Selling your watches for maximum profit is definitely every seller’s intention. However it does require some strategy and plan to. A proper way will yield results includes you doing everything you can to present the watch enticingly to a group of potential buying audience.
Most people will fumble around via trial & error
attempting to figure out what’s maximum price working for them. So what ends up
happening? They spend a large amount of time trying to create a sales nut this
is only fishing, it waste time. Should be preferred to stick to an anchor point
or set of rules that have been tried and true.
These strategies are used by majority of the watch sellers
worldwide. Here’s some tips to help you start selling your watches better.
Exposure
It seems obvious that in order to better your chances of getting your watch purchased, you would maximize the amount of exposure to the largest audience of buyers possible. The sad truth is, this strategy is very critical to selling success, yet very few people actually execute on this. Think about how many places you can show off your watch for sale. The effort is high to put your watches everywhere, That may not be the best too.
As you can see there is no shortage of options, and this is
just a short list of many other creative ways you can get your watch noticed
and let potential buyers know it’s for sale.
Take lifestyle pictures of your watch and post it on your
Facebook personal page, Facebook business page, your Instagram, watch enthusiast
group, Carousell, Chrono24 or eBay.
For whatever reason, whether it’s because we’re lazy, or
because we just didn’t think of how to do it, people slack on giving their
watch exposure which limits the amount of buyer activity on the watch. Humans
have short attention spans. Shit, I can’t even remember what i had for lunch
yesterday, so how can you expect a potential buyer to think about your watch if
you aren’t putting it in front of their face frequently? However this still works
for certain general watches.
The more efficient and creative you can get about exposing your watch to POTENTIAL buyers, the easier it will be for you to sell it.
How you list your watches
Exposure to your watch listing is very important. What’s equally important is how you list your watch. Too often, the approach here is haphazard, and watch traders end up sabotaging themselves. A classic example I see is folks will just have their watch newly-in, and post it immediately to a trader/wholesale/Whatsapp trader group for sale. The mistake here is you end up listing for a price that is may be too high for those audiences and your watch still hasn’t sold, you lower your price to these groups and everyone thinks you’re desperately trying to sell it because you couldn’t.
We usually start at Brand X watch enthusiast groups and watch forums at a set margin. You think enthusiast group may pay you more as they are enthusiast on your watch say Brand X.
Sometimes it may do no good as they are enthusiasts, or an expert that know the watch inside out. They are fully aware the value or the price of it. You keep your mass market listings up at the same retail price though, because we never know when you’ll have a buyer come along who is in love with your watch. By staggering the listing price and where you post the watch, you buy yourself time and help capture maximum profit. Finally, if in another 5-10 days after posting to the enthusiast groups and forums and the watch still hasn’t sold, THEN you have to move the listing to the wholesale/watch conspiracy groups to liquidate your watch at-cost or a small profit.
By listing your watch on the mass market platforms where
dealers are commonly whatsapp groups, Facebook Marketplace and Carousell. You’ll
get exposure to your listing at lowest market retail price, it is uncommon to
see cases is the net profit of $150-250 for a BNIB Rolex. This is your biggest
margin opportunity and where people will not pay you more because they know
about watches.
And media is getting transparent and they are about to do
research on prices at Chrono24, watchbox, eBay and sort out what is the best
buying price for his watch and comparing with your selling prices. However, this is so far the fastest means to
sell your watch if you don’t mind reducing the profit.
High price must come with reason
If you sell, must come with enough explanation on why the
price is like that. We know a Rolex Watch of the same type, same year that may
have a price difference of 2 time, because of the quality, you have to list
down how your watch is and why it comes up with this price with supporting
reason.
You are looking for certain high class buyer, forget those people
who just sort out the LOWEST price on particular model on line, they may always
buy a Bad watch.
Trust on seller
The #1 reason buyers make fast decisions to purchase a watch
is that they trust the seller they are buying from. This is why repeat
customers are fantastic for you to keep track of and sell to in the future. You’ll
understand why this approach is critical to moving watches fast for serious
profit.
Trust is the reason buyers will move forward with at $30,000
watch purchase from you even if you’ve taken a few crappy photos of the watch
itself. If the buyer has the layer of trust that “this person would never do me
wrong, and if something went wrong they would make it right”, then they remove
all of their own insecurity, psychological barrier and buying hesitations. Also
there is minimum price negotiations.
Through Auction
Auction is good for certain expensive watches that may catch the world wide notice, and there may have more potential collector, individual invincible investors, tycoon wants to spend money on something he may not know. There are a lot of works to do, you have to pay for the picture and catalogues, and you have to leave the watch there shown at preview. Let some idiots to fool around your watch, drop it on the desk, well, you don’t feel the pain as you are not there probably, and after the hammer price seller had to pay 15% to the auction and buyer 25%. That is a lot on top of what you get. And it takes a longer time to get your money. And if not sold, they return you the watch, after that you had to check carefully on your watch again. Unless rare and special expensive watch, this is not the best way to sell.
Through middle man
A middle man usually has a strong connection with Buyers and
he finds you the best buyer.
This save your time and keep you safe on the transaction, Money
guaranteed. Yes, you have to pay him certain percentage of commission on the
sales. He tends to sell as much a she can for higher commission.
Since they know the buyer.. usually transaction would take a few minutes , no hassle, not authentication needed on the watch at stupid Rolex Service centre at all.
Build new potential buyer
A few ways to establish trust with new potential buyers is by offering them references, connecting with them via the phone, and on social media. Do keep some of the best comment on you at certain website. From some of the famous dealer and celebrity who had wonderful experience buying experience with you.
Enticing Photos
People purchase emotionally impulse first and justify those
purchases rationally after, so use emotion to your advantage with your photos! When
people see crisp, clean, high-resolution photos of watches, they feel
comfortable buying. They feel like the seller isn’t hiding anything from them
in the pictures. My favorite method of taking photos doesn’t require you
purchasing expensive camera equipment. It just involves taking photos with a
smartphone in outside natural lighting, preferably not in direct sunlight.
Optimal conditions are on an overcast day or just in a light shade area when
the sun is out. For product photos, shots from all different angles and focus
on certain details, such as hallmarks, lug corners, bevel sharpness, dial surface
stains, bracelet reference number, and printing of the dial and what’s included
with the watch are key.
For lifestyle photos, get creative! You can elicit such
strong emotions from potential buyers when you take amazing photos. For example,
a Blue dial Rolex Submariner in gold in
the foreground with a matching blue Lamborghini in the background gets people
excited about the watch, shows off how amazing the watch is, and elicits desire
in them to buy. You may able to sell the Lamborghini after the Submariner.
Accessibility
Making yourself accessible to those who are asking you
questions about your watch and want to buy from you is vital. I can’t tell you
how many times I’ve seen sellers sabotage themselves by making these mistakes. When
a buyer reaches out with a question and the seller responds hours or even days
later. That’s a lost sale right there, and reflective of the type of customer
service the buyer may expect if they move forward with that seller. Another mistake is people who don’t make
themselves accessible on social media, or via phone, Whatsapp had been turn off
half day to one… Buyer will be thinking are you serious in selling. If you’re about to wire someone $5,000 +
wouldn’t you want to know who the hell you’re doing business with? I know I
would. Don’t be the idiot who has a picture of their cats, a Rolex watch dial
or a blank JPG as their profile picture on social media, or half face cover his
hair or the dump hat, HAHA, You’re an adult, and you are a brand in this day of
social information. Start representing yourself correctly.
If you want to close deals for more profit, be accessible.
Encourage buyers to connect with you online, and/or call you if they have
questions about your watch. This gives them that layer of comfort knowing
you’re not a scammer or not going to go anywhere if shit hits the fan. Make a
date to show your watch tentatively, yes, there are a lot of people who has no
money but want to spend time this way meeting you for the coffee, but so far
the percentage of this is still low, no one would like to come out to just to drink
your coffee. Well, if he will coming out at least the chance to close the deal
is 50%.
Security
Case #1
There is a story happened in 2020, a friend K of mine was about
to sell his expensive Daytona, he made appointment with one potential buyer, he
did not know him, well my friend K went into the window seat of Chui Wah Eatery at Carnavon Road No.1.
He sat inside of the seat… the his potential buyer came and sit beside him (Mistake
1, we used not seat this way, must be
face to face… as your buyer may block you moving out of the seat). And he started
chitchatting about watch, bullshitting stuff, buyer called his another friend
to come, this is common, but (mistake 2, they have not talked about this
before), Mr. K carried on talking and
started showing him the Daytona, (mistake 3, If I were Mr. K I would cancel the
deal).
Next happening is the guy opposite Mr. K took the watch and
run! The Guy sit beside Mr. K blocked him to move… haha, exciting right like a
movie theme…but it happened.
This is one example…
Case #2
Buying a Milgauss, seller is showing a Milgauss to his buyer
who came with her attractive girl friend.. This happened, and whilst seller is
watch the girl especially on the prominent boos, buyer said the watch is not he
want and returned seller,… OK seller packed and went home still thinking about the
beautiful lady. Later he found that watch is a genuine fake. The eyes had enjoyed a lot but you had to pay
with watch!
Case #3
I went to sell three Rolexes to one gentleman who is the son in law of Mr. T in Thailand… we were in Peninsular hotel and he brought his wife there, we had ordered some drinks and his wife showed me her Bloodstone Day Date 18038… I was drooling…. Well I sold him three Rolex. One is Rolex DD 1803 with buckle Bracelet. One is Purple dial Buckley Date Just in 18 KT gold… and one is Date Just blue dial in steel with paper. He told me he will send me money after the deal, I left him the watch and we left….
Summary
Keep these core fundamentals in mind when building out your
own selling strategy.
If you do, I am confident you’ll find that you will start
selling watches faster and for greater profit.
There is no standard ways to expand your sale, starting it with
your way you think is best and easy to start first.
Mistakes and Experience will guide you where you should go
next.
HK Snob
Remarks
Picture show three men robbed a Daytona during the watch trade at MTR
