posted on July 23, 2001 01:11:53 PM new
I'll guess that it's been beaten to death before, but what do you think?
You have a widget (collectible) that you picked up cheap. After some research you find out that it's somewhat hard to find. You list it and after a few hours it's up 1000% from what you paid. The current back bidder writes you and offers you a tidy 8000% profit to end the auction early. The auction has over 6 days to run.
posted on July 23, 2001 01:18:30 PM new
I would let it run its course, because even if he offered you 8000% profit, from experience, it has to be worth much more than that.
He wants a good deal on his terms. I would tell him, no thanks, this is an auction and I prefer to let it run.
Of course, if you do end it early (which is your choice) you're avoiding ebay final value fees and you lose your ebay protection (so does the bidder). No feedback can be exchanged, no ebay insurance, etc.
If he wants it that badly, he'll bid his maximum and let it ride.
posted on July 23, 2001 01:27:13 PM new
Let 'er run!
My VERY first listing was a guitar. I knew it was a kind of special guitar because I had paid 1100 for it years ago. I listed it starting at 100 with a reserve of 2000. I had people calling me on the phone asking me to end it early at 1500. I said "No."
posted on July 23, 2001 02:01:58 PM new
The item in question isn't all that valuable, unless you collect that line and never bought the odd piece. I would be very surprised to see the item exceed the amount offered. Until I heard the offer I would have been happy with the current bid. I'm sure that they're just concerned about being sniped at the end.
posted on July 23, 2001 02:33:29 PM new
Those kind of offers are designed to prey upon the unwary and someone unknowledgable and to appeal to greed. Go ahead and sell it to them and make a bottom feeder happy.
posted on July 23, 2001 02:39:54 PM new
LET IT RUN!!!! I got stung twice when i first started selling..if he wants it he will have to pay for it. The 2 auctions i stopped i had some other unhappy bidders and they emailed me and let me know..i doubt if they would bother to bid on my auctions again and i would'nt blame them.
posted on July 23, 2001 02:48:31 PM new
Unknowledgeable, no. Unwary, no. The greed's in question - but I agree that I should let it run. If I were on the receiving end of a cancelled bid I sure would be one PO camper. I'll be sure to let you know how I fare.
posted on July 23, 2001 03:01:00 PM new
"I would let it run its course, because even if he offered you 8000% profit, from experience, it has to be worth much more than that. "
It is worth what the hi bid is.
Maybe you will get more but if you don't that's tough, will these guys who say let it run pay you the difference? It's your call.
I had made an offer to stop auction for $150, seller said no, I got it for $125. That happens.
posted on July 23, 2001 04:11:55 PM new
I think you're all being a little harsh on the party who made the offer. eBay itself has engendered the "buy it now" mindset that has crept into our midst. If the person offered a price that would bring 8000% profit, how can you really be critical of that? I occasionally offer sellers very high prices to end the auction early, not because I'm looking for a bargain but because I want to ensure that I am the one who gets the item.
I have at least one regular competitor for the various items I bid on. I would describe them as "fools with their money." When a certain item comes up, money is no object to them. They're in it to beat me, to get the item away from me. They want it for themselves.
I know that if I go head to head with them, they will win. They always do. Because while I may be willing to pay very high prices for the things I collect, I will not pay an absurdly high price. It would diminish my enjoyment of the item if I owned it knowing that I had willingly made an idiot of myself to get it. My competitors have no compunction about bidding like idiots, so they win.
To date, all sellers have turned my offers down, preferring to wait to see what the auction brings. And many times, all they've gotten in reward for turning me down is an opening bid or two. Because once they turn me down, I do not bid on their auctions. It would be pointless to do so, since I am always outbid by these crazy competitors no matter how high my bid. All my bid would do is benefit the seller who turned me down. So I don't bid. Thus the competitive dynamic is absent from his auction, and all he gets is the the opening bid or a little higher, but rarely anything like the offer I made. The only one who benefits is my competitor, who gets the item for less than he would have paid had I bid. But my competitor would have gotten it in the end anyway, so c'est la vie.
I can see where it would be advantageous for the seller to hold out till the end, but only assuming that all the players keep bidding, including the one whose offer gets turned down. In my case, that doesn't happen.
posted on July 24, 2001 04:30:54 AM newI occasionally offer sellers very high prices to end the auction early, not because I'm looking for a bargain but because I want to ensure that I am the one who gets the item.
How about just saying "I want to ensure that I don't get out bid on the item". That is what it amounts to. And since it is what it amounts to, you are (just like almost everyone in America) looking for a bargain.
When a certain item comes up, money is no object to them. They're in it to beat me, to get the item away from me. They want it for themselves.
You object to someone bidding who has more money than you, and want to bypass the auction? ROFLMAO
. My competitors have no compunction about bidding like idiots, so they win.
Translation: My competitors will pay more than I will, but I would like the seller to sell to me anyway.
(A Plural.. Gee, are there several people who regularly out bid you? And they are all idiots, and only you know the "real value"?)
Because once they turn me down, I do not bid on their auctions.
You only buy when a seller will end the auction early? Tells me everything I need to know.
It would be pointless to do so, since I am always outbid by these crazy competitors no matter how high my bid
You are always outbid? Again, it tells me what I need to know.
posted on July 24, 2001 05:12:36 AM newunpopularpoet:
In the sake of good sportsmanship, keep it an auction. Sounds exciting!
Lotsa snipers out there lately, some have become regulars for me.
If he is a newbie, you may want to help him out by having him put in his high bid as a proxy ~ he may be pleasantly surprised to get it for less and your auction will be "snipe ready". Sounds like a win/win to me.
Spaz:
Are these competitors chasing your bids?
Why not create a new ID?
I was getting so frustrated I made a new name for myself to stop the "misdirected competition".
Sorta makes eBay a thrill again! My "finds" belong to me and whoever else gets there of their own accord.
(funny thing, when I first used my new identity, my bid got cancelled ~ moronic seller zapped the "newbie" bid!)
*sheesh*
what a shopaholic has to go through!
{{{BTW, miss ya spaz}}}
posted on July 24, 2001 06:25:51 AM new
"If he is a newbie, you may want to help him out by having him put in his high bid as a proxy ~ he may be pleasantly surprised to get it for less and your auction will be "snipe ready". "
And you may be unpleasantly surprised that he did get it for less.
posted on July 24, 2001 06:51:15 AM new
>>>you may be unpleasantly surprised that he did get it for less<<<
Sorry, capotasto. Gotta disagree.
Buy It Now was an option, so was setting a reserve.
An auction is a gamble.
It won't end at a loss, just at less of a profit.
Chalk it up to a lesson learned.
Ending an active auction is usually not an effective way to acquire or retain future bidders.
JMHO
posted on July 24, 2001 07:00:17 AM new
I once listed a set of Boyd Crochet hooks, I had a gal e-mail me and offer me $45.00 for them if I would end the auction early.
I declined.
They went for $23.00 and it was the person that asked me to end the auction that won them.
When she responded to my EOA notice she expressed her total surprise that they went so CHEAP!
GO FIGURE!!
If I were ever asked again to end my auction early, I'd still say "NO WAY"
posted on July 24, 2001 07:25:21 AM new
I don't end auctions early to take offers. I did a couple times when I first started selling, then I realized (from all the nastygrams I received) that it wasn't fair to the bidders who hadn't bid yet. And I would have never canceled an auction that had active bids.
I did deal with a person like spazmodeus who made an offer, but refused to bid on the item, claiming that it by knowing his maximum offer, I could use it against him. He used just about every tactic in the book to get me to sell to him - raised his own offer a couple times, told me I'd never get a better price because all the collectors would be at a national swap-meet when it ended, etc. It eventually sold at nearly $160 above his top offer.
Since then I've had offers that have exceded the final bid price, but they've always been no less than 15% below the offered price. So you won't always win by letting the offer run, but on the whole, it has been more lucrative for me to let them run. And I really do think it is the fair thing to do.
posted on July 24, 2001 07:43:26 AM new
I bought a book for a buck and thought maybe it would sell for $5-$6. I listed it and very quickly the bid was up to $12. Someone e-mailed me and offered me $35 if I'd end the auction early (said he didn't want to be sniped, etc.) I was thrilled with the $35, but thought "if he's willing to pay that much, it must be worth something..." so told him no. He e-mailed again--told him no again. The book ended up selling for $69--to someone else. Just remember that the guy who's e-mailing you can't be the only one IN THE WHOLE WORLD who's interested in that item. Remember, you're dealing with a worldwide customer base--not just the guy next door. It's worth taking the chance.
posted on July 24, 2001 07:53:40 AM new
Unless it's a time sensitive item (like a ticket to some event) there is only one reason a buyer would ask you to end an auction early, and that is so they can buy it cheaper than they think the bid will go.
It might not happen that way, but that's the reason they ask. These people operate on the theory that "it doesn't hurt to ask". And it doesn't hurt the buyer who asks. But more often than not, the final sale price will be higher than the offer. The buyers asking know this, and is motivated by money. What's your motivation when selling?
Who Need's a stink'n Sig. File?
posted on July 24, 2001 10:46:37 AM new
Tells you all you need to know, Microbes? Did it tell you that I'm both a buyer and seller, with feedback closing in on 2000?
Did it tell you that I'm someone who refuses to let their emotions play a part in the bidding? As a seller, I know that can be frustrating to hear. We depend on people losing themselves in the auction and bidding items way out of the realm of common sense.
See, at first I used to be one of those gotta-have-it-at-all-costs people. But then I had an awakening. Through experience I realized that very few items on eBay are "one of a kind." Now I can approach auctions with the knowledge that if I don't get it the first time around, I'll probably get it the next time one comes up. Or the time after that. It may take a year or more, but sooner or later everything shows up again.
Contacting the buyer and making an offer is a strategy, just as sniping is a strategy. Both are attempts to successfully close the auction and walk away with the item. Admittedly, as a strategy it's not very successful because I am usually turned down, but it's worth a try.
It has nothing to do with seeking a bargain. The price the seller "might have gotten" had I participated in the frenzied, absurd bidding is a hypothetical. As long as I don't participate, that price does not exist. Hence, in the end, my offer frequently turns out to be the highest real price associated with the auction. That does not fit the description of "seeking a bargain."
You object to someone bidding who has more money than you, and want to bypass the auction? ROFLMAO
Microbes, if you have another look at my original post, you'll see that I never said the other party has more money than me. I said they are willing to spend ridiculous amounts of money on items that do not warrant such prices. If they ever tried to resell them, they wouldn't recoup even 25% of what they paid.
I simply refuse to be drawn into spending absurd amounts of money because the other bidder is a fool. If the seller rejects my very generous offer, why should I participate in the auction? I know I will be outbid by the gotta-have-it-at-all-costs bidder, so where's the logic in bidding?
Like I said, I'm a seller too, so I can see why sellers might not like my viewpoint. And for what it's worth, as a seller, I too turn down such offers, preferring to let the auction play out naturally. This is not hypocritical -- it's just that my needs as a buyer and seller are different, and I act accordingly. I just think of it as good business.
By the way, I never tell the seller that I won't bid on their auctions if they don't sell to me (as the person holdenrex described did). That's wrong behavior. No seller should ever be intimidated or harrassed. I simply thank them for considering my offer, and move on.
posted on July 24, 2001 10:53:11 AM new
hi zoomin. Missed me? I've been around. There just isn't much in RT these days to inspire conversation, particularly for someone who doesn't like politics very much. But if you look hard, you can find my thread about UFOs buzzing New Jersey.
posted on July 24, 2001 11:09:57 AM newAdmittedly, as a strategy it's not very successful because I am usually turned down, but it's worth a try.
I think I said above, that from a buyers point of view, there is nothing to lose by doing this.
As long as I don't participate, that price does not exist.
Maybe, maybe not. It does take 2 people bidding high for an auction to end high, but there are lots of fish in the sea. My experience tells me that 90% of the time, auctions close higher than these types of offers.
for what it's worth, as a seller, I too turn down such offers, preferring to let the auction play out naturally
For the same reason, I'm sure, that most of us are suggesting to the original poster to turn down these kinds of offers. On the one hand you say that turning these kind of offers down results in a lower price but on the other hand when the shoe is on the other foot, you turn them down yourself.
I simply refuse to be drawn into spending absurd amounts of money because the other bidder is a fool
Understandable. I wouldn't either, but again, the original poster was asking "would you end it early?". I wouldn't. Looks like you wouldn't either.
posted on July 24, 2001 11:33:47 AM newunpopularpoet
Is it against the rules?
Nope....happens all the time...if you end early, you are contractually bound to sell to the high bidder. To do what you suggest (sell privately to another bidder), you must cancel all bids and then end the auction...and provide an explanation for your actions with each bid cancelled.
Would you end it early?
I probably wouldn't but, in light of the nature of this auction (and depending on the value of the item), I might consider it to lock in my profit (hopefully......they haven't paid yet) and thwart any bid shielding activities that might ensue...
Remember, if you end early, having cancelled all bids, you are not using the eBay system to complete your sale....
Good luck with your auction....sounds like you really found a winner!
posted on July 24, 2001 12:58:31 PM newMicrobes, I agree with you.
Spaz... The buyers determine what an item is worth on eBay. If someone bids super-high against you, then that is what the item is really worth. Just because you think they make outrageous bids doesn't mean they're a fool.
Yes, I would concur with the majority who advise letting the auction run its course.
WeRuleWithTechnology,
I respectfully disagree with your premise:
The buyers determine what an item is worth on eBay. If someone bids super-high against you, then that is what the item is really worth.
Oftentimes the bid is driven by one or two bidders' desire, not actual value. Now, the first part of your observation is quite correct: The buyers determine what an item is worth on eBay.
But I stress the words on eBay. And even on eBay, values change overnight.
Say you have three of the same item. You put the first one up at no reserve and it sells for $100 as the result of two or three eager bidders. Then you put the second one up with no reserve, but now one of the people who drove your price to $100 is out of the bidding. So this time your item may rise to $70 (because the person who made the crucial decision to jack the price to $100 last time is not participating). By the time you get the third one up, you may be lucky if you get $45 for your item because two of the people who previously drove up the price are now content and no longer involved in the bidding.
So what is your item really worth? $100? $70? Or $45? Or perhaps it's really only worth the $10 you spent buying it at a brick and mortar establishment?
Given all the variables, I really don't think eBay can be used to judge an item's actual value.
When judging an item's value, I use my years of experience buying/selling in flea markets, antique stores, live auctions, what I've read in reference books, and of course, my selling/buying experience on eBay.
