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<p>[QUOTE=&quot;Morgandude11, post: 2362367, member: 37839&quot;]I am sure that this has come up before, but wanted to start a thread on the negotiation process for getting coins that are &quot;Buy it Nows,&quot; and &quot;Best Offer&quot; situations, on eBay, Heritage, David Lawrence, and a number of other popular sites.&nbsp; The process differs, but the basic principles are remarkably similar.&nbsp; This came up on a Morgan dollar post, and I figured that I wanted to invite anybody who wished to put their &quot;two cents&quot; into how they acquired coins by negotiating.</p><p><br /></p><p>1.Know the fair market value of the coin(FMV).&nbsp; This can be obtained in a number of ways--from the greysheet, from previous sales at reputable auctions, and to a lesser degree, from price guides (they tend to be high retail, but offer a high ballpark).</p><p>2.Know the coin.&nbsp; It helps to have experience in knowing the details of the series, and what is or isn&#039;t desirable.&nbsp; When dealing with specialty and toned coins, that is particularly important, as rules go out the window, sometimes, and so do prices.&nbsp; Examples of this can be, but are not limited to:&nbsp; Key dates in demand, Prooflike Morgans, Toned Coins, DMPL Morgans, varieties, errors, Vams, etc.&nbsp; Know your coins, and read about them.</p><p>3.Learn to recognize nice coins from photographs.&nbsp; 80-90% of auction or best offer purchases are for sight-unseen coins.&nbsp; If you&#039;re buying from a show or coin shop, that isn&#039;t an issue--knowing the dealer markup, and if the coin is raw, knowing how to grade is crucial.</p><p>4. If you are going to bargain, have your resources in front of you.&nbsp; For example, know what PCGS Price guide says, and have it open on your computer or phone.&nbsp; Same goes if you are a greysheet subscriber.&nbsp; Join Heritage and David Lawrence, and other auction firms so that you can see previous reasonable sales.&nbsp; Having ammunition makes it possible to say:&nbsp; &quot;Hey guy, do you know that the greysheet retail on your coin is $175, and you are asking $275.&nbsp; Is there any possibility that you can do better?&nbsp;&nbsp; When I make an offer, it always includes a message to the seller as to my intent to a) be serious and buy the coin if my offer is accepted b) shows that I know the FMV of the coin, and c) know that his price is unrealistic.</p><p>5. Lowballs---some folks love to smoke out true asking price by lowballing as an initial offer.&nbsp; I don&#039;t do so, as I think that it discourages many sales, and closes the door to further negotiation.&nbsp; Others like to offer a really low bid to elicit a counter to see if there is significant negotiability.&nbsp; That depends on being polite, civil, and keeping the door open.&nbsp; Remember, you could just as easily be a seller, rather than a buyer.&nbsp; While it is business to negotiate, always do it in good faith.&nbsp; I personally DO NOT like lowballs, having been on both ends, but whatever you do, offer sincerely,&nbsp; and politely.&nbsp; Respect the other person&#039;s point of view.</p><p>6.&nbsp; The crucial part of any negotiation is the counteroffer.&nbsp; If a transaction has gotten as far as the counteroffer, it is fairly likely that a deal may be consummated.&nbsp; Consider how much you want the coin, and what previous sales are.&nbsp;&nbsp; Is the coin unique, or extremely attractive, so as to command more than the normal sales price?&nbsp;&nbsp; This is the point where real skill is needed--you attempt to find a comfortable place for the meeting of the minds.&nbsp; Remember, that if it is a reputable dealer, you want to do repeat business.&nbsp; Victory on one purchase should NEVER replace a relationship with a good dealer who wants to be fair to his/her customers.</p><p>7. if negotiations show that the seller is &quot;emotionally or financially invested in the coin,&quot; read that as minimum negotiability, decide if you want to be emotionally invested in the coin.&nbsp; Decide if it&nbsp; is worth paying more than you desire to do so, or that you have planned.&nbsp;&nbsp; This is key in high ticket coins--many dealers do not have much &quot;wiggle room,&quot; as they may have paid well for the coin, and have a lot invested in it.&nbsp;&nbsp; Once again, polite messages in the offer (most &quot;best offer&quot; situations allow for messages) go a long way to establishing a relationship.</p><p>8. Sometimes, it is in one&#039;s interest to contact the seller, and make a sincere offer on a coin listed without a &quot;best offer&quot; situation.&nbsp; Often, a coin may be sitting around, and a seller would be happy to entertain an educated, intelligent, fair offer.&nbsp; I&#039;ve done this very often with positive results.</p><p><br /></p><p>Okay, please feel free to post your tips and strategies for managing making offers on coins.&nbsp; Negotiating is a two-way process;&nbsp; one wants it too be a &quot;win-win&quot; for both the buyer and the seller.[/QUOTE]</p><p><br /></p>

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