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Thoughts on revealing reserve prices?

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Dec 16, 2006, 3:06pm   #1
siworae's Avatar
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siworae
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I'm just wondering if it's a good idea to disclose the reserve price? I've been buying on ebay for 5 years now, but this is only my 2nd time attempting to sell on ebay... I started the auction at $0.99, and set a reserve. One buyer asked if I would disclose it, and I'm not sure if I should or not? There's still 3 days left, and the reserve has not been met, although there are 14 watchers at the moment.
Dec 16, 2006, 3:10pm   #2
pugsonpurses's Avatar
pugsonpurses
Member
What are you selling, and how badly do you want to sell it?
Dec 16, 2006, 3:12pm   #3
T
Tura**Satana
Account Deactivated
If the reserve has been met, then I guess you don't hae to disclose it anymore.
Dec 16, 2006, 3:21pm   #4
siworae's Avatar
Thread Starter
siworae
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I am selling a wallet, and it's basically NWT. I purchased it a few months back, but never used it. I've tried searching for previous auctions, but the exact same wallet was not ever for sale recently. The reserve has not been met yet, but judging by the number of watchers and inquiries I've received, there seems to be a lot of interest in it.

I know some sellers will tell buyers, but others refuse (not sure why?)
Dec 16, 2006, 3:30pm   #5
pugsonpurses's Avatar
pugsonpurses
Member
Don't let the # of watchers lull you into a sense of false selling security-I have had double digit watchers on things, was sure I was going to SELL MY ITEM and then, all the watchers just turned and waved bye! to the item as it went into Unsold. With regards to the reserve, sometimes people ask just to gauge how realistic you are (to them)-depending on the scarcity, name value, of whatever it is-some people want to draw you out and get you to end the auction and sell it to them at the reserve-you never know. The other thing that made me read it twice was "basically" NWT-either it is or it isn't, people may be hung up somewhere-since no one has bid, you can revise your auction, depending again on how badly you want to sell it-don't forget, too, these coming days are going to be bad for sellers, most people right now are on the verge of being tapped out-good luck!
Dec 16, 2006, 3:41pm   #6
Sharleen's Avatar
Sharleen
Member
It can only work in your favor to disclose your reserve price.
If the person is not willing to pay your reserve price, that prevents wasting both the buyer's and seller's time. (the buyer will probably stop watching the item, and then seller won't see them watching the item as a potential buyer) If the person is willing to pay your reserve price, well, you've got a sale on your hands. He/she will either bid high enough during the auction, or you can communicate post-auction.
As both a buyer and seller, I can only see the upside of the reserve price being public information. I have made many sales to people both during the auction and after by disclosing it. It just doesn't seem beneficial for it to be "secret" information.
Dec 16, 2006, 3:46pm   #7
pugsonpurses's Avatar
pugsonpurses
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Well said!
Dec 16, 2006, 3:55pm   #8
siworae's Avatar
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siworae
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Thanks for your responses, really appreciate it!

pugsonpurses, in my listing, i stated the item is NWT. i never used it, and it's in flawless condition like the the day I purchased it. Also, I included large, clear, and detailed photos.

i will tell the potential buyer the reserve price. i think it's reasonable, at nearly 40% off the MSRP. i know it's probably not the best time to sell now, but i'm low on cash myself.

in my experience, some sellers just refused to tell their reserve price... and i never understood why.
Dec 16, 2006, 4:25pm   #9
s
susan-eric
Member
I used to tell the reserve, but now I no longer do if I have one. The reason for my change in policy is that I found a couple of times that sellers would bid just under the reserve and then try to negotiate the price down after the auction ended. I thought that was misusing the information and that's why I stopped. I didn't like being manipulated like that.
Dec 16, 2006, 4:38pm   #10
Faithful's Avatar
Faithful
Its still me...
^^ I never thought about that it is amazing how manipulative some buyers are - scary! I must admit I have always disclosed my reserve price
Dec 16, 2006, 4:45pm   #11
siworae's Avatar
Thread Starter
siworae
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Originally Posted by susan-eric
I used to tell the reserve, but now I no longer do if I have one. The reason for my change in policy is that I found a couple of times that sellers would bid just under the reserve and then try to negotiate the price down after the auction ended. I thought that was misusing the information and that's why I stopped. I didn't like being manipulated like that.
oh! that never crossed my mind at all. thanks for sharing, i'll keep that in mind from now on.
Dec 16, 2006, 9:00pm   #12
J
Jen Loves LV
Member
I've only been asked a couple of times what my reserve is and I've disclosed it, but I usually put a sentence in my auction about it not being far off from the BIN price.
Dec 16, 2006, 9:04pm   #13
Swanky Mama Of Three's Avatar
Swanky Mama Of Three
I always disclose it if asked and I'm turned off is a Seller refuses to tell me if I ask.
Dec 16, 2006, 9:12pm   #14
lv1011's Avatar
lv1011
Account Deactivated
why wouldnt you want to disclose it? I mean as a buyer, I too am turned off if a seller dosent tell me. What if the reserve isnt in a price range im willing to pay? etc...it just dosent make sence NOT to disclose it.
Dec 16, 2006, 9:17pm   #15
Christiflora's Avatar
Christiflora
Member
As a buyer, I want to know the reserve price, so I know if the price is within my bidding range. If it is above what I am willing to pay, then I need not waste time waiting until the last minute to place bids. Therefore, I find the reserve price option a nuisance.

As a seller, I do not see the value of paying extra for setting a reserve price (1% fee that is to be paid if the item does not sell). If the reserve price is the minimum that I would take, then I would rather start the bidding at that price.

There are people using the reserve option. I must be missing an important benefit. Will someone enlighten me?
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