Just what constitutes a fair price for unique items? It really boils down to gut instinct and willingness to pay.
If you've read this blog for a while, you've probably noticed that different people's idea of a good deal varies wildly. I'm notoriously cheap; I always laugh about the "great finds" that people post to Reddit, such as the recent $5 moon landing headline newspaper that was clearly a reproduction post. Perhaps that wasn't the best example; authentic moon landing papers, despite me never having seen them, are supposedly quite common (a quick eBay search confirms this). My point is that the buyer thought it was a unique item and that $5 was a great deal; he or she was willing to pay $5.
My willingness to pay is determined by a few factors, most importantly condition. If an item is heavily scratched or otherwise damaged I won't pay more than a few dollars. If it's simply dirty I may be willing to pay a little more (dirt can be cleaned, after all) but cleanliness is a good bargaining point. Mention the "bad condition" (the dirt) to try to knock the seller down by a few dollars. However, dirt that may harm the item's functionality (such as dirty electronics) will decrease my willingness to pay.
Another factor affecting my willingness to pay is whether I have a use for the item. I buy some items on a whim because I think they look good or may prove useful in the future. If I don't have a specific use in mind for an item I won't spend much on it because it will likely end up being sold at my own garage sale in a year anyway. On the other hand, if the item is something I've been looking to purchase because I actually need it I may spend a few dollars more than I normally would.
Finally, gut instinct takes an important part in all my garage sale purchasing decisions. Over my years of garage saling, I've obtained a pretty good sense of what is a good deal and what isn't, not to say I don't make mistakes. I can now judge fairly well whether an item is of any value or use to me, and, perhaps more importantly, if the item will continue to be of use to me in the future.
Showing posts with label Advanced Bargaining. Show all posts
Showing posts with label Advanced Bargaining. Show all posts
Friday, March 30, 2012
Tuesday, March 27, 2012
Uncommon or Unique Items, Part 2
As I mentioned in my introduction on the 23rd, good bargaining skills are required for those rare garage sale items. It's a careful balancing act of ensuring you purchase an item you will probably never see at a sale again and still getting a good deal.
The most important factor in these situations is sizing up your seller. As I've mentioned before, profiling your seller and simply waiting to see how receptive the seller is to other buyers' bargaining attempts are both simple. However, note that some sellers aren't as receptive to some buyers' bargaining as they are to others'. I watched one seller go from $5 to $0.10 on a piece of jewelry for someone else and then refuse to go from $0.50 to $0.25 on a book for me.
Offending your seller is the worst thing you can do in this situation. If he or she doesn't want to sell it to you, you will possibly literally never get the item. Do everything you can to get and stay on the seller's good side. Bargain well but don't be rude. For whatever reason, people seem to take what I would consider offensively low offers much better if you smile when making the offer. If you desperately want the item, I suggest simply asking the seller for his or her starting price. I do occasionally insult sellers with lowball initial offers and, once or twice, I managed to get the seller to not sell me the item for any price. Even if he or she chooses to acknowledge you after being insulted, the seller may be unwilling to offer you as good a deal as you would have gotten otherwise.
Another way to profile a seller is to inquire about prices for items in which you have no interest. Say, for example, there's an LCD computer monitor (not especially uncommon but it's a good example for this technique) you're interested in but for which you're unwilling to spend more than $5. The seller, unfortunately, is of a demographic known to expect exorbitant prices for anything tech-related. (By this I mean old people; please don't be offended, readers. You have no idea how many older couples I've seen listing their late '80s or early '90s CRT monitors for $20 or even $40. Goodwill won't even take those now.) If you suspect a high price and a sensitive seller, inquire about other items you fear may be expensive and base your decision to make an offer based on the seller's response.
So ends Part 2, my discussion of various bargaining techniques for unique items. Part 3 will discuss deciding what's a fair price for these items.
The most important factor in these situations is sizing up your seller. As I've mentioned before, profiling your seller and simply waiting to see how receptive the seller is to other buyers' bargaining attempts are both simple. However, note that some sellers aren't as receptive to some buyers' bargaining as they are to others'. I watched one seller go from $5 to $0.10 on a piece of jewelry for someone else and then refuse to go from $0.50 to $0.25 on a book for me.
Offending your seller is the worst thing you can do in this situation. If he or she doesn't want to sell it to you, you will possibly literally never get the item. Do everything you can to get and stay on the seller's good side. Bargain well but don't be rude. For whatever reason, people seem to take what I would consider offensively low offers much better if you smile when making the offer. If you desperately want the item, I suggest simply asking the seller for his or her starting price. I do occasionally insult sellers with lowball initial offers and, once or twice, I managed to get the seller to not sell me the item for any price. Even if he or she chooses to acknowledge you after being insulted, the seller may be unwilling to offer you as good a deal as you would have gotten otherwise.
Another way to profile a seller is to inquire about prices for items in which you have no interest. Say, for example, there's an LCD computer monitor (not especially uncommon but it's a good example for this technique) you're interested in but for which you're unwilling to spend more than $5. The seller, unfortunately, is of a demographic known to expect exorbitant prices for anything tech-related. (By this I mean old people; please don't be offended, readers. You have no idea how many older couples I've seen listing their late '80s or early '90s CRT monitors for $20 or even $40. Goodwill won't even take those now.) If you suspect a high price and a sensitive seller, inquire about other items you fear may be expensive and base your decision to make an offer based on the seller's response.
So ends Part 2, my discussion of various bargaining techniques for unique items. Part 3 will discuss deciding what's a fair price for these items.
Friday, March 23, 2012
Uncommon or Unique Items, Part 1
Sometimes you do come across items that are unique or rare to find at garage sales. Negotiating these items is more difficult because you may never see an identical -- or even similar -- item again.
Before I continue, I should clarify what I mean by "unique." In this context, I mean items that haven't been mass-produced in the last few decades and you can't easily find on eBay. If an item is uncommon enough to be considered unique, you will probably never see it at a garage sale again. This is a good example of a unique item:
Note that my idea of unique changes as I go to more sales. For example, last September I saw a second production run copy of Scrabble (the first run was done by hand under the name of Criss-Crosswords and was limited to a few hundred copies, I believe). Having never seen one before, I assumed it was rare but I knew there was no market so I didn't buy it. Since then, I've seen an identical copy every weekend I've gone saling.
I suggest you don't buy unique items with intent to resell them. For one thing, you have no idea if the items are sought by collectors. Even if collectors want them, you have no idea if the items are worth anything. Just because people on eBay collect them; it doesn't mean they are worth anything. Many collectible items on eBay sell for $10 or less. Even if the item is "worth" something, you have no idea how easy it is to find a buyer. If the market consists of all of twenty people in the United States, it's pretty hard to track down one of these twenty people and negotiate a deal. Remember, an item is worthless no matter its supposed value if you cannot find a buyer.
Well, I meant to start discussing bargaining for uncommon items in this post, but it's actually pretty long already. I guess I will start with that next week.
Before I continue, I should clarify what I mean by "unique." In this context, I mean items that haven't been mass-produced in the last few decades and you can't easily find on eBay. If an item is uncommon enough to be considered unique, you will probably never see it at a garage sale again. This is a good example of a unique item:
Yes, that is Gandhi. Yes, I did get him at a garage sale. I love the stripes.
Note that my idea of unique changes as I go to more sales. For example, last September I saw a second production run copy of Scrabble (the first run was done by hand under the name of Criss-Crosswords and was limited to a few hundred copies, I believe). Having never seen one before, I assumed it was rare but I knew there was no market so I didn't buy it. Since then, I've seen an identical copy every weekend I've gone saling.
I suggest you don't buy unique items with intent to resell them. For one thing, you have no idea if the items are sought by collectors. Even if collectors want them, you have no idea if the items are worth anything. Just because people on eBay collect them; it doesn't mean they are worth anything. Many collectible items on eBay sell for $10 or less. Even if the item is "worth" something, you have no idea how easy it is to find a buyer. If the market consists of all of twenty people in the United States, it's pretty hard to track down one of these twenty people and negotiate a deal. Remember, an item is worthless no matter its supposed value if you cannot find a buyer.
Well, I meant to start discussing bargaining for uncommon items in this post, but it's actually pretty long already. I guess I will start with that next week.
Thursday, March 8, 2012
You Can Always Try Coming Back
Sometimes there's an item you're interested in but the seller, despite you using all the bargaining techniques we've discussed, is unwilling to let it go at a decent price. In these situations, you can just let it go. If cost-benefit analysis says the item isn't worth the seller's price, forget about it. You can always come back later in the day.
I purchased my newest set of Nerf guns on February 11th using this technique. The kid wanted $14 for the two, more than I was willing to pay. I came back at 11:30 on my way home, when the family was putting their stuff away. They realized they needed to get rid of the item more than they wanted the money so I got the guns for $6.
I like this technique because it gives the sellers time to reconsider the dilemma I mentioned above: which is more valuable: the money or getting rid of the stuff. In regards to the Nerf guns, I knew from having my own garage sales that buyers are unwilling to pay more than $1 or $2 per gun so I was pretty sure they would still have the guns late in the day.
Waiting until later in the day is not necessary; the buyer only needs the time to reconsider I mentioned above. One of my friends purchased a music device (I think it may have been a multitrack recording device but I may be wrong; I don't know these things) for half the seller's price by leaving, turning around two minutes later, and making the same offer they had refused earlier.
Really, you don't even have to get in the car. The seller of the LED lamp I purchased January 28th initially refused my offer of $0.25 so I walked over the neighbor's sale (it was a multifamily sale). On the way back to the car, I offered a quarter again and she accepted. All the seller needs is a little time to realize that they'd rather have the guarantee of the money and the item being gone rather than risk the item not selling.
When you think about it, this technique is really just an extended variation of the Put Down/Walk Away.
I purchased my newest set of Nerf guns on February 11th using this technique. The kid wanted $14 for the two, more than I was willing to pay. I came back at 11:30 on my way home, when the family was putting their stuff away. They realized they needed to get rid of the item more than they wanted the money so I got the guns for $6.
I like this technique because it gives the sellers time to reconsider the dilemma I mentioned above: which is more valuable: the money or getting rid of the stuff. In regards to the Nerf guns, I knew from having my own garage sales that buyers are unwilling to pay more than $1 or $2 per gun so I was pretty sure they would still have the guns late in the day.
Waiting until later in the day is not necessary; the buyer only needs the time to reconsider I mentioned above. One of my friends purchased a music device (I think it may have been a multitrack recording device but I may be wrong; I don't know these things) for half the seller's price by leaving, turning around two minutes later, and making the same offer they had refused earlier.
Really, you don't even have to get in the car. The seller of the LED lamp I purchased January 28th initially refused my offer of $0.25 so I walked over the neighbor's sale (it was a multifamily sale). On the way back to the car, I offered a quarter again and she accepted. All the seller needs is a little time to realize that they'd rather have the guarantee of the money and the item being gone rather than risk the item not selling.
When you think about it, this technique is really just an extended variation of the Put Down/Walk Away.
Monday, January 9, 2012
The Put Down/Walk Away
The Put Down/Walk Away, for lack of better name, is a technique I use when I assume a seller's initial price is too high. After garage saling for a while, you will get a feel of when an item's price will be too high. Easy ways to tell are to simply listen for when others ask the seller how much the item costs or to look at other, marked prices.
This technique can be risky in that you allow other buyers the potential to take the item you intend to buy. I suggest you try this technique only when there are no people nearby who you don't know. I also suggest telling your partner(s) what you are doing before you do it.
This technique is intended to make the seller believe his or her price is absurdly high, whether it is or not. All you have to do is ask the seller the item's price; when he or she does so look at him or her and quickly put the item down and walk away. If the seller wants to get rid of the item more than he or she wants to get money for the item, he or she will then make you a better offer. All you are doing is trying to force the seller to name a price twice in a row.
I have found this technique works maybe fifty percent of the time. When it does work I would say it takes fifty percent off the seller's price.
The good thing about this technique is that you do not hurt negotiations as long as no one else grabs the item when you walk away. If you still want the item after the seller hasn't fallen for the trick, simply walk over, grab it, and begin bargaining as usual.
This technique can be risky in that you allow other buyers the potential to take the item you intend to buy. I suggest you try this technique only when there are no people nearby who you don't know. I also suggest telling your partner(s) what you are doing before you do it.
This technique is intended to make the seller believe his or her price is absurdly high, whether it is or not. All you have to do is ask the seller the item's price; when he or she does so look at him or her and quickly put the item down and walk away. If the seller wants to get rid of the item more than he or she wants to get money for the item, he or she will then make you a better offer. All you are doing is trying to force the seller to name a price twice in a row.
I have found this technique works maybe fifty percent of the time. When it does work I would say it takes fifty percent off the seller's price.
The good thing about this technique is that you do not hurt negotiations as long as no one else grabs the item when you walk away. If you still want the item after the seller hasn't fallen for the trick, simply walk over, grab it, and begin bargaining as usual.
Monday, January 2, 2012
Aggressive Bargaining Part 2, Continued
I'm finishing up my discussion from last time with one special instance that can be rather tricky to navigate
Let's say, based on what I discussed in my last post, that you decide to ask the seller for his or her price. He or she then tells you to name your price. What do you do?
There are two ways to negotiate this situation. The first option is to just offer an extreme lowball but you run the risk of offending your seller. If I'm afraid of offending the seller, I typically try the other option: an escape statement such as "Oh, I really have no idea how much this is worth; how much were you hoping for?" From the price the seller names I will then begin bargaining
In a situation in which I am forced to make an offer against my will I almost always make an extreme lowball -- usually twenty-five cents or less. If I do offend the seller, I just point out that they told me to name my price and hopefully bargaining will continue from there. The only time I try the escape option is when I am interested in a fairly valuable item that I suspect the seller knows is valuable as well.
Let's say, based on what I discussed in my last post, that you decide to ask the seller for his or her price. He or she then tells you to name your price. What do you do?
There are two ways to negotiate this situation. The first option is to just offer an extreme lowball but you run the risk of offending your seller. If I'm afraid of offending the seller, I typically try the other option: an escape statement such as "Oh, I really have no idea how much this is worth; how much were you hoping for?" From the price the seller names I will then begin bargaining
In a situation in which I am forced to make an offer against my will I almost always make an extreme lowball -- usually twenty-five cents or less. If I do offend the seller, I just point out that they told me to name my price and hopefully bargaining will continue from there. The only time I try the escape option is when I am interested in a fairly valuable item that I suspect the seller knows is valuable as well.
Saturday, December 31, 2011
Aggressive Bargaining Part 2: When to Ask for a Price and When to State a Price
Sorry for the poor title. I couldn't think of anything better.
I would say that the three most difficult parts of bargaining are knowing what to pay, knowing where to start your bargaining, and knowing when to ask for a price and knowing when to state a price. Indeed, these three topics were the most difficult for me when I started garage saling but I have since learned a few general rules I am going to discuss. Today I am going to start discussing deciding whether to ask for a price or offer a price. I will probably follow up on this topic shortly as it's fairly complex and I'll probably think of more things to say later.
As I have discussed before, you should always make an offer if prices are marked. It's best not to ask the seller how much a marked item is because, in my experience, he or she will just tell you that the price is marked. I've found that you can get a lower price by pretending you didn't see the marked price and making an offer.
The above situation is the only instance in which you will not have to profile your seller to decide how to start your bargaining. At most garage sales (and all of the best ones), prices will not be marked. You are forced to size up your seller.
If I'm interested in an item, I always look for clues to try to see how the seller will respond to me making an offer. One of the easiest things to do is to simply eavesdrop to see how good of deals other people at the sale are getting. If the seller is accepting pretty much whatever anybody offers, go ahead and make a lowball offer on whatever item interests you. You can also try to see if people are walking away with stuff as you walk up; if many people are leaving with items, the seller is most likely selling stuff for pretty cheap so lowball away.
If clues don't help you it's time to profile your seller. If you get offended by gender/age profiling don't read this paragraph or the following paragraph as you will probably be offended. Over my years of garage saling, I have noticed two general trends. The first regards age: the younger someone is, the more likely it is that he or she is willing to take lowball offers. If you have a teenager running a sale, great; they'll probably take any offer, especially if it's their parents stuff they're selling. On the other end of the spectrum, the elderly are the least likely to accept your offers and the most likely to be offended by your lowballs. The second trend regards gender: men are more likely to accept lowball offers than women. Remember, these are just trends and exceptions always exist.
To be perfectly honest, these techniques really are not exceptionally important skills because if you offer a price and the seller scoffs you can always start bargaining from whatever value the seller wants. These techniques really exist to streamline the bargaining process. While they may save you a little bit here and there, if you're good at bargaining, you can practically get the item for the same amount just by starting the bargaining at the seller's asking price.
I would say that the three most difficult parts of bargaining are knowing what to pay, knowing where to start your bargaining, and knowing when to ask for a price and knowing when to state a price. Indeed, these three topics were the most difficult for me when I started garage saling but I have since learned a few general rules I am going to discuss. Today I am going to start discussing deciding whether to ask for a price or offer a price. I will probably follow up on this topic shortly as it's fairly complex and I'll probably think of more things to say later.
As I have discussed before, you should always make an offer if prices are marked. It's best not to ask the seller how much a marked item is because, in my experience, he or she will just tell you that the price is marked. I've found that you can get a lower price by pretending you didn't see the marked price and making an offer.
The above situation is the only instance in which you will not have to profile your seller to decide how to start your bargaining. At most garage sales (and all of the best ones), prices will not be marked. You are forced to size up your seller.
If I'm interested in an item, I always look for clues to try to see how the seller will respond to me making an offer. One of the easiest things to do is to simply eavesdrop to see how good of deals other people at the sale are getting. If the seller is accepting pretty much whatever anybody offers, go ahead and make a lowball offer on whatever item interests you. You can also try to see if people are walking away with stuff as you walk up; if many people are leaving with items, the seller is most likely selling stuff for pretty cheap so lowball away.
If clues don't help you it's time to profile your seller. If you get offended by gender/age profiling don't read this paragraph or the following paragraph as you will probably be offended. Over my years of garage saling, I have noticed two general trends. The first regards age: the younger someone is, the more likely it is that he or she is willing to take lowball offers. If you have a teenager running a sale, great; they'll probably take any offer, especially if it's their parents stuff they're selling. On the other end of the spectrum, the elderly are the least likely to accept your offers and the most likely to be offended by your lowballs. The second trend regards gender: men are more likely to accept lowball offers than women. Remember, these are just trends and exceptions always exist.
To be perfectly honest, these techniques really are not exceptionally important skills because if you offer a price and the seller scoffs you can always start bargaining from whatever value the seller wants. These techniques really exist to streamline the bargaining process. While they may save you a little bit here and there, if you're good at bargaining, you can practically get the item for the same amount just by starting the bargaining at the seller's asking price.
Wednesday, December 28, 2011
Aggressive Bargaining Part 1: When it Pays to Be a Dick
I'm going to introduce my more aggressive bargaining techniques one at a time in shorter posts. Be warned: while these techniques do frequently work, there is a chance that you will offend the seller. Try these at your own risk.
The first technique doesn't really have a name. I used it once when a seller had been exceptionally rude and unwilling to bargain. It doesn't always get a reduced price but it does leave the buyer with a feeling of satisfaction and a far lighter change bag.
For this technique, all you have to do is pay in pennies. Juvenile? Yes. Simple? Exceedingly so. Effective? Decently so. I have seen this technique used three times and it successfully lowered the asking price twice.
I admit I did not think of this technique; one of my friends invented it when he was buying an item for his sister. The buyer wanted $1 for the item even though it had the original price tag on it marked at $1. Sadly, the buyer insisted on the full price so my friend paid in pennies. The second time my same friend tried this technique was on a $3 item. This time, after counting out maybe $1.50, the seller gave in and gave him the item for the money he had counted out. The one time I tried this technique I got the item for my asking price, provided I not pay in pennies.
Keep in mind this technique will probably anger your seller. Please only try it when the seller has been rude/hostile and unwilling to bargain because it gives garage salers a bad name. It is pretty rude to be honest.
The first technique doesn't really have a name. I used it once when a seller had been exceptionally rude and unwilling to bargain. It doesn't always get a reduced price but it does leave the buyer with a feeling of satisfaction and a far lighter change bag.
For this technique, all you have to do is pay in pennies. Juvenile? Yes. Simple? Exceedingly so. Effective? Decently so. I have seen this technique used three times and it successfully lowered the asking price twice.
I admit I did not think of this technique; one of my friends invented it when he was buying an item for his sister. The buyer wanted $1 for the item even though it had the original price tag on it marked at $1. Sadly, the buyer insisted on the full price so my friend paid in pennies. The second time my same friend tried this technique was on a $3 item. This time, after counting out maybe $1.50, the seller gave in and gave him the item for the money he had counted out. The one time I tried this technique I got the item for my asking price, provided I not pay in pennies.
Keep in mind this technique will probably anger your seller. Please only try it when the seller has been rude/hostile and unwilling to bargain because it gives garage salers a bad name. It is pretty rude to be honest.
Subscribe to:
Posts (Atom)