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High starting price vs. Reserves?

Jonny_PaycheckJonny_Paycheck 17,825 Posts
edited May 2006 in Strut Central
Now we all want to get full value on our records, but what is the strut consensus on the better method?I feel kind of silly putting $40 reserves on things... but I don't want to discourage bidders with $39.99 starting bids...

  Comments

  • Deep_SangDeep_Sang 1,081 Posts
    Reserves. They often get people bidding early just to hit the reserve, and then when it's hit, the record of the reserve disappears, and you're left with a nice price with a lot of bids, which tends to induce even more bidding. High starting prices always discourage bidders. I've always had my reserve met when it's a known, desirable record, which is what I assume you will be auctioning.

    If it's a $50 record, with a $40 reserve, it's all good to put the reserve in there. I know plenty of sellers who cover their ass regularly with that.
  • Jonny_PaycheckJonny_Paycheck 17,825 Posts
    truuuuueeeee....
  • The_NonThe_Non 5,691 Posts
    I'm of the big dude cloth that for reserves, it should be over $70. Anything below, start it at what is the bare minimum you got in it or will take for it. Reserve fees are highhighhigh.
  • FatbackFatback 6,746 Posts
    I like reserves. If someone emails me and asks, I'll tell them.

    I can't remember if the listing fees are higher for reserves vs starting price? Or the same?
  • drewnicedrewnice 5,465 Posts
    It depends on how much you're trying to get for the record.

    If it's a consistent $200 joint, then starting at $39.99 is no big deal.

    If it's a consistent $50 joint, then starting it at $39.99 will be a bit discouraging.
  • The_NonThe_Non 5,691 Posts
    ^^^^ What he said. GBOGH

    Paycheck, you coming through foll?
  • hcrinkhcrink 8,729 Posts
    I think both really put people off. I always get the best prices starting low with no reserve, but that can be kinda hairy with some things.
  • hcrinkhcrink 8,729 Posts
    GBOGH

    Does anyone here speak "thenon"?
  • The_NonThe_Non 5,691 Posts
    GO BIG OR GO HOME
  • hcrinkhcrink 8,729 Posts
    UTFLOEWTMASIMPOS
  • Mel_GibsonMel_Gibson 664 Posts
    What about those blind-buying ballers who browse by highest price first? Start a big money record at $9.99 and they may not decide that they need to own it until the auction is over (if ever), considering how prices often jump in the last seconds.
  • NiteKrawler45NiteKrawler45 1,062 Posts
    I think both really put people off. I always get the best prices starting low with no reserve, but that can be kinda hairy with some things.

    right on.
  • Jonny_PaycheckJonny_Paycheck 17,825 Posts
    Yeah obviously I would prefer to use neither.... but unlike a lot of ebay dudes, I have the shop... and I'm not going to let something go on ebay for less than I could get here.... and I would prefer to sell it here anyway

    There are some records that would've sold for way, way under what I wanted had I not used reserves.

    Anyways, the proof is in the pudding

    http://soulstrut.com/ubbthreads/showflat.php?Cat=0&Number=660377&an=0&page=0#Post660377
  • RockadelicRockadelic Out Digging 13,993 Posts
    I think both really put people off. I always get the best prices starting low with no reserve, but that can be kinda hairy with some things.

    This is what I have found to be the best method. Sure I sell 20%-30% of the LP's I list for less than I THOUGHT I could get for them, but 70%-80% go for more than I could have imagined.

    By starting low with no reserve you're more likely to get people to make that initial bid. And once that happens human nature kicks in and NO ONE LIKES TO LOSE, so someone who was not likely to bid a $19.99 first bid, will go into a bidding frenzy or competition and bid $40. I see it happen weekly, but it does take some balls and the ability to watch a record go too cheap.

    To be honest, I have a hard time with the entire concept of high minimums and reserves. To me it's kinda like "This is my price, but if you want to pay me more fine, but you can't win it at a bargain". I know the concept of an auction includes reserves and minimums but I like to think a bargain could be had under the right circumstances. The concept of the possible bargain is what gets a lot of folks to bid in the first place.

    Of course having a store makes this all pretty illogical. In my world if I don't sell it on Ebay it goes into my Austin Show Bargain Bin for DJCoolHands to enjoy!!
  • BreakSelfBreakSelf 2,925 Posts
    I've never had much luck using reserves on my auctions, so I only use them for items of which I'm hesitant to let go. What I do find useful, however, is the practice of listing big-ticket items for 50% or less of what they're worth. So, if I were to list a 45 with an established value of around $300, I might start the bidding at $99; enough to attract the attention of browsers who sort by highest price, but not enough to deter those buyers looking to get a deal. I suppose this doesn't really address your question about getting maximum $$$ for every record, but it's worked well for me.
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