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 Replies: 9 / Views: 2,044 |
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Pillar of the Community
United States
3843 Posts |
When you go into a local coin shop or submit an offer to a seller online which negotiating tactics have you found to be most successful?
Personally I've usually ask to examine the item and then I ask for a best price on the particular item(s). Once the seller names his price I then either purchase at the new price or respectfully decline. I never counter a best price, its bad etiquette. Occasionally when I know what other shops are asking for similar items I'll ask if they can beat the other shop owner's price. If the seller has a price on the item already I usually don't attempt to negotiate on items that I feel are overpriced by more than 20%. I just pass. Additionally I tell them that I'm paying cash since credit card transaction fees can sometimes make the difference between a sale and no sale.
Do you have preferred negotiating tactics that you have found to be effective? If so please share them.
Have you found more aggressive negotiating tactics to be effective?
Have you found that offering to purchase items in bulk to be effective?
Have you found that letting the seller know what you collect and giving them your contact info gets you better pricing since they can purchase with a buyer already in mind? (Never used this one)
Does the venue you are in matter? Do you negotiate harder at pawn shops and gold buyers since they likely have higher margins, i.e more room to negotiate, than your local coin dealer?
Thanks,
Joe2007 Edited by Joe2007
12/20/2015 11:27 pm
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Bedrock of the Community
United States
20753 Posts |
For me it's basically simple. I sort of know the prices of coins I'm looking for. When I see one, regardless of any price shown, I say what is your real price? IF it is not what I want to hear, I just say thanks and walk away.
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Pillar of the Community
United States
711 Posts |
Since nothing is really prepriced, I ask lots of questions when I hit the LCS.
Always looking for a bargain. I always walk in with cash and like to buy something regularly. He knows this and I make sure he knows this. I only deal with the owner, not his wife.
Often I start out asking about something of lower interest, but acceptable. I find when I keep asking for prices, I get a better deal later in the process than earlier.
So say I like collecting junk silver, especially type coins, as well as common low premium pre 33 gold.
I'll go in and ask where he is on American Silver Eagles. He will be $2 - $5 over spot. I'll then ask for Maples, he won't have any. Then I'll ask about Libertads and generics. Keep on fishing for that low price. If I get a low price, I take it.
Then I'll start asking about proof coins. I need certain years still (2011 and 2012 silver proof sets and then most pre 1960). Migrate into Ikes. He really doesn't have any local outlet for Ikes it seems as he has often had them bundled up to wholesale to another dealer when I look at them. Tough to pass up Ikes when they are real cheap.
Then I'll ask about the junk silver and the pre 33 gold I am really interested in.
At some point he will have a price that is significantly better than the others, or a coin that stands out more so than the rest at a reasonable price. Rarely have I walked out empty handed. Rarely have I walked in with a specific want list. I just have a generalized idea of what I like to collect and take what the defense gives me so to speak.
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Pillar of the Community
United Kingdom
2624 Posts |
I am similar to you Joe in that I am not really prepared to wrangle to the extent of rudeness like some cultures do.
At a fair recently I tried several different tactics.
The first stall I stopped at I had a list of items I wanted in my hand, I gave it to the guy and said have you got anything on this list. One by one he pulled items out, I asked his best price on each, some I gave back to him and some I said "lets keep this to one side" After selecting 4-5 items I had the total he had quoted me in my head and I offered up slightly less for the batch. The "bulk deal" method.
Second stall I was offered a banknote somewhat better and much more expensive that I had wanted. It was priced at £280. I asked for the best price and was quoted £230. I said I like the note but had only budgeted £200 and if I could take it for that then we would have a deal. After some grumbling and looking up the cost in his inventory this was accepted.
I did a couple of "I am at £150 and you are at £200, lets meet in the middle..." speaches, some worked and some didn't.
I have been on both sides of such negotiations, it is worth being brave sometimes but I think you have to pick your battles. Any item under £50 I would just take it or leave it on receiving their first price. If you are rude or aggressive then the person will not want to do you any favours so it pays to try and say whatever it is you want to say in a charming and gentle way. Also remember the person selling is trying to earn a living so you cannot expect to buy the item for half what it is worth.
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Rest in Peace
United States
18456 Posts |
I go to local coin shows often. I'll ask a dealer to see a certain coin or coins pre priced. I will give them a lookover with my mag. If I like the coins I will ask what's the best you can do. every time without fail he they would discount the total price by at least 20%. while some dealers who know me ,I would not have to say anything , after viewing the coins I'll simply say I'll take these and they will automatically discount the price.
so get in good with your favorite dealer. At the end of every deal always say thank you, and always be polite to them. It will be in your best interest .
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Pillar of the Community
Canada
4227 Posts |
Quote:
I go to local coin shows often. I'll ask a dealer to see a certain coin or coins pre priced. I will give them a lookover with my mag. If I like the coins I will ask what's the best you can do. every time without fail he they would discount the total price by at least 20%. while some dealers who know me ,I would not have to say anything , after viewing the coins I'll simply say I'll take these and they will automatically discount the price. This. |
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Pillar of the Community
United States
1316 Posts |
My best advice is to build rapport and to be knowledgable. I've always done my best when I'm cool and friendly and get the dealer to that point as well. Not always easy and there can certainly be a lot of uptight senility. But most will warm up eventually. If there is something special that catches my eye, I'll do what I can to kill time to a point where the dealer has the time give me attention and I can chat with them for a few minutes. If its just a commoditized coin and the dealer isn't in the mood to be attentive, I'll just move on.
Knowledge is key too. I've long learned that simply debating numbers only gets one so far. Be able to understand his position, know one's own position, and know the coin itself such as actual rarity and eye appeal.
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Moderator
 United States
188770 Posts |
I tend to be passive and not say too much. Often I am given a price while I am looking at a coin. I jump if I like the coin and the price is right, but if the price is high I quietly take my time. Either I get a more acceptable price or hand the coin back (which may or may not get the more acceptable price as well). I really do not like to verbally haggle; I know both parties need to be happy with the deal.
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Bedrock of the Community
United States
20753 Posts |
I go to lots of coin shows. I've got to know many dealers fairly well. Most of them have told me they jack up their prices by at least 15 to 25%. One dealer tells me he always tells customers he is willing to drop his prices by 20%. However, he is one that has already raised his prices by 25%. If you don't haggle prices, you loose.
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Valued Member
United States
337 Posts |
I offer a little off on ebay, but only if best offer is there I also sell, and when I get a ridiculous offer I feel it a waste of time to counter. Someone wanting something off, that is fine, but not $20 for something listed a $60. One thing that works is to bundle, offer on several at once. |
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Replies: 9 / Views: 2,044 |
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Posted 12/21/2015 01:33 am
