Malaysia Watch Forum
Main Forums => General Discussion - Modern Watches => Topic started by: adamjohari on August 23, 2016, 11:23:14 AM
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I got offered a ridiculous low ball offer for one of my watches from a shop today. It was so ridiculous that I was actually offended. Cause I know prices damn well, and I know that my offer would've given them a hefty profit and cover guaranty should anything happen.
I think the mistake was me telling them what price I wanted first instead of me asking them what they could offer. Cause the lady didn't take long to come back with a price. I've been in contact with many companies overseas and what not, and they would normally take awhile to come back with a price cause they would go through statistics and market value first.
Long story short. I would never buy or sell from W%#* W*^ Watch.
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Is it the infamous subang Wxx Wxx Watch ?!? :o
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Haha u think? :laugh:
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Businesses main intention is to maximise profit. They are not charity.
If you think it wasnt good deal enuf, then state your offer. if both cant meet, then walk away.
it doesnt matter whether it is against a watch shop, or individual seller.
It's just business after all, nothing personal.
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Anyone bought from there?
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That's usually the scenario. Best is to sell to a willing buyer. Selling it to reseller would incur loss but immediate cash, That's the trade off.
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Do not be offended by the low price quoted from shops at our local scene.
Normally, shops feel shy to quote the price unless seller/s insisted.
Shops will usually request for your asking price first, and if its too far off from target. They will decline the transaction...
If you want good price, sell it to end user/s
dc
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It is very common. Particularly if the watch is from a brand that is relatively unknown to the masses. I know big brands such as Jaeger LeCoultre, Franck Muller, Blancpain, Breguet and even Vacheron Constantin got their prices smashed when they are offered to the grey dealers due to the lack of popularity amongst the masses. I guess it is a risk that the dealers have to bear when taking in a particular watch, paying cash for it and having it sit as stock for months on end. Deal with these same grey dealers a few times and you will see there is a certain pattern in their purchasing of a certain watch or watches in terms of the price.
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Haha u think? :laugh:
But i saw review say.. That shop take high price lor... Btw im thinking to bring my tag over there... Hmmm
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I know the laws of demand and supply. And I also know risk pretty well. Let's just say they were out of the ballpark. And I'm not desperate to sell so no transaction and no harm done.
Usually before making an offer you need to do the 'dance'. The dance encompasses being polite and an approachable social decorum, which they were kind of awful at. Maybe things were lost in text translation, where I couldn't hear their tone and they couldn't hear mine. But I've dealt with many dealers before and this is the first time I've gone away being offended.
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Haha u think? :laugh:
But i saw review say.. That shop take high price lor... Btw im thinking to bring my tag over there... Hmmm
I'm saying only on my behalf. I didn't have a good experience. Doesn't mean you won't. Same as a previous post, someone had a horrible experience with H%#^ T*{^.... But my experience with their shop has been very good. The guy was polite and even if he disagreed with me he wasn't kurt like the lady from W*** W**.
Go first, try yourself. But don't say I didn't warn you ;D
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It is very common. Particularly if the watch is from a brand that is relatively unknown to the masses. I know big brands such as Jaeger LeCoultre, Franck Muller, Blancpain, Breguet and even Vacheron Constantin got their prices smashed when they are offered to the grey dealers due to the lack of popularity amongst the masses. I guess it is a risk that the dealers have to bear when taking in a particular watch, paying cash for it and having it sit as stock for months on end. Deal with these same grey dealers a few times and you will see there is a certain pattern in their purchasing of a certain watch or watches in terms of the price.
Haha no bro. Not gonna sell my Magritte in Malaysia. A dealer in London offered retail but I rejected.
I mean I know this may sound like I'm over sensitive. And no harm was done really. Guess I'm just used to being spoilt by polite people :)
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Haha u think? :laugh:
But i saw review say.. That shop take high price lor... Btw im thinking to bring my tag over there... Hmmm
I'm saying only on my behalf. I didn't have a good experience. Doesn't mean you won't. Same as a previous post, someone had a horrible experience with H%#^ T*{^.... But my experience with their shop has been very good. The guy was polite and even if he disagreed with me he wasn't kurt like the lady from W*** W**.
Go first, try yourself. But don't say I didn't warn you ;D
Hahahah... Nevermind la bro.. Sell online lah... Maybe i put in mudah later.. Any other suggestion page?
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Selling online to the unknown is risky business these days.
You won't know whom you are facing especially strangers.
Best bet is dealing with someone familiar.
You're relative safe in a watch shop environment.
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Agree. Do some research on the buyer/seller - Facebook, LinkedIn, etc. I typically go for buyers/sellers that have been vouched. I make it a quest to always ask people if they know the buyer/seller. Count the money one by one. Basic math shouldn't be a problem right :D Sell at a place with witnesses and ensure that the person can't run away with your goods. So if you are selling at a cafe, go a little bit inside so the person can't just take off.
Maybank can transfer up to 30k via Maybank2u. Go through that route instead of cash if possible.
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Watch shops that's buy in 'high' from you is so called corrected in their terms. To them, their price- buying from you is 'high'. Its not always high on the other way round.
Be expected to lose out more that 70-80% off the list price on 'other' branded watches. Only certain make are in demand.
Used watch market is soft at the moment. So, Good luck.
dc
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The subject matter of this post is certainly/ unequivocally NOT aiming or referring to the OP (AdamJohari knows his stuff, certainly not him) or any specific MWF users. This is strictly a general remark based on my humble observations.
Do any of you realise that there were way-way many more successful deals during the past years (say 4 years back) at the pre-owned market as compared to the recent year/ now??? Try, please try, clicking random pages (say page 29 which relates to year 2012 of the pre-owned market page) and the first thing you would realise is 90% or more of the deals were shaded (ie successful). Thereafter, immediately click back to the recent pages and you would realise that the difference is, well, not a difference. It is just not comparable.
I guess fresh excited pre-owned posters need to realise that:
1. If you are trying to rip off your audience, just like how the buyer is trying to rip off the OP in this case, heck we know our stuff - we will know.
2. Your audience would have researched/seen the grey market prices, dealers, chronos, etc, and finally you the seller. Again if you THINK you can make a windfall out of sifus and MWF forumners, Hmmmmm.
3. If you are posting at places like m*dah, l*w ya*, eb*y etc, fine. But MWF, c’mon DO not underestimate your audiences – it is quite intellectually insulting actually. These are sifu and even watch maker (well not all of course).
4. Is selling pre-owned watch all about making huge profit? I reckon some of us painfully dispose of some of our pieces because those pieces are not having enough wrist time or we are consolidating our collection.
5. Be sensible - if your selling point is that you are a couple of bucks cheaper than the retailer, would we buy that??
Guys, I might be wrong in stating the above. But what is your views? Agree/ disagree why?
Again this is not specifically aiming at anyone (certainly not the OP), it is merely a point for discussion.
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I think a lot of people here are quite knowledgable regarding price and have done some research.
I guess, if I had to relate it to football,
Would you go to Barcelona and offer them 15mil for Lionel Messi, Neymar or Suarez?
Not all of us are stingy like Wenger :laugh:
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I think a lot of people here are quite knowledgable regarding price and have done some research.
I guess, if I had to relate it to football,
Would you go to Barcelona and offer them 15mil for Lionel Messi, Neymar or Suarez?
Not all of us are stingy like Wenger :laugh:
I know what your feelings adamjohari.
Once I also tried the same place to trading a watch
Back at 2014 I trading a moonwatch fullset 2011 with sapphire glass
Market preown selling 9k but I just quoted 5k only
I never and ever looked back that shop
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It's always about knowing the market on both new and pre owned watches.
Even Rolex has come down a bit on pre owned with the exception of Submariner and Daytona. And I've even noticed some drop in the market on Subs. Not a lot but it's not red hot as before.
One has to keep in mind Rolex makes hundreds of thousands of watches every year. I'm surprised the market has held up as well as it has considering the situation in world financial system markets.
I've also noticed that in general the Malaysian market seems to be surviving rather well with higher prices of popular models than some other overseas markets. And that's good news for local sellers for those watches that are sold ( based on asking price. I have no idea what the final sales price might be.)
But I agree with the previous poster in that it seems a lot of less popular watches remain unsold.
I tend to buy watches overseas because the market is bigger and normally there will be anywhere from 4-20 watches for sale at any one time depending on the brand. Even Patek's are quite common on the pre owned market. I find I have a large selection with somewhat similar prices but wide variation in quality, condition, original documentation and accessories.
The fact that watches are currently duty free is a plus for this market. Although the GST has factored into some of my thought processes on what and where to buy.
There is a nice watch on MWF that is on my acquisition list that is fairly priced even when compared to overseas. And if I didn't have an incoming piece in the next 2-3 months, I would have seriously talked to the seller. However for now it would be a waste of his time. And if I'm not serious I will not initiate a discussion. Maybe next year I'll get serious on this piece. I'm
In summary I believe the Asian market is holding up well on price. But I think in Malaysia sales have slowed while nice pieces have retained their value. And I would not even begin to predict what the watch market will do in the future.
Please feel free to correct me if my perceptions of the local market are incorrect. The above is just my opinion and based on limited observation. There are others more qualified to discuss the local market than I.
TickTock
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Wow...now only I know that there are so much things to learn in this watch preowned market, buyer & seller psychology, economy condition, market awareness towards the watch brand/technicality/history...etc.
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hey I got a mont blanc watch bought around 8 or 9K. Wore it for 5 years and went to the shop to trade in. They say 1.5 to 2K.
I say keep loh since 1.5 to 2K not gonna do a lot of difference for me. Unfortunately Mont Blanc not a super hot brand and highly sought after so I can't blame them.
So its your choice. I am not making much use of the watch and its just sitting in a box but it just the fact the resale value is so bad I am happier to give it to any of my relatives children.
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I actually experienced the same from that shop as well.
Aside from the turd offer i received, the lady confused herself with the watch model which pissed me off seeing how someone running a business for xx amount of years can afford to have their reputation tarnished with senseless staff
They also love forcing customers to do verification checks for RM150, which I usually tell them to FO as I know what I am dealing with..... and only want their offer price to buy
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I wouldn't take much offence for a lowball offer by any watch dealer. They are running a business after all, so the margin needs to cover overheads and more importantly the risk they are taking in buying in stock which may not sell or sell at deflated prices.
Selling to end customer commands a better price but as some members have pointed out, some additional hassle and risks are involved so sellers have to weigh their options.
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Don't take these things to heart. Ok for a moment perhaps when they are rude and offer ridiculous prices. If "tak suka" their attitude or price, then don't sell. Sell it online on your own. Selling a watch involve seller reputations and backup services. All these require money to build up and no one is going to give them for free for nothing.
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I actually was pissed off for like a few hours and forgot about em. I used to view their website daily cause I'm always in the look out, but not anymore. When I don't like someone I don't even want to see their shadow. All the best to them though. :P
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Everyone wants to buy low and sell high. That's how your shop in question would make the profit to cover the overheads and other expenses. If they pissed you off, just crossed them off your list and move on. Though I do appreciate your sharing here as it would enable the rest of us to avoid flipping to them, at the cost of suffering similar heartaches that you had.
On another note, even forummers do that sometimes. I've flipped some pieces, and I have had offers as low as 50% of the asking price. I'd normally reject them in a diplomatic manner, but some of them would come back with the reasons that I should sell at the low prices they offered. And subsequently after I closed the thread when the watch in question was flipped, some of them had the cheek to WhatsApp me to whine that I should have notified them before closing the sale as they could then up their offers. So, just take all these lowball characters with a smile and a pinch of salt, Adam.
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example:
asking 30,000
low ball offer 20,000
negotiate win win 25,000
still low ball to 19,000
suddenly close deal to some better offer buyer at 2X,000
then low ball ask how much you sell
answer sold at 15,000
low ball ask why???
answer i don't like you if you offer win win 25,000 was actually thinking to sell you at 15,000 since you so nice but too late bro
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example:
asking 30,000
low ball offer 20,000
negotiate win win 25,000
still low ball to 19,000
suddenly close deal to some better offer buyer at 2X,000
then low ball ask how much you sell
answer sold at 15,000
low ball ask why???
answer i don't like you if you offer win win 25,000 was actually thinking to sell you at 15,000 since you so nice but too late bro
I could try that next time ;D
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Appreciate the advice. In all honesty, I was only pissed for awhile. Right now when I think back, yeah, you know, everyone wants to make money. Good for them if they can feed off of information asymmetry. They won't make money off of me though :laugh:
On to the next hunt!
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Appreciate the advice. In all honesty, I was only pissed for awhile. Right now when I think back, yeah, you know, everyone wants to make money. Good for them if they can feed off of information asymmetry. They won't make money off of me though :laugh:
On to the next hunt!
That's the spirit and we're all waiting with bated breath for the next horological piece that you're going to surprise us with! :thumbsup:
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On another note, even forummers do that sometimes. I've flipped some pieces, and I have had offers as low as 50% of the asking price. I'd normally reject them in a diplomatic manner, but some of them would come back with the reasons that I should sell at the low prices they offered. And subsequently after I closed the thread when the watch in question was flipped, some of them had the cheek to WhatsApp me to whine that I should have notified them before closing the sale as they could then up their offers. So, just take all these lowball characters with a smile and a pinch of salt, Adam.
wow they're so retarded.
if me, i would make an offer (the first offer is usually i want to get the best deal for myself), if rejected i will revise and offer again (the max i am willing to pay).
if meet, then deal on. if still get rejected then i would forget about acquiring it and move on to other targets. same goes if seller countered but is higher than my max target. no point haggling some more when seller already gave their lowest price.
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Appreciate the advice. In all honesty, I was only pissed for awhile. Right now when I think back, yeah, you know, everyone wants to make money. Good for them if they can feed off of information asymmetry. They won't make money off of me though :laugh:
On to the next hunt!
Almost all watch dealers will offer a low ball amount.
Back when I was selling my rose gold Daytona, I got offered low amounts also. I just advertised in one of Singapore watch forum and sold it myself for 33k SGD, met the buyer at rolex service center, buyer got the watch authenticated and paid once verified it was genuine. The offer I got from the shops was around 27k SGD.
The main point here is resellers/watch dealers out there to make money. Normally they will offer low, very hard to earn back your money or recover if you sell to them. Also from my experience and my friends experience, Rolex and Patek sports models very easy to sell in Singapore, and if bought well normally you wont lose money or you could even profit.