Art of the Deal - Approach, Negotiation, etc

[Pedilego]

I haven't seen a thread on this and I think it could really help us all: Share your Lego negotation tactics. What's your approach? Once you've engaged in a conversation, what do you do/say in order to land a better price?

 

 

I'm ok in my approach. Once I found a listing, noticed the phone number in the description below was inaccurate, and was hours late in texting the correct number. But I like to think my approach helped me land the deal:

 

• I introduced myself before inquiring about the collection

• I came off as educated, or at least not un-educated, by using proper capitalization, punctuation etc

• I 'nicely' told her the number was incorrect even though it theoretically meant more competition
• I leveraged attempting to have contacted her way earlier to have her agree to let me see it first

 

Of course most of the time those factors might not matter at all but Craigslist (scary scary) and it turned out that she was having the buyer come into her apartment with just her and her kids. I also think maybe she (a guy probably wouldn't have cared) felt like she owed me the first look because I probably contacted her first and even corrected her on the number whereas others were reporting her listing, presumably so people wouldn't see it. I lucked out but as they say, luck is the combination of preparation and opportunity. Those things don't normally matter but I was careful about them on the chance they did, and it worked out in ways that I didn't even expect it to.

 

My wife came with me that time and that also helped put the mother at ease. I was going to make two offers; one for the entire collection and one for the modulars (since I didn't really care for the rest) and she accepted the first one before I even said the second. It was the end of the month and, after the fact, we realized/speculated she probably needed the money to make rent. 

 

 

What do you do to increase your chances at a transaction or tip it in your favor?

[Pedilego]

More specifically, and here's where my idea for the thread came from, I'm anticipating a huge opportunity (albeit I haven't seen the collection yet):

 

The seller posted a large bulk lot on CL but without a lot of details. I don't live in the area but I have family close enough to pick it up if I can arrange a deal. I asked about weight or instruction books and she said it was purely bulk and it didn't include sets. I asked about a few specific themes. She doesn't know what modulars are (selling their kid's collection) but sent some pictures of the other theme I asked about. I noticed at least four Town Homes on the shelf below the small-ticket items being photographed. I said I was interested yada yada. Seller gave me her contact information. I'll be texting and/or placing a call after work tonight.

 

Any tips for a fellow member? Need to see the pictures first-and-foremost. Took her 2-weeks to provide pictures via email so she doesn't need money but would like whatever she can get in order to clear it out since it sounds like it's all over the place; shelves, garage, etc . She did sell her other listing. I didn't do the research but seemed like it was about the right amount of time for a priced-to-sell-but-at-a-fair-price so she knows how to research and make sure she's not being ripped. I don't have the conscious for a pennies on the dollar offer anyway but I would accept one lower than I myself could offer lol so I want her to give the first number.

 

(I'm also aware it could be a scam so I'm staying alert and I'll be safe about any potential payment arrangements.)

 

 

So general advice/stories of something working/not working out, or something more pointed for ^that situation. Have at it. : )

 

Lots of knowledge on this board so should be lots of interesting responses!

[randrace]

Generally, I assume bulk LEGO is worth about $5 a pound, based on what I've seen from recent EBay auctions for bulk. A friend recently contacted me with some bins of LEGO she wanted to move. I offered her $2 a pound sight unseen. If I show up, and she has some good stuff, I will pay more. I didn't ask what she had or for photos. For me, if I show up to a lot of dirty, broken pieces, $2 a pound is a fair price for both parties, and my friend doesn't have to be bothered photographing and figuring out what she has.

$2 to $3 seems like a good place to start bulk negotiations. But, I'd like to hear from others too, as this is also my first time buying bulk.

[Pedilego]

There's a running ad on Craigslist in my area from somebody buying bulk at $5-6/lb. From what I've read, $5 is the typical seller buy price and $7 is the max, pending minifigures etc. I've seen lots go for more like $7-10/lb on eBay. I don't do it personally since I don't have a Bricklink store nor do I have interest in or knowledge to sort for rare pieces or pick out sets.

"Art of the Deal" should be easy for you since you're dealing with your friend. : ) Sounds like you already landed a nice price.

[redcell]

I have found that sellers basically come in two varieties...those who want to sell and will take a reasonable price, and those who think that they are sitting on plastic gold and demand exorbitant prices.  For the former, I generally just figure out what would be a reasonable price and offer that.  If the seller demands more than I think is reasonable, I just tell them that we can't make it work and move on.  I've been at this long enough to know that there is always another deal around the corner so I never waste my time on deals that don't happen quickly.

[mfortunek]

More specifically, and here's where my idea for the thread came from, I'm anticipating a huge opportunity (albeit I haven't seen the collection yet):

 

The seller posted a large bulk lot on CL but without a lot of details. I don't live in the area but I have family close enough to pick it up if I can arrange a deal. I asked about weight or instruction books and she said it was purely bulk and it didn't include sets. I asked about a few specific themes. She doesn't know what modulars are (selling their kid's collection) but sent some pictures of the other theme I asked about. I noticed at least four Town Homes on the shelf below the small-ticket items being photographed. I said I was interested yada yada. Seller gave me her contact information. I'll be texting and/or placing a call after work tonight.

 

Any tips for a fellow member? Need to see the pictures first-and-foremost. Took her 2-weeks to provide pictures via email so she doesn't need money but would like whatever she can get in order to clear it out since it sounds like it's all over the place; shelves, garage, etc . She did sell her other listing. I didn't do the research but seemed like it was about the right amount of time for a priced-to-sell-but-at-a-fair-price so she knows how to research and make sure she's not being ripped. I don't have the conscious for a pennies on the dollar offer anyway but I would accept one lower than I myself could offer lol so I want her to give the first number.

 

(I'm also aware it could be a scam so I'm staying alert and I'll be safe about any potential payment arrangements.)

 

 

So general advice/stories of something working/not working out, or something more pointed for ^that situation. Have at it. : )

 

Lots of knowledge on this board so should be lots of interesting responses!

First rule of negotiation: never throw out the first number.

[Pedilego]

I texted her, said I'd need pictures, and asked if she had a price in mind for everything. She said "Everything as in EVERYTHING?" and I confirmed. I haven't heard back yet so I assume she started price checking. I'm not sure if four Town Houses randomly making it into the frame of a picture adequately conveyed the potential size of the collection but probably doesn't matter. Looked up the prices and her other listing was priced right around the sum value of the lowest "Sold" eBay price of all the individual sets. Don't know when I've seen a lot of 10+ sets actually sell for near their individual market value. Doesn't set a good precedence for me. At the very most, this'll probably be an expensive and modestly profitable transaction that's not worth your time to read future updates on.

 

I still think this is a good idea for a thread! Since nobody wants to play by posting Lego specific advice/experience, here's some interesting snippets from a Google search that seem like good tips but aren't blatantly obvious:

 

Make the first offer.

This is one piece of advice that clearly defies conventional wisdom. People who make first offers get better terms that are closer to their target price. The reason is the psychological principle of anchoring. Whatever the first number is on the table, both parties begin to work around it. It sets the stage.

 

Don't demand a single number.

New research indicates that people respond best when given a "bolstering range offer," where you state the number that you're looking for — and a range above it. If you're trying to get to a $100,000 salary, ask for $100,000 to $120,000. Offering a range strikes people as more reasonable than standing firm on a single number, so you're less likely to get hit with an extreme counteroffer, which suddenly become way less polite.

 

Avoid Negotiation Terminology

To prevent aggressive behavior from your counterpart, avoid negotiation terminology. Always use words that depict cooperative behavior (e.g., “collaborate,” “work together,” “brainstorm”). You should also incorporate 1st person plural pronouns (e.g., “us,” “we,” “our”). Those pronouns emphasize a shared goal with your counterpart, so you’ll usually gain a more favorable deal

Edited October 20, 2015 by Pedilego

[gregpj]

I still think this is a good idea for a thread! Since nobody wants to play by posting Lego specific advice/experience

Your original post is less than 20 hours old... you might want to give it a chance before you blow it up.

 

[iahawks550]

I texted a guy on CL who had a sealed Falcon 7965 with no price. Asked him what he wanted, and he sent back $300. Weirdos. I figured he wasn't even worth negotiating with.