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Post by ratscabies on Nov 9, 2015 15:37:24 GMT -4
The big thing is if you set a reserve, you pay a fee based on the reserve, even if it doesn't sell.
In a weird twist of bidding fever, you are more likely to incite a bidding war if you start with a low price, whereas a starting price closer to what you hope to get may make people watch instead of bid. The danger is, people like me forget to go back at the end of the auction to bid, and that leads to the possibility of no one bidding. But a low starting bid encourages people to bid early and often.
Lately, I have largely limited my buying to "Buy it Now" listings. Never did like haggling....
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Post by mrspickles on Nov 9, 2015 16:12:05 GMT -4
The big thing is if you set a reserve, you pay a fee based on the reserve, even if it doesn't sell. In a weird twist of bidding fever, you are more likely to incite a bidding war if you start with a low price, whereas a starting price closer to what you hope to get may make people watch instead of bid. The danger is, people like me forget to go back at the end of the auction to bid, and that leads to the possibility of no one bidding. But a low starting bid encourages people to bid early and often. Lately, I have largely limited my buying to "Buy it Now" listings. Never did like haggling.... I am the worst at haggling! Like, I was not allowed to go to Mexico without another adult because I was constantly saying things like "Oh, that's a nice blanket. How much is it? $5.00? That's not enough, here's 10." Also not allowed to consider my sister as the adult chaperon after the time she said "Oh! Can I write a check?" Even I knew that wasn't really smart. I prefer the Buy it Now listings, but I noticed a few 'Reserve not met' items this weekend and I just don't get it. So if the reserve isn't met, does that mean the highest bidder doesn't get the item? |
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Post by ratscabies on Nov 9, 2015 19:30:09 GMT -4
Exactly right, though in practice, the seller will often contact the highest bidder, and let him know the reserve and see if he'll bite. I am unclear on the eBay stance on that.
I had my mixing console listed as a buy it now in July for $6000. I got a few offers (most insulting: a guy in Denmark offered a grand!!), and even tried to accept a couple offers of $5000, but they all fell through. In the end I dismantled the board and am selling it as parts. A guy in Germany found my listing after searching "Completed Listings", and bought the level meters and a leg I had left over for $1100. I have another "Completed listing" searcher in Iceland who is interested in buying the channel strips for about $7000. If I can swing that, I will have made more money parting it out, and have kept a few pieces for myself that I can use.
For perspective, Warner Bros Records bought the console new in 1978 for a mere $135,000. That would be about $510,000 in today's dollars. I bought it in the mid 90s for $18,000. Well, my Dad did, using Mom's life insurance money....
The protection a reserve offers is for someone who is hoping for a bidding war, and so starts with a low price.
I'll stick with high end musical stuff, cuz that's what I see most.
Suppose you find Gramps' 1959 Sunburst Les Paul guitar under Gramma's bed when she moves to the nursing home. You remember seeing one like that on Pawn Stars a while back, and know some idiot in Japan may be willing to pay $750,000 for one of those. But you know from experience that dedicated eBayers are a desperate lot, and guitar collectors add an extra layer of insane to the game. So you start the bidding at $35k. (That's essentially free for one of those guitars, BTW)
If you just leave it at that, you may be stuck sending the guitar to someone for $50-60 grand. A tidy sum, if you get the guitar free from Gramma, but you have potentially LOST $700,000! Don't you feel ripped off???
So you put a reserve on it of, say, $100,000. Still way less than the $750,000 you were hoping for, but enough to buy a year of nursing home for Gramma!
You'll eat the fee on $100k if no one bids, but you will also have a list of potential buyers you can contact afterward, and if you sell it, you will have enough to cover the fee, and still have dough left over.
All of this makes sense when selling high dollar things like Ringo's Beatle drumset from 1965, or Jimmy Page's Les Paul (someday I will tell y'all story of WHY I believe the 1959 Sunburst is the most prized guitar of all time).
If you're selling an old Leica camera, or a 6oz block of Unobtainium, then I question using the reserve option.
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Post by mrspickles on Nov 9, 2015 20:25:18 GMT -4
Exactly right, though in practice, the seller will often contact the highest bidder, and let him know the reserve and see if he'll bite. I am unclear on the eBay stance on that. I had my mixing console listed as a buy it now in July for $6000. I got a few offers (most insulting: a guy in Denmark offered a grand!!), and even tried to accept a couple offers of $5000, but they all fell through. In the end I dismantled the board and am selling it as parts. A guy in Germany found my listing after searching "Completed Listings", and bought the level meters and a leg I had left over for $1100. I have another "Completed listing" searcher in Iceland who is interested in buying the channel strips for about $7000. If I can swing that, I will have made more money parting it out, and have kept a few pieces for myself that I can use. For perspective, Warner Bros Records bought the console new in 1978 for a mere $135,000. That would be about $510,000 in today's dollars. I bought it in the mid 90s for $18,000. Well, my Dad did, using Mom's life insurance money.... The protection a reserve offers is for someone who is hoping for a bidding war, and so starts with a low price. I'll stick with high end musical stuff, cuz that's what I see most. Suppose you find Gramps' 1959 Sunburst Les Paul guitar under Gramma's bed when she moves to the nursing home. You remember seeing one like that on Pawn Stars a while back, and know some idiot in Japan may be willing to pay $750,000 for one of those. But you know from experience that dedicated eBayers are a desperate lot, and guitar collectors add an extra layer of insane to the game. So you start the bidding at $35k. (That's essentially free for one of those guitars, BTW) If you just leave it at that, you may be stuck sending the guitar to someone for $50-60 grand. A tidy sum, if you get the guitar free from Gramma, but you have potentially LOST $700,000! Don't you feel ripped off??? So you put a reserve on it of, say, $100,000. Still way less than the $750,000 you were hoping for, but enough to buy a year of nursing home for Gramma! You'll eat the fee on $100k if no one bids, but you will also have a list of potential buyers you can contact afterward, and if you sell it, you will have enough to cover the fee, and still have dough left over. All of this makes sense when selling high dollar things like Ringo's Beatle drumset from 1965, or Jimmy Page's Les Paul (someday I will tell y'all story of WHY I believe the 1959 Sunburst is the most prized guitar of all time). If you're selling an old Leica camera, or a 6oz block of Unobtainium, then I question using the reserve option. Thank you so much for the explanation!! |
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Post by famvir on Nov 17, 2015 11:51:59 GMT -4
Rats, I remember your console story from this summer, a missing manual or something? And you thought you'd find it in you studio space when you dismantled the console. So did you find it?
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Post by ratscabies on Nov 17, 2015 17:15:24 GMT -4
Actually, my buddy Kip found it! I had to leave for work, and l told everyone I had everything I needed, and the rest could go in the dumpster.
While we were driving, I got a call. Kip was about to toss the box my computer came in, but it felt too heavy to be empty. When he looked inside, there was the manual. I had put it in the box when I took it to store at the studio, and forgot to get it out when I got there. DOH!
At least he found it before I dropped 600 bucks on a replacement copy!
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Post by famvir on Nov 17, 2015 17:19:15 GMT -4
Excellent! Way to go Kip!
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Post by batmom on Nov 25, 2015 12:29:48 GMT -4
More of a Craigslist thing, but we had to get new winter tires for our new car so opted to sell the others on Craigslist. We offer them for $200. On Monday guy offers us $140 to pick up Thursday. Another guy inquires about them last night, comes out, and buys them for the full price. Guy number 1 is mad when Batguy tells him, saying "I thought you were going to hold them!" Really? Even if you were going to be paying full price, everyone who sells on Craigslist knows that you go with the buyer you have, not the buyer who may come by later.
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Post by chonies on Nov 27, 2015 18:03:18 GMT -4
That's for sure. And this is nothing new--i had the same problem 11 years ago during a moving sale.
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Post by ratscabies on Sept 10, 2016 0:20:49 GMT -4
eBay horror story:
My friend Kip (he of the console manual uncovering mentioned upthread) had been running some auctions of some more of my studio gear for me.
One of the things he was selling for me was a guitar amplifier that is somewhat sought after by guys who like to modify them and tweak the sound by swapping or adding components to the inner workings. Due to this small cult like status, this amp should sell for around $500.
We listed it in June, and it sold for $300, but the winner never paid. After an appropriate time we re-listed it. The 2nd time it sold for $450. This guy paid, and Kip sent the amp.
A week later, he demands a refund, and starts a complaint with ebay, saying it was packed badly and was destroyed. Screwed up the possibility of filing a damage claim by saying the pack was sub-standard, and when asked how he knew it was destroyed, claimed to be an amp tech, and had personally owned and repaired 10 of these amps.
Kip recommends just walking away from it, because the cost to ship it back was possibly more than the hassle was worth, but I told him I would pay for return shipping because I suspect the guy is pulling a scam to get a free amp that he can fix for himself, and, besides, fuck him!
So, eBay does it's dispute thing, and decides the buyer wins, refunds his money, tells Kip they are keeping all the eBay and Paypal fees, and then tells the buyer he doesn't need to send back the amp!
I paid $200 to have it rebuilt before we sold it (my partner started reading websites about modding amps, and after he finished screwing his up, moved on to one of mine), and at the very least I wanted to try to sell it again to at least break even on the thing.
Words cannot express how pissed off at eBay I am right now.
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