posted on September 6, 2000 09:31:20 PM
How do you handle potential bidders emailing to ask what your reserve price is? Do you tell? If not, why not? I usually will let the bidder know.
posted on September 6, 2000 10:06:39 PM
I have just, for the first time, done a reserve auction, and I am very up-front about it. Put it right in the description so there is no beating around the bush. I know what they cost retail and at my reserve, they are getting over $65 off the retail price and this widget is brand new as well. If they want it, bid, and if not, scroll on by. If it doesn't sell, I know a couple of family members that are going to be thrilled with their Chrismas gift! LOL
posted on September 6, 2000 10:29:39 PM
There is nothing worse than bidding on something, and then hitting SUBMIT button to see the dreaded "RESERVE NOT YET MET"...and in this household, everyone that sees that phrase always says it out loud, with nasally voices dripping with sarcasm..."RESERVE N.O.T. Y.E.T M.E.T". So, when I have to do a reserve (which I have used maybe 4 times in the 2 years I have sold on ebay, and only on items that I was selling for someone on consignment), I put it in the description so they know UP FRONT, so someone doesnt read MY auction with a whiney, nasally voice outloud in THEIR living room
posted on September 6, 2000 10:55:17 PM
I let them know to within $20 of the reserve and I relaly hate those people who won't reveal theirs as if it is National Secret. It turns me off when sellers come over all high and mighty as if they are doing you a favor. The RESERVE is their to serve only one purpose and that it to get you the price you want so don't tell me you are not willing to reveal it because it wouldn't be fair. If you want fair the list a $1 and le the market decide on a fair price!
posted on September 6, 2000 11:47:17 PM
I rarely use reserves, but when I do, I too put my reserve price in the description ... or at least a hint as to the amount.
I don't mind revealing it at all, since the bidder can go bid right away if he/she decides to. And can walk away if he/she feels it's too high. Saves them the time and aggravation of getting the dreaded "reserve not yet met".
I can only speak for myself, but I don't like "playing games" where money's concerned, and having to guess the reserve kinda comes across as being a game.
Yeah, yeah, I know. Bid my max and if it meets the reserve, great! If not, then it was more than I wanted to pay anyway! LOL! Easier said than done, sometimes. he he
posted on September 7, 2000 12:11:12 AM
Ok, I don't have a strong opinion one way or another. But if you are going to tell people what the reserve is, why use it at all? Why not just make the reserve the min. bid?
posted on September 7, 2000 04:40:28 AM
No.
It is our opinion that, as all people value things differently, it is foolish and un-professional to reveal the reserve.
If those who do not know values want to know let them bid their max. Those that do know their market will bid their max and walk away.
There are many times that revealing the reserve is like shooting yourself on the foot. Ever notice that some/many of those listing will sell exactly at the reserve, due to sniping? Who are you Sellers working for.
It has been our experience that some who ask are just pricing their own wares [got one such inquiry just this week].
In these days of The Watch and other ways of directing interest away from our goods, EVERY BID is needed.
Of course there IS always the low-life who deliberately prices their goods 'off the chart' so the reserve will not be met and they can 'do the deal' after the close of the auction so that they can avoid the FV Fees. The type of Seller that does that on a regular basis is the one to avoid at all costs.
So, no.....price your goods within the range of value, keep the reserve close to your vest, start low and let the customers show their interest and become invested in YOUR offering. Otherwise you turn an auction into a prix-fixe offering.
Yes, I do tell reserve to all that ask. Sometimes people won't bid thinking it is out of their price range, so what's the difference if they know the reserve.
And this way they know it is not a ridiculous amount, I am not one to list just ot make "after the auction" deals.
posted on September 7, 2000 07:27:26 AM
Except for once, I never use reserves. That once was an item I sold for someone else and the reserve was the first line of the description.
I've come to the point where if the reserve isn't listed, or if shipping isn't disclosed, I move on without looking back. I'm tired of sending an email and hoping for a timely reply so I can bid on a seller's item.
posted on September 7, 2000 07:53:21 AM
I do not reveal reserves.
I agree with a lot of what Dr. Trooth has said, mainly that we need more bids. I don't understand why people don't just bid their max. This would be quicker than writing the e-mail asking what the reserve is and waiting for an answer. If the bidder's max doesn't meet reserve, they can move on, and after thinking about it possibly raise their max. I'm fair with my reserves. I sell high priced merch($1000+), and my reserves are usually $100 over what I can sell to any number of dealers immediately. In fact, many times my reserves are BELOW what I can readily sell to a dealer for. WHY, to attract a new customer who may do future business. It's my experience that most asking reserves are looking for a steal, waiting for me to tell them my reserve is $2000 on an item that has an immediate dealer cash value of $3000. Those asking the price to end the auction early are an even worse vulture. I would advise sellers to never end auctions early.
Some sincere buyers may not like reserves, but this is the way it's always been for hundreds of years in the real world auction business. I've bought and sold at many live auctions at the world's largest and most prestigous auction houses. As a seller, you arrive at a fair reserve price upon consulting with the auction house. These reserves are never revealed to the bidders. They bid their max, and if it meets the reserve, great. Never heard any whining at the auctions.
posted on September 7, 2000 08:02:28 AM
Personally, I stopped using reserve months ago when I discovered as a bidder how annoying they were. Would you shop in a store that had no prices and you had to ask the clerk the price of everything? Just start the bidding at the lowest price you'll accept. If it's a good value to someone, they'll bid. If it's not a good value, it wouldnt reach that price if you had a reserve on it. My experimentation on items of both low and high value showed me that reserve auctions got fewer bids. Lots of people have told me that they dont bid on reserve auctions at all.
posted on September 7, 2000 09:12:29 AM
Anything over 150.00 gets a "reserve", but is quoted within the listing. As mentioned before, I don't want to suffer a heart attack starting a 1,200 piece of Moser Art Glass for 3.00 no reserve, and having it it go up to may 100.00 And as someone else said, listing the high minimimum acceptable seems to scare off many bidders. One good thing tho, is that serious bidders DO contact seller if reserve is not met, and arrangements can be made. But not that often! It is really like being caught between a rock and a hard place.
Higher ticket item seem to attract less problem bidders than less expensive items. JMHO...
******************** Shosh http://www.oldandsold.com/cgi-bin/auction.cgi?justdisp&Rifkah
posted on September 7, 2000 12:24:07 PM
Thanks for your responses. I rarely use reserves, but if it is an valuable item I do, just because I'm not sure the item will receive fair bids. I'm a little uncomfortable with the practice, especially when sellers start the auction at $1 and then tack on a reserve price. I think it's somewhat misleading.
I was just reviewing Pierre's famous "it's only a dollar" letter to the eBay community when they instituted the reserve fee. Pierre suggested that most reserve price auctions should start at 1/4 to 1/2 of the reserve price. I guess it's common practice to "offer" the item at a lower minimum bid than what is actually acceptable to the seller. I'm a little "unclear on the concept."
I understand that revealing the reserve price opens the door to snipers, and that is a good point, but no more so than a standard auction. I also wonder if placing a "secret" reserve price discourages bidding more than encourages it.
posted on September 7, 2000 12:33:35 PM
I don't really understand why people would use reserves. I know it is to protect yourself, but why not just make your opening bid equal to your reserve price (if you don't want to sell for less)?
I never bid on reserve auctions unless I think that a person may sell anyway if the reserve is not met. That has happend a few times.
I have at times, if I am the high bidder on a reserve not met auction, emailed the seller and said that if they want to sell anyway to let me know.
posted on September 7, 2000 07:54:32 PM
I sell high-end art pottery and objects from the arts and crafts period. I always use reserves on these pieces because:
1. The major arts and crafts auctions all have reserves and buyers are used to them (they may not like them, but they're used to them)
2. To protect my investment. I usually buy something and try to turn it over in a few months, so my margins are pretty thin (like 10-20%)
I always offer the piece at the reserve to the high bidder if the reserve isn't met. About half the time I'm able to work out a mutually agreeable deal.
posted on September 7, 2000 08:41:09 PM"I always offer the piece at the reserve to the high bidder if the reserve isn't met."
Nothing personal, but the one time that happened to me I thought it was rude. If I wanted the item at that price I would have bid more. I knew I hadn't met reserve when I bid, but it was obviously my max or else I would have bid more, trying to meet reserve.
posted on September 7, 2000 09:57:44 PMmarblehed...thanks...That is exactly my position. And people who bid on this type of merchandise are not at all bothered by the reserve. They are savvy bidders, who are out to REALLY bid, not toss a couple dollars around for the sport of it.
Starting at 1.00 with a 1,000 reserve or any high reserve seems more misleading than starting high. Why not enter the real sales price? Because bidders like the fun of bidding, and yes, there just might be a small chance they can get item for a little less after end of auction, if reserve not met. They contact the seller. Personally, I would not contact the bidder...
******************** Shosh http://www.oldandsold.com/cgi-bin/auction.cgi?justdisp&Rifkah
posted on September 7, 2000 11:04:30 PM
I always reveal the reserve , if asked. I agree with Shosh, reserves can be a useful tool for sellers on higher $ items.
For those of you that don't like reserves, how many RL auctioneers do you know that start the bidding at the price they are hoping/expecting an item to fetch?
"A thing is worth whatever the buyer will pay for it."
Publilius Syrus: "Sententiae" ca. 50 B.C.
posted on September 8, 2000 04:24:18 AM
Why not tell them the reserve price? It remains the same whether they know it or not.
As a buyer I'm not going to take the time to request the reserve price, I know how much I'm willing to bid. That takes no more effort than email. I do tend to avoid auctions with reserve prices for several reasons, but that's just me.
And as someone else said, listing the high minimimum acceptable seems to scare off many bidders. One good thing tho, is that serious bidders DO contact seller if reserve is not met, and arrangements can be made. But not that often! It is really like being caught between a rock and a hard place.
