Reading Between the Lines and Dealing with Equal "Best Offers"

[Warren]

Over the weekend I purchased an old pair of binoculars in their original case that seemed like were probably worth more than the asking price. After a couple hours of online research I concluded that they were a pretty rare German World War II pair and I listed them yesterday afternoon at a price I thought was probably a little on the high side. By noon today I had gotten two offers at 55% of my ask, and as of a couple hours ago two more different offers at 70%+ of my ask.

My first question is if I blew it here on my list price? Reading between the lines it sorts of feels like this little flury means my ask is too low?? Second, curious how others deal with competing offers at the same amount. Do you send actionable counters and just see who hits it or try to keep the dialogue going through messages?

Thanks in advance!!

[WBird]

It sounds like you have a lot of interest in your item, which is great. Since I list with the willingness to wait for a good price, I usually don’t take low offers within the first month or two. Before accepting any offer, I always check their profile section “Feedback Left for Others.” If they have left more neutrals or negatives for others than I’m comfortable with, I deny the offer, no matter how much it is. I know I dodged a bullet recently when a man in Australia made an offer on an expensive vintage sign. I checked and he had left 3 recent negatives saying he had not received his vintage signs from other sellers. (But he doesn’t seem afraid to buy more). No thanks.

This is just me. Do what feels right for you. If you feel good about the buyers, I think counteroffers would be something to try.

[Jay]

Since no one has bought for full price immediately, then you havent underpriced it. You’re getting offers 50%-70% of your ask. This means that the market is helping you see where the price should be.

If you’re willing to wait, I guess you could decline all offers and wait for a full ask.

But we would simple counter offer everyone at 90% of the ask and say “Since we are getting multiple bids, we ask that you consider a higher offer.”

If you researched it and see that your price is strong, a 70%+ offer will be a huge win! Remember not to get too precious about this stuff. Take the money and run!

[AdventureE]

Warren,

You said, “Over the weekend I purchased an old pair of binoculars in their original case that seemed like were probably worth more than the asking price. After a couple hours of online research I concluded that they were a pretty rare German World War II pair.” With your wording alone, I would not compromise on price unless you really need the money. It is possible that you underpriced it and you are getting offers from sellers who are going to flip it for an even higher price. I would offer that you leave it up, wait for the full price, and do some more research. If the item does not sell at full price in a week, you might want to send it to auction starting a little below your current asking price with a high Buy It Now price.

[Warren]

Just wanted to thank you all for your help and input here. I decided to just let the offers sit for the night and was going to send counters per Jay’s suggestion this morning. But by last night one buyer who had inquired and made an offer earlier had moved from his 70% offer to just hitting my ask and paying immediately with shipping instructions.

Soooo…this leads me to believe I was probably on the low side with my price, but it’s also really hard to be upset with a 3200% profit in less than 48 hours. I’ll chalk it up to a good learning experience and the fact that after a few hours of research I’ve now got some basic knowledge around a subject area I knew nothing about just a few days ago.

Thanks again all!

[Jay]

Maybe you priced it too low. But if people were sending offers, I bet it was competitive.

If you had priced it way too low, someone would have bought it at full ask as soon as you posted it.

[Retro Treasures WV]

Well you may not have squeezed every drop from that plump fruit, but you did mighty fine. You had very little time & effort involved and made a pretty penny. You can laugh all the way to the bank.

Even if the person who bought it is planning on flipping it, I assure you they have put substantially more time, effort, and capital into knowing what they have and making that deal. Good for them!

[Steven S]

With that many offers and some doubt about on your part as to underpricing, I would’ve suggested switching to an auction starting at your original asking price.
You had enough interest to start a possible bidding war.

[Author]

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