Selling watches online is no different from any other item but using an online platform may not always mean that you will make the maximum money out of every sale. It depends on your approach, considerations and planning as to how much you can make from making a sale.
You can buy or sell any type and brand of watches online whether it is a Paneraior a Hublot and may even find these is less than $3000, depending on the condition, age and other influencing factors of the watches.
Ideally, there is a spectacular and huge market behind buying and selling watches online. You will find that there are lots of people buying and selling watches online all around the world. These sellers do not even have a jewelry shop and the buyers do not have to access to auctions of watches.
Over the years, this trend of buying and selling watches online is ever growing and in recent years it has seen the best days. The most significant factor that resulted in such an increase is the recession not so long ago. Reliable dealers and individual resellers are both making the best use of the current market scenario and are selling some of the hottest and luxurious watches at a fraction of its original cost.
Know where to start
If you too want to make big bucks selling luxury watches at the right place and at the right time just as many others have done, here is a complete breakdown of the entire process.
- First, you will need to know where to start. Ideally, not all sites and online stores are good enough to sell your watches. Given that fact that there are so many of these online stores and so many types of watches and brands, it may seem to be quite hard for you to determine the right place to start your venture.
- Moreover, to make more money, you must know what you are involved in. This will enable you to minimize the risks involved and make your approach more planned and calculated.
- You will also have to do more research as that will also determine your success is making as fewer mistakes as possible during the used watch selling process.
Online watch selling market is very much similar to the stock market. This is because if you make some mistakes which you will inevitably cause, you may lose on a particular watch trade in. However, the good thing about this market is that you can make twice as much as you have suffered from your next trade.
Understand the market
As an essential step in selling your watches online, you must also understand the market to make an accurate estimation of the buying power.
- For this, you may visit different forums such as Rolex Forums, Time Zone and eBay to get a fair idea about the specific types and brands of watches that are moving fast in the market. This will give you an idea about what are not selling and the types of observations that are most wanted.
- Understanding the market also involves knowing about the asking prices of each different piece.
- Apart from that, it is a key factor to understand the locations of the markets where these pieces are selling quickly.
- In addition to that, you will also get an idea about the capital needed to go ahead with your venture. It is prudent to start with a small amount and find out whether or not your brand choice or picks are any good in the given market scenario.
- Know how much money you can afford for your business as well. Check the selling prices before you invest a whole lot of money in buying a few timepieces if you need to extend your collection.
- Also, sharpen your negotiating skills with the other party so that you are well prepared for the deal when it happens.
To have the best insight about the market, do not rush into any conclusion or make any decision in haste. On the contrary, you should be patient to know about the best time to put your money into selling watches online. Most importantly, you must be mentally prepared to incur losses that will inevitably come your way some time of the other during the process.
The logic behind
You must know the logic behind the buying power of your target customers because cash is the king in this market. The primary reasoning behind the survival and success of this online watch market is that in most of the times in life when you face hardship, jewelry and luxury watches are the first that will go.
That means when you find used watches enlisted in a website expert it to be available at a fraction of the cost. If you can pick up a good timepiece, it will be a really good buy.
The cost price will also depend on the condition and age of the watches and sometimes mint pieces that come complete with boxes, and valid papers and documents will sell at a high price. However, it will depend on how close you can negotiate those numbers.
- To ensure that you calculate the value of your watches precisely, consider the retail price of the watch you want to sell.
- Take 30% of that amount and keep it as a buffer as buyers will usually negotiate on the price.
This 30% rule is a very common and effective process and holds for different reputed luxury brands of watches including Patek, Hublot, Panerai, and Rolex.