"What's Your Best Price?"

Jeffreybowman2k-
I may ask other questions too, but my initail email usually starts with, what's your best price. By my feedback you can see I've bought a lot of pieces. Someone is selling to me.

E-

If I start my thinking process with: I want-need a new X and I can afford to pay Y, it seems fair to me to start with asking the person offering to sell at Z or OBO if he will come down to Y, if I state that that is my budget, even if Y is considerably lower than Z, as long as I am serious. After we establish he/she will sell for Y, then we talk about condition the equipment and other factors.

This response is in defense of a WYBO actually closing w/a handshake I might add. Personally I make all types of offers usually full price but my most recent was regarding a several thousand dollar transaction on a OBO offer to sell. Upon receiving my offer the seller simply replied taking off one hundred dollars and agreed to meet part way which saved me shipping expense. Since he came down such a small amount I assumed he was actually firm on his offer to sell and agreed to the purchase at that price. We have emailed each other since then. I feel this transaction was the start of a good freindship. I feel if I post an offer to sell. Then receive a WYBO I will drop my price towards the ultimate number I intended to sell it at. If it works fine if it does'nt fine to. At least I know then that the prospective buyer was not serious in the first place if it does'nt work out.

I've written back with a total for paypal and shipping inc. that was rolled down to the nearest ten. and sold.
But this is also why I bring up the $12k items with a $1 open bid and sit there at "reserve not met" through the two weeks of the auction. Are these folks wasting time, fishing, looking for a show or what?
Again, maybe someone can give perspective on that as it's kind of the same thing.

Just to change the subject for a moment, how many sellers feel that they have to inflate their asking price because nobody seems to want to pay the asking price?
I'll go first, I'm one of them. I experimented with lowering my asking price, and while it did generate a lot more interest, everyone still wanted more money off. It didn't seem to matter how low I would post an ad, everyone wants a better deal. So I think most folks inflate their asking price so that they have some wriggle room. It seems like a silly game to me, but that's how the game is played.

An example, I can get $2K for X amplifier. I can advertise it at $2300 and sell it for $2K. If I advertise it for $2K, I get a lot more e-mails, but everyone wants it for $1700-1800. That's been my experience anyway.

Anyway, I now return you to your regularly scheduled program "What's Your Best Price?".

Interesting points by Jmcgrogan and Tvad, I recently found that posting prices at or below current market value has resulted in buyers not purchasing because I didn't bargain.

Jmcrogan2, I used to work for someone who said if something is not selling, raise the price. It often works to instill a greater perceived value in the item, as well as giving the hagglers a chance to do their thing.

OMAGOD-I'm a "haggler"-

Boa2, LMAO! Thanks, that does seem like Life of AudiogoN.

HARRY THE HAGGLER: "I sell you this amp for $XXX"

BRIAN: "What's Your Best Offer?"

I should save that link and just clip and paste as a reply to WYBP e-mails, huh? ;~)

John

In my professional life I've negotiated commercial real estate transactions for more than 20 years and in that capacity I've come across any number of negotiating strategies and techniques. One thing I've learned is that real negotiation is theater, it's an act, and you should never take it personally. It's part of the business and you deal with appropriately. Unfortunately, there are any number of people who don't understand the game and get too wrapped up in the negotiating process and lose sight of the goal -- getting a deal done. Good negotiating is not about beating the other side, but about satisfying your own needs. When you have two parties who understand market conditions, are confident in their own abilities and grasp the benefits of the deal, then a deal usually evolves very quickly and painlessly.

My frustration with selling on line is that I've run across too many people who don't have market knowledge, don't grasp the benefits of completing the transaction and may not have confidence in their own judgment. From my perspective they come across as amateurish. If you're talking to someone about a preamp listed at $3,000 what is the real importance of getting $200 off the price or having the other guy pay for shipping? Isn't it more important that the person you're talking with is honest and has fairly portrayed and rated the product? I could be a minority opinion here, but so many people seem to be more interested in getting a "deal", than in getting a component that increases their listening pleasure.

You nailed it, John. Life of Audiogon...I love it!

Onhwy61's superb post reminds me of the wheels industry, about which I always say that most salespeople--as well as many customers--are more tuned into the game than they are the goal.

Thank You, Onhwy61.
That's what I wanted to express. When a person goes right to price before first establishing that the product is actually what he is looking for, I just write them off as bottom feeders. If, perchance, I am shooting myself in the foot, so be it. I'll wait for a more cordial and, seemingly, more sincere buyer.
I'm also amazed that a person who will quickly drop the price by 10%, is adamant that his buyer pay the 3% Paypal. fee. I'd rather have full price and deduct the Paypal figure as a courtesy. In truth, I guess that's the word......courteous.
Going right to price seems rude to me. And I certainly agree with those who refuse to bid against themselves.
In real estate, it all goes on paper. Buyer submits a signed offer. Seller accepts by signing, rejects it outright or provides a signed (or initialed) counter offer. I always thought the agents primary function was to provide insulation between the egos.

I agree with hwy61 as regards keeping the goal in mind, but as boa's hilarious link makes very clear, both buyer and seller should expect to participate in a little foreplay, even if the price essentially remains the same!

It's called "Getting to know yoooouuuu . . . . . . .,
getting to know allllabout you . . . . . "
.

I guess there is just mass confusion over what the heck OBO means. Some think that the seller is committed to making their best offer to a buyer. Some think the buyer is committed to making an offer with the seller choosing the best. This will never be answered to everyone's satisfaction. I would just like to remind everyone that OBO does not necessarily mean a lower price. I have sold items, and seen items purchased for more than the asking price. After all 105% of your asking price is a better offer than 95% of your asking price, isn't it? While this should not be an option with a firm price, if OBO is a stated option, it can be done.

As for the new car analogy, how many people spend more than the asking price? You can't really compare these two markets if there isn't anyone who has paid more than list.

I'm sure this will open another can of worms, as it has before. Some people insist that OBO means Or Best Offer lower than the asking price. While this may be a common assumption, it is not what OBO means to others. Some think that OBO means Or Best Offer, period. Irregardless of asking price. I know I've read previous threads on AudiogoN from those complaining about a seller selling an item for more than his asking price. If he clearly states 'OBO', and receives an offer better than his asking price, why not? It is just business, right?

Some think that OBO means Or Best Offer, period. Irregardless of asking price. I know I've read previous threads on AudiogoN from those complaining about a seller selling an item for more than his asking price. If he clearly states 'OBO', and receives an offer better than his asking price, why not? It is just business, right?

So let me get this straight: if the seller says "OBO," he is free to sell for a price higher than his ask; but if the seller indicates his price is "firm," it would not be right for him to take above his ask -- if someone is crazy enough to offer it.

Nah, you must be joking.

Jmcgrogan2, I agree with you that best offer can indeed be higher than the asking price. To me best offer also includes other factors such as "I will send a postal money order via priority mail" vs "will you wait for my personal check to clear".

I have waited for personal checks (low cost items) to clear from Audiogon members with excellent ratings. I would do so again in the future. But for high cost items the fastest, most secure payment contributes to how I rate an offer.

In response to your previous question--I feel inflating the price is just as counter productive as a ridiculous low-ball offer or "what is your best price?" response. I want to show I am a serious and fair seller so I do my homework and set a fair price. I frequently sell at my asking price. Most of the rest of the time I sell near the asking price. Sometimes I just go away and sell another day.

The best price I will accept also varies with how long the item has been advertised. The most annoying "WIYBP" offers are the ones that come immediately after the classified has been posted. At that point my best price is the advertised price---unless of course someone makes me a serious offer.

Bottom line to me is--Serious buyers should make serious offers.

Well etiquette says that if the price is firm, it is firm. That doesn't mean that all sellers follow proper etiquette.

'OBO' simply means Or Best Offer, that's all. No relation with the asking price. Usually it is lower than the asking price, but it could be higher, depending on supply and demand.

Here in the midwest it means the listed price or lower.

It's almost like you're in a different country. :)
Here on the east coast, OBO means Or Best Offer, period.
Maybe AudiogoN does need to look into the OBOL or OBOH, to avoid the confusion that stems in the midwest.

One more thing, since the seller states, OBO, it is the seller who gets to choose the best offer, not the buyer.
At least that's the way it is interpreted on the east coast. :)

Don_s, I agree that best offer means more than just $$$. Best Offer is the best offer, actual money is just part of an offer. Form of payment and inernational shipping vs. local shipping or pick up are also part of the best offer formulation.

I also agree with you final sentence, a serious buyer should make a serious offer.

From the website www.howstuffworks.com:

Car Selling Ad Terms*

OBO - This means "or best offer," which tells the buyer that you are willing to consider offers below the price you listed.

Source: Edmunds.com

Come on guys, I don't care if you are from Neptune, "OBO" means an offer LOWER than the asking price. A seller doesn't need to say "OBO" for a buyer to assume he will take a HIGHER offer than the ask -- every seller is willing to do that.

But let's not lose sight of the point that we all seem to agree on: a buyer whose first and only communication with a seller is "WYBP" has a high likelihood of being ignored -- as well he should be, b/c this response indicates a lack of seriousness and a single-minded focus in disadvantaging the seller. At the very least, a "WYBP" message might be accompanied by something like "I am really interested and would be ready to pay quickly if your best price is in my range." At least then there seems to be a point to the negotiating tactic.

12-24-06: Jeffreybowman2k
From the website www.howstuffworks.com:

Car Selling Ad Terms*

OBO - This means "or best offer," which tells the buyer that you are willing to consider offers below the price you listed.

Source: Edmunds.com

Must be printed in the midwest. :)

I won't get into this again, as it's been debated before, and it really is off the WYBP topic anyway, which is really starting to get beat to death as well.

Happy Holidays,

John

I think "Best Offer" means best offer. That might mean the most money offered, or the offer that the seller finds most attractive. If someone offered me half my asking price and a two week stay in a Mediterranean Villa, I might well take that over a full price cash deal.
That may not be the most clever example but I hope it conveys the idea. There are more possible interpretations than the one that most immediately springs into your mind.
To take it a step further, imagine that you have advertised your Audiogizmo Thermal Dissipator MK II Rev.3A for $225 obo.
Member "Tipafew" contacts you with an offer of $650 if you cover shipping and PayPal. You can enail him back and have the money in your account in less than 30 minutes. What would you do next? I know I would take a few minutes to explain to him the true meaning of obo and insist that he offer less than my asking price. I've always felt responsible for his education.

A member on another forum site asked an honest question, check out his question and some of the responses. Is it because of the moderators here on Audiogon, or is it because the members here would not put up with it?
Was I justified in giving my response? I have no idea what the follow up response will be.

Jea48 (Threads | Answers)

Responses (1-47 of 47)

07-24-05: Jeff_jones
Threads on both forums are prone to take off on sarcastic tangents now and then. Sometimes they are a lot of fun to read.
The key is to remember that it is not worthwhile to get upset when a jest strikes you wrong. IMHO.

Simple Response to You Jea48:

Lightin up, read things in context, and pay attention to responses to your earlier threads. You don't need to personalize things, and you are not a self-appointed moderator.

We, as sellers, should not be "offended" by the question- what's your best price? Especially if the ad states OBO.
Simply ignore it and enjoy the music. This is serious fun!

I still think it's all about foreplay. Go back and read this hilarious example. (Thanks Boa2)

http://www.mwscomp.com/movies/brian/brian-14.htm
.

It is curious to note that I have lost out on audio gear and houses because some offered MORE than the asking price.

One counter example disproves the theory.

Greetings from Neptune.

Neptune is getting pretty crowded these days. :)

Neptune is where those who like liquid sound gather.

A mention of Neptune and no "cracks" about Uranus?

In the last 8 weeks I've sold 9 items & have answered a lot of emails, as you might imagine. The most common one is "what's your best price", to which I reply with what my best price is, 'cause sometimes these are the folks that wind up making the deal. There are usually more than 4 words when somebody is serious.

I do my homework & price fairly & don't have to negotiate much to make a sale w/someone who's really interested. I've also tried educating some but it really is a waste of time. To the lowballers I usually reply with "I'm not desperate" Thing is, I've always responded to each & every email I've ever received.

One more thing. I take all the emotion out of selling. You can't make good business decisions if something is clouding your judgment. You can't have thin skin either.

It's kinda' like walking into a club and approaching a woman with the line "Let's screw". You always could get lucky, but it shows you to be a pretty lame pickup artist and/or equally amateurish negotiator. Any negotiating strategy or ploy has to be judged by its effectiveness. If it works for you..., but I'm going to ignore you.

Thank you very much.

No, thank you Onhwy61. That mental image is a real hoot!

I look at it the same way. If someone asks WYBP, they run the risk of wasting time and losing out to more motivated folks willing to make an offer and start the sales process. While WYBP-ers may occasionally ‘get lucky,’ it's a tough way to meet a nice girl…

on occasion someone will have an interest in an item of mine, and try to get me to sell it. Their " how much do you want" is answered with my " just pick your favorite number and keep adding zeros till I tell you to stop"! That one always works.

Simply, the answer to that question should be "the price that, after the deal is done, both parties feel that they are in a better position than before the deal was done."

I think the seller is a moron if s/he does not consider any interest as a potential sale. Be polite and sweet, give them 5-10% off your price, clinch the sale.

In addition, it does not matter the IQ of the buyer. Their money is still good.

I have asked that question. Guess what? In many cases we've made a deal. I've been asked that question. Guess what? In many cases we've made a deal. If it's OBO the price is negotiable. When I ask a question, I'm serious about buying. Plus I have money. If I'm ignored, that's a lost sale.

How about when the seller's posted asking price is way too high? Why should I just ignore it if it's an item I want? It works both ways. When I ask a seller what their best price is, it's so I can gauge how flexible he/she is without actually insulting them with what they might think is a lowball offer.

Anyone that asks any question is a potential sale. Money is money. Business is business. A deal's a deal.

its obvious that from the sellers point of view the best price is the highest price he can get., whereas from the buyer's vantage point the best price is the lowest price enabling him/her to purchase the component.

so, if a buyer asks the question "what's your best price", tell him that it is the listed price, because that is the price the seller would like to receive.

if the buyer wants to buy the component, he will probably offer a lower price.

some ads do not include "obo" . this doesn't mean, a seller won't accept less than his stated price.

a little humor sometimes helps.

@Mrtennis... If the sellers only replied with "the listed price" there would be many unsold items. Negotiations are part of the process. That's how items get sold.

What I'm beginning to hate is making the offer on the "make offer" page and nobody ever answers you....No yes , no maybe, no nothing.....Then I'm stuck, I lose another deal because I can't bid.....I quess you could e-mail the seller and tell them that you bought something else, you with-draw your bid......I would think the seller wouuld try and help you out....But I'm beginning to think that they don't really don't care....

Autospec,
I recently had someone make a lowball offer (call it 50cts on the dollar), which I rejected within minutes. I then rejected it, only to get the same offer back (same price, same "buyer") within a few minutes. I rejected that one, and got yet another low offer (barely higher), which I did not respond to. Two days and one minute later I got yet another just a tad higher. Sometimes it is not worth my time to simply reject a string of offers which I don't view as serious.

T_bone

I don't think I got it as bad as you did with multiple offers but I did get a lowball offer for 66% off my original listing price which was below A'gon's bluebook value and last recorded price. I was also throwing in no paypal and shipping fees. Stupid me though I countered the person's offer and they rejected it. Luckily they didn't make anymore offers. I kind of wish A'gon put something in place where offers can be rejected automatically based on what the lowest acceptable price the seller sets. That and if a low-baller has sent 3 offers in a row they can't send any more. I've seen this on other popular auction sites and used it.

Good luck with your sales.

I feel that when a seller posts an asking price it is legitimate to expect a potential buyer to make a "real offer". By "real offer" I mean a specific dollar value and what it includes or does not include (e.g. shipping, PayPal, etc).

If they ask for your best price, ask for their best offer.

The door swings in both directions.

IMO

>>The question, "What's you best price?" is always asked by people who have no real intention of buying, IMO.<<

Agreed and that was the point of my post although it was made in the abstract.