posted on November 12, 2002 12:14:33 PM
Hello everybody!Another question for you...
I have a reserve price auction on.
A possible bidder asked me through eBay if I could tell him the reserve price.
Should I?
I mean, I asked eBay (eBay.it) if that would be infringing some eBay laws... Am not sure but couldn't find any rules which said that in the safety board...
Still, I am not sure how could this help the guy... if he wants to bid on my item, he should decide by himself what price he wants to bid at the maximum... If the price is below my reserve, then just he won't get the item! If it is more than it, then he has a chance to get it!
Sounds?!
Still, I am not sure if telling him (if I would not infringe any ebay laws) would be something good or bad...or neutral!? to me...
posted on November 12, 2002 12:22:18 PM
I found myself this on eBay rules...
>Can I tell a Bidder what my reserve price is if they ask?
Bidders will frequently contact Sellers asking what their reserve price is. Please know that Bidders have done nothing wrong by contacting Sellers with their queries.
Likewise, a Seller wouldn't be breaking any rules if they decided to reveal their reserve price to a Bidder.
If a Seller doesn't wish to disclose the amount of their reserve, they can politely advise the Bidder that they'll need to attempt to meet the reserve with a bid in order to find out what the amount is. Alternately, the Seller could tell the Bidder that the reserve price is no more than so many times the opening bid amount.
Of course, the Seller is not under any obligation to reveal or even hint at the amount of their reserve. The handling of this situation is entirely up to the seller.<
Still, if someone would tell me their opinion, it would help...
=)
Thanks!
Pilar.
(Tombolino)
posted on November 12, 2002 12:25:00 PM
As a rule I usually tell what the reserve is. Many bidders don't want to waste time on something if they feel the price is too high. I try not to set the reserve too high, but it depends on what my cost for the object was. I don't want to sell at a loss if I can help it.
posted on November 12, 2002 12:55:34 PM
I think you will also find many people wont bother with a reserve price auction. I know I won't. I'll simply find another one on e-bay without a reserve and bid on it even with a higher opening bid.
posted on November 12, 2002 01:20:27 PM
tomyou & rarriffle; you missed the point of the question. It wasn't whether she should put on a reserve, it was should she tell what it is. I think it really depends on what you are selling as to whether you put on a reserve or not. I use reserves & BIN on a lot of high ticket items. I am not going to let a $200.00 item go for $49.95. I don't use reserve on small items, i.e under $25.00.
posted on November 12, 2002 06:30:36 PM
why have a reserve price at all? just have the starting bid the lowest price you will except for it-why keep everyone in the dark? I simply refuse to bid on ANYTHING with a reserve price
posted on November 12, 2002 06:38:03 PM
I almost always list the reserve price in my auction description. I think if someone wants your item bad enough they will over bid your reserve in the first bid and then you probably have a good 5 days of exposure with the reserve price met. I found that if there is a bid on an item more attention is paid to that item. I use reserves on high end items that I can't give away. If it doesn't meet the reserve it means I am going to keep it, well at least for a while.
[ edited by Libra63 on Nov 12, 2002 06:39 PM ]
posted on November 12, 2002 08:33:36 PM
That makes no sense. Why have a reserve price, pay Ebay to have a reserve price, and then reveal the reserve price in your description. This is crazy.
.
.As for peope who ask what your reserve is...DO NOT TELL THEM.....as far as I'm concerned they are generally not sincere bidders....they are generally leaches who prowl Ebay, sending these "what is your reserve" e-mails, and then pounce like a lion on the poor seller that reveals a reserve that's below market value. Invariably, the follow-up then is, "I'll be out of town when the auction ends, would you sell now for reserve?"..
.
.My standard answer to the "what's your reserve" question is....."I'm sorry, but during an auction I do not discuss price, reveal reserve prices, or negotiate. This sort of defeats the whole idea of an auction.
Please bid if you're interested. Please feel free to get back to me after the auction if the reserve is not met. At that time I'll be glad to discuss price."......or sometimes I'll say,"I'm sorry, but during an auction I do not discuss price, reveal reserve prices, or negotiate. This sort of defeats the whole idea of an auction.
Please bid if you're interested. You have nothing to lose. It's free to bid. If you hit my reserve, great, if not, you've lost nothing. In 4 years on Ebay, I've yet to have 1 bidder explain how knowing a reserve price helps the bidding process. Please feel free to get back to me after the auction if the reserve is not met. At that time I'll be glad to discuss price."......or "Thank you for your interest. I am happy to answer questions regarding the item, but as for the reserve, I would advise you to join in the fun of bidding. Bid whatever you feel the item is worth. If you hit my reserve, great, if not, you have nothing to lose. If you do wind up as high bidder with the reserve not being hit, please feel free to e-mail at that point and perhaps we can negotiate a price."...
.
>
>
.I know that there's some of you out there that just can't come to terms with that dasrardly thing called a reserve price. Why not, you say, just start out the bidding at the reserve? Sounds good....until you think about it a bit...doesn't this turn an auction format into a sales format?.
>
>
I've heard it all.....I'll be out of town, mother sick, wife pregnant, mother pregnant, Sick pregnant wife out of town...every possible excuse why someone can not simply just place a bid, it only takes 3 seconds, in the amount that they feel an item is worth. How does knowing a reserve help. .
.
.Let's leave out those fellow members who just can't grasp the concept of a reserve and perhaps see it as part of a plot to extract money. For all you others....please....if you can.....give me a reason why someone needs to know the reserve before bidding. That wasting time bidding biz just doesn't cut it....it takes more time to write the e-mail asking the reserve than to just go ahead and bid. I'll be waiting and looking for a reason. If anyone can give me anything close to a reasonable reason, I'll change my approach. Believe me, as much as I've ranted and raved here, I reallly would like to see a reasonable answer...I just don't think that one exists.
posted on November 12, 2002 09:23:17 PM
Tombolino, yes you should let potential bidders know your reserve.
I don't use reserves too often myself, only on the really rare items. For example I recently sold a vase. My customers emailed to inquire as to the reserve. I told them the reserve was $500. The final price was around $1200, which was close to price guide value.
On the high end antique items, when sellers do not use reserves, my customers have told me they have learned not to trust those sellers. When the buyers were new to eBay, they bid on those type of auctions, thinking they were getting a deal because of the ignorance of the seller as to the item's actual value. When they win, and the item arrives with flaws not mentioned in the auction description, they learn that not having a reserve on a rare and valuable item is a signal that the seller is ignorant in other areas as well.
If I see something I want with a reserve, I will email the seller to ask for the reserve, just to make sure my snipe bid will be high enough, not to see if I can afford the seller's price. Most of the time I reach friendly sellers who are eager to let me know the reserve. A few times I've adjusted my bid upwards, to make sure my snipe would make the reserve.
For little auctions, I don't bother inquiring about the reserve. For example, not related to antiques at all, but there is one seller who lists a brand of cotton sweater I buy, and who will occassionally have ones with cute cats or dogs on it and with equally cute buttons, which is what I like to wear. This seller always puts her reserve at $25, for whatever reason. The buyers who don't like reserves don't bid, and I get the sweaters for only $25, an incredible bargain, since my bid is always over $75.
posted on November 13, 2002 07:13:51 PM
God, I'm glad I am not alone on telling what the reserve is. As long as I am selling a quality item, then I should get the full worth. If an item is worth $100.00 & I start the bidding @ $9.95, what is wrong with that? It has worked for me many many times.
posted on November 13, 2002 07:45:12 PM
I still think it is chickencrap to use a reserve at all. Set your opening price at the lowest amount you will accept like the other regular sellers.
"Bidders will never bid at my high starting bid if I don't use the reserve" is such a weak argument.
posted on November 13, 2002 09:07:07 PM
hello
Boy has this thread gone unraveld!
The really only reason for a reserve is if you buy a valuable widget and dont want to sell it for less. Usally the market will give you what it is really worth (You may not like that) but that is the only reason to use a reserve, just to test the value waters if you will. Good dealing and enjoy life is the only one you will likey have
Dave
posted on November 13, 2002 09:22:54 PM
The only time I would even remotely consider using a reserve is for the reason stated in the last post.
Let's say you inherited a genuine Elvis Presley autograph but had no idea of it's worth. You could set the reserve at a super high price that would never be reached and then see what bidders were willing to pay for the item. It would be a good way to see what an item is worth and would not cost much to find out.
posted on November 13, 2002 11:18:14 PM
I would tell the reserve price in a twinkling of an eye.
That reserve price, which I don't use often, is the minimum I want to get for my item. If someone's willing to bid my minimum BEFORE THE AUCTION HAS ENDED, EVEN, for heaven's sake why not let him or her pump up the bidding?! At the least, I've got my reserve out of the item.
Someone here, a while ago, used to put in her auctions a line such as "I'll gladly reveal my reserve price to any bidder who has already placed a bid below the reserve." Something like that. I tried it a few times, no one asked. (I don't think anyone reads through the auctions, right?!)
posted on November 14, 2002 08:27:26 AM
The few times that I did bid on a reserve auction because I really wanted the item I often got this type of letter.
"Sorry you didn't make my reserve price of $80. I will however sell the item at your $75 bid off ebay".
You really got the feeling they were trying to beat ebay out of fees and use of the feedback system.
posted on November 14, 2002 01:43:59 PM
I would tell the reserve price in a twinkling of an eye.
That reserve price, which I don't use often, is the minimum I want to get for my item. If someone's willing to bid my minimum BEFORE THE AUCTION HAS ENDED, EVEN, for heaven's sake why not let him or her pump up the bidding?! At the least, I've got my reserve out of the item.
The reason for NOT telling the reserve price is for example...say I have an item with a reserve of $5000. $5000 is also the wholesale price....i.e. I could take this item and sell it to any one of 50 different wholesalers for $5000. Starting price $2500. Along comes 4 people, willing to pay 4500, 4600, 4700, and 4800 respectively. And they're firm in how much they will pay. Maybe they're dealers, they know the market and they're looking to buy it to resell for $5000. If I tell them my reserve then they don't bid at all and the item receives no bids. If I can get them to just place a bid, then perhaps a fifth person will come along, see the 4700 or 4800 bid, and place their own bid, and maybe hit my reserve. Then a sixth may come and bid higher..
.
.Why not just start the auction at $5000 with no reserve. Unfortunately, this is what I normally do. It's no fun though, and it's not an auction. This is now a sale.
.
.
.
As for experimenting, I've done it....run the auction with no reserve, and the usual result is the $5000 item selling for $4500, which is what's going to happen most of the time if you don't shill bid in high ticket auctions(at least in my area). I don't shill bid, but my competitors who run the no reserve auctions do.....I see them at trade shows and they make no bones about it.
..
.Why do I bother with reserve auctions, or sell a $5000 item for $5000......Today I had 12 sales. 7 sold at the opening bid/starting price in a no reserve auction....I made nothing on these auctions, except for 7 new customers who will perhaps purchase in the future.......5 sold in the reserve auctions....my profit, $3100, plus another 5 customers.
.
.
.As for the $5000 item, it's something that people buy in retail stores every day at an average discounted price of $6500. The people who win my auctions don't waste time asking what the reserve is, like the tire-kickers. They just bid. They've done there homework, and they're happy buying for something below $6500. In 4 years, and 4000 items I don't recall EVER selling to someone who asked my reserve price, whether I told them or not. Perhaps all this is applicable just to my field, but this is my experience.
[ edited by pointy on Nov 14, 2002 01:50 PM ]
[ edited by pointy on Nov 14, 2002 02:54 PM ]
posted on November 15, 2002 06:11:17 AM
Sometimes a reserve is used to see what the item will actually sell for and then relisted, if it doesn't sell, for the second highest bid...
Ain't Life Grand...
posted on November 15, 2002 11:36:18 AM
I tell the reserve price when asked. When I am bidding I just figure the most I will pay and bid it. If I don't make the reserve I move on. As a seller I do not use the reserve very often but on higher priced items I think it is needed. I have put a rare tool on with a $300.00 start and ran it 2 times with no bids. The 3rd time I ran it I started it with $25.00 and a $300.00 reserve. It got 12 bids and went for $350.00 I have tried this a few times with the same type of results.
I think you have to get bidders interested with the lower starting price but I think starting items for $9.99 with no reserve that you paid $200.00 for is bad business unless you are sure this item is regularly selling for a high price. Auction houses do not put their items up for less than they paid for them unless they have a bidder planted to make sure it goes for the right price. When you see live auctions selling without reserves and small starting prices they are selling someone elses items.
posted on November 15, 2002 07:42:42 PM
A low price gets me to look at an action. Reserve price doesn't stop me from bidding, but I always do ask. The low starting price gets my attention and I look at the auction.
Once I find out the reserve price, if it seems resonable I'll go ahead and bid, starting at the reserve. If it is out of my budget range of course I don't waste my time...however I will check to see what else the seller is selling.!
It is only when I can not find out whaqt the reservfe is that I write off that seller.
It is called marketing
posted on November 15, 2002 07:52:52 PM
Isn't that a lot of hassle writing the sellers of each reserve auction? What happens when you chance upon a reserve auction with only a few hours remaining?
I like the old 'I bid the highest amount that I want to pay and if the reserve isn't met I move along' school of thought.
posted on November 16, 2002 08:43:38 AM
For those who say it's a waste of time bidding if the reserve turns out to be too high......
.
1.Time to place a bid.......5 seconds
.
.
2. Time to write an e-mail asking reserve......, then wait for the answer......, then go back and find the auction.........., and place a bid.....Undetermined amount of time, but likely to be well over 5 seconds
.
.I must be missing the logic here of those who just won't bid what they feel the item is worth and move on. I'll Paypal anyone $10 for a logical explanation.
[ edited by pointy on Nov 16, 2002 08:47 AM ]
posted on November 16, 2002 06:31:55 PM
As a bidder, I personally do not care whether there is a reserve or not. I snipe, so a reserve is irrelevant. I either win it or I don't.
I do think, though, that reserves scare bidders away generally speaking, which sometimes works to my advantage. Amateur sellers often fail to understand the whole reserve idea: they'll have the starting bid at $45.00, for example, and the reserve at $65.00. Bidders see the $45.00 and figure the reserve is way up there, so are spooked from bidding. (It is often a mistake to let a high starting bid do your thinking for you).
In the antiques/collectibles field, I would think that reserves are often necessary--better to lose the listing fee than several hundred dollars.
Sniping works up a thirst"
