The issue of lowballing... What does that mean?

I grew up in the antique business. (school of hard knocks). A women came in and made an offer on an item marked 325-. She said (to my mother) would you take 2 dollars? My mother said "this is marked 325 dollars. The women walked out embarrassed. It sold very shortly after for 300-.
Another time a women came in and fell IN LOVE with a rocking chair saying "it is JUST what I have been looking for!!", and how much? While I called for the price she was sitting in it and loving it!! I came back and told her 125-. She looked funny and replied "I am really looking for something much nicer"!! That one sold very shortly afterward as well.
It goes both ways and every which way.

Fortunately, whenever I sold items on Audiogon, I have never been "desperate". So, I investigated the "market price" for the item, remembered how long I have owned it or how old it was to determine how much to mark it down or mark it up in the event that it was worth more and started from there. I always have a price point whereby I will not go lower so, when some send extremely low offers, I always respond and tell that person that it is wayyyyy to low. If their offer is close to my price, I may compromise, spit the difference if it isn't too much, etc. But, all buyers and sellers can check the blue book values of items. It also shows trends, average prices, low and high prices also. I always try to price my items to sell, so I typically price lower than average blue book prices anyway. Some may think that I'm desperate when they see my listings because it is lower than average blue book prices (unless it is a rare jem and I won't lower it), but when they submit their offers, and it is too low, I simply tell them thus and that is it. I will not respond to a stupidly low offer with a counter offer. It (to me) is up to the buyer to present a reasonable offer. I will not haggle when selling. As long as I'm within the respectable used sale price range for the item, I can dance a little. I'm not trying to make money here, but I do want to get what the item is worth. Yes, it is worth what a person is willing to pay for it, I've said that here many times. But we have agreed to establish a rating/pricing system (blue book, etc.) and I use that. Most stereo stores definitely use it for demo and used equipment for sale.

enjoy

The most accurate way to determine price when you are the seller, is to ask YOURSELF, "what would I pay for this". Ask for that amount. That's fair.

Cheers

Thanks for all the very thoughtful responses. I agree with the consensus, if you like something make an offer you are willing to pay. Simple. If the seller (including me) doesn't like the offer they are free to decline or ignore. Again, simple. If you don't want offers make the price firm.

As far is Markpao's comment... I still don't know what constitues a "lowball" offer. What is a bargin price? The prices on Audiogon for the same basic product sometimes vary wildly. Today there are two MD tuners for the same model differentiated by a 70% price variance. It's like my boss saying we need to cut expenses - does that mean I need to fire half the sales guys - or stop letting them expense Starbucks coffee?

I do want to respect peoples wishes. Many of the people I have bought from or sold to, I am still in contact with discussing music, product or life...

Thanks again for the feedback.

SB

When someone sends a "lowball" offer, they know it. I don't really think anyone ever sells for that kind of price. Here is an example. A $7000 pre/pro, (current model) with a warranty. Offer comes in for $800. Does anyone really think the seller might take that? I highly doubt they think there is any chance of that, so why even do it? Its a waste of time for both. Granted, its not any effort to ignore it, or simply decline it. Usually these are zero feedback members. If people would try to be realistic, this wouldn't even be a topic for discussion. This is Audiogon, not fantasy island. I don't do it, and I personally find it irritating.