Empowering the SellerAbout collecting ...
On a daily basis we talk to many Collectors who participate in the secondary market: both Buyers and Sellers. While the specifics of the conversation change with each phone call, the reports are remarkably similar. While Buyers continue to report great deals everywhere (we’ve been reporting to you for some time that it is a Buyers’ Market), Sellers are reporting frustration in the whole process. Most start out asking one price for their item, but often get “talked down” to a much lower price than what they wanted.
Our question is often, “Then, why did you sell it?”
Our goal is to educate and empower the Seller to realize that YOU ARE HALF THE MARKET! Many Sellers are afraid that they are going to loose their opportunity to sell the item if they don’t take the first bid they get. While that might be the case in some rare cases, more often the Buyer (often dealers) are using tactics to make the Seller unnecessarily feel that panic emotion. It’s all about educating yourself about the market and how the item you are selling fits into it. Here are a few steps that will help Empower the Seller!
STEPS TO EMPOWERMENT
1. Remember what you originally paid for the item.
This does a couple of things. One, it gives you more freedom once you remember your original investment in the piece and how well the items are doing in the secondary market regardless of what some might report. Two, it helps you accomplish the next step ...
2. Take the time to decide ahead of time your lowest selling price for each item.
Deciding this ahead of time will empower you against the panic emotion of having to make a decision on the spot again the tactics that some Buyers will use to pressure your sale.
3. Be prepared with a list of reasons and/or traits of your item that make it worth what you are asking.
Take the time to evaluate each item and make note of distinguishing characteristics that might gather a premium price. Have the list ready so when the Buyer tells you that your price is too high (a common tactic) you can defend your price and really show the Buyer that you know what you are talking about and your item is better than others they may come across. However, if your item does not have any distinguishing characteristics, be realistic with your pricing so that you are not setting yourself up for a disappointing experience.
4. Make a commitment to yourself before starting the process that you will not sell below your lowest selling price.
This lowest selling price should be your walking point, meaning that if the offer is below this price, you walk away from the transaction. No regrets. Don’t be afraid to walk away. If more Sellers would do so, the prices in the market would reflect it. One truth that is seldom shared is that there are MANY COLLECTORS BUYING. It’s all about locating the one that is your match. At the same time that you shouldn’t be afraid to loose a sale, you also need to pre-determine how much time you want to spend selling your items. If time is an issue, than you have to be willing to forego some of the premium that you might have gotten if you had time to find the perfect Buyer.
5. Set a goal for the total amount in which you would be happy once all your sale items are sold.
This is the checks-and-balance that you put in place to keep you focused on the big picture and not distracted with individual transactions. When you have several items that you are going to sell, you have to be realistic to understand that you will loose on some and win on others. The big picture is what is happening on a whole and if you are reaching your total goal.
6. Win-Win for Everyone!
In this industry, word-of-mouth is everything. For that reason and for the reason that you deserve it, it’s important that each transaction is a win-win for everyone. If you are in the midst of dealing with someone and you are not happy, work to find the win-win. If the Buyer is not willing to do the same, then they are probably not the best Buyer for your heirlooms.
Embrace the task that is ahead of you. Take the time to remember each piece you are selling and how it came to be in your house. But be careful ... if you do too much of that, you may not be able to sell ANY OF THEM!
8. Collectibles Database Online can help!
Did we mention that our Collectibles Database Online is an awesome tool to help you get these items organized and listed!! Makes the tedious task easy and fun! Ask us how: firstname.lastname@example.org