What's the etiquette on setting a BIN?

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  1. Hey, I've just started selling and with 7 days to go, I got a question from a potential buyer asking me to set a BIN. I don't think I want to set one and would rather have the auction run its course.

    How do you say no delicately? Or would you ask them how much they'd be willing to pay for the item? I don't really know how much I want but woud like to handle this correctly and not lose a bidder if I say no to the BIN.

    Thanks in advance!
     
  2. It can't hurt to ask and see if they'll offer you something that's above what you're hoping to get, but in my experience if someone asks for a buy it now mid-auction, they're hoping you don't know what it's worth and want to buy it for less than it'll go for in the auction. I always ask what price they're offering on the minute, off-chance that it'll be more than what I wanted to get. When/if you find out that it's less than you want for the item, you can just respond that it's a little less than you're hoping to get and would prefer to let the auction play out on its own and you welcome them to bid.
     
  3. Thanks, sara, I've gone and done that so let's see what happens.
     
  4. Yeah, it's been my experience that those folks who want to BIN, are generally hoping to get it for far less than you want, so I have never ever let anything go before end of auction.
     
  5. By saying exactly what you just said: I'd rather rather have the auction run its course.
     
  6. I usually say the same as others that I would prefer to let the auction run its course as I have a lot of people watching! On occasions I have asked people to make me an offer but its usually something ridiculous that they come back with so I just politely decline!
     
  7. Maybe you gals are right but whenever I request a BIN price it is ALWAYS because I am impatient and just want to buy the item quickly (so I can receive it quickly ;)) and not because I am trying to get a lower price from a seller.

    I personally think that auction style listings are annoying if you just want to buy the item and be done with it. I realize that auction style listings are good for sellers and I am a seller too.. just sayin' that there are other perks to a BIN other than price. In fact most of the time BIN prices are actually quite high. Just my 2 cents.
     
  8. Its hard to tell what is going on in buyer's minds. I had a bag listed with a BIN of $1200 and a starting auction of $999. The auction quickly received two bids up to $1025 which cancelled the BIN. Two potential buyers emailed me asking if I could reinstate the BIN so they could buy it. I would have had to cancel the existing bids and, with over 50 watchers was optimistic that I could get at least the BIN price so I said I would prefer to let the auction run. I waited with great anticipation to see the last minute bids come pouring in and guess what? Not one more bid. I wasn't devastated but I was hoping to do better. Lesson learned...there's no magic formula for getting the most for your items. Some you're ahead, some you're not.
     
  9. ^^ Exactly. I also think that when people are in a "moment" and they want a bag at that particular time they are more inclined to hit a BIN button.. but if they are forced to wait for an auctions end life tends to get in the way. I know that I miss a lot of auction style listings because I am away from home or just plain busy.. out of sight out of mind, you know? That immediacy goes away when you can't 'get it now'.