own offer. From my experiences it appears a lot of those people are just fishing and aren’t serious as many never respond even after being given a better price.

    Going forward, I’ll likely be saying the listed price is the best price (especially for people I haven’t dealt with before).
    MK Ultra likes this.
  14. ddddd

    ddddd Member

    I might have to try that once in a while. :p
    masterswimmer likes this.
  15. ddddd

    ddddd Member

    I agree with that. If someone makes an offer, it can show some research or thinking (not always, but often enough). When I just see the best price question, it usually makes it seem like the buyer just wants you to bid against yourself. Quite a few times, they will still come back and make a lower offer even if the seller gives a lower best price.
    John Johnson likes this.
  16. mynamespat

    mynamespat Missing Hugs and Handshakes

    I agree with John Johnson. Asking "what's your best price" is akin to asking a seller to dicker with themselves. I haven't been asked, but I would probably just echo, "what's your best price" and move on to other things. There's no reason to shut-down a potential sale because a buyer has watched too much Pawn Stars.

    If someone sends me a super lowball offer, I always respond with a reasonable counter offer. I've had people offer ~50% of my ask, then accept my counter at ~90%.
    I don't understand the people who low-ball horribly then refuse to move on their offer price. It just seems like waste of time, but I guess they must have some success with this tactic.
    I almost always allow 'accept best offer' because I find mild amusement in watching bad negotiators flounder.
    TypeCoin971793, Stevearino and ddddd like this.
  17. Libby007

    Libby007 Member

    When I invest in a coin for resale I factor all my cost to establish my "true" cost of the coin at time of sale. After I have that figure I add my reasonable profit percentage and that figure becomes my "Lowest price to accept". I do not factor such factors as: Is it rare? Did I get a great deal on the coin? Mine is the only one on eBay for sale based on condition. etc, etc, etc. Simply put: I bought for $$$ - My total costs to market and sale is??? - My profit is $$$ - ...all add up to my "bottom-line". It works for me.
  18. Stevearino

    Stevearino Supporter! Supporter

    When I buy on eBay and there is a “Best offer” option, I will check completed sales and make a reasonable offer. If my offer might not appear reasonable to the seller I will state the reason(s) for my offering price.

    I have occasionally contacted a seller who has not listed an “offer” option and asked. “Are you open to an offer?” I don’t ask what their best price is. In these cases. If they say no I’ll just move on as I’ve determined the listing price is too high IMO. If the seller replies yes, I will make an offer.

    I don’t see the seller as an adversary, rather someone trying to make a living the same way I did for 50+ years. I aim for a win-win result.

    Recently I’ve contacted some sellers to let them know there is an error in their listing, and consistently get a positive response. I have contacted others asking ridiculously high prices that it appears, IMHO, that they are trying to fleece unsuspecting buyers. Wonder of wonders, those responses aren’t so positive.

  19. GDJMSP

    GDJMSP Numismatist Moderator

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

    Please tell me what store you can go to and ask that question ? Oh sure car dealers, RV dealers, even real estate - you can haggle. But as a general rule if you to a store to buy something, the listed price IS the price. And if you ask someone that question - they'll look at ya like you're crazy !

    I just fail to see why someone selling coins should be any different.
  20. ddddd

    ddddd Member

    All good points! And I think it’s fine to ask if someone will consider an offer (and wait for their reply before making an offer).
  21. ddddd

    ddddd Member

    I don’t know why it’s the case with coins, but it seems to be one of those areas where haggling is expected. With eBay being a big factor, the best offer option can be part of the reason.

    Another area for haggling is flea markets and garage sales. Maybe coins have become considered an extension of those arenas.
    longshot likes this.
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