jjs 60 Report post Posted June 17, 2008 Have been watching this (TM link), which just sold for $230,800 after intense bidding. At first I thought it was far from the thing that would sell on Trademe, but I was wrong. It was priced realistically and the "15% away from reserve" must have been a real puller for some people. Someone did get a bargain, but there are quite a few of these for sale and I guess in the current economic climate, it must be hard for dealers to shift them. I've sold a car dollar reserve before, and was very suprised with what I ended up getting for it. It amazes me why more people don't do this, but I guess many NZers are risk averse. IMHO the biggest reason people still listed as classified instead of no reserve auctioning is that they are scared with what they might get (as their expectation is far from realistic). In a perfect world, everything would be up for auction and interested parties would pay the market price. I guess not all of NZ is on Trademe all the time, so you can't get exposure to everyone. But, with over 2m members, surely you are getting exposure to a decent wack of the population. Another thought - why are there no properties listed on $1 reserve? Or auction for that matter? In a market like this, it could be a nice easy way for vendors to shift properties quickly... Quote Share this post Link to post Share on other sites
Braeden320 0 Report post Posted June 17, 2008 Nice Car, Thats the first time ive seen a car of that value sell under auction on trademe - Alot seem to do a deal outside of trademe. Quote Share this post Link to post Share on other sites
bimmer boy 21 Report post Posted June 17, 2008 Jeremy you are an avid Trade Me fan arnt you!? I can deffinatly see where you are comming from I think $1 reserves are excellent. But I think the genral public are too scared to use $1 buy now's on investment items like a car or house. This is done for the same reason as you said that they proberbly know what they are asking is a bit more than its actual worth. However admittedly I would be part of that percentage of people in a way, Im sure everyone would like to say they price things fairly, but come on, people just dont want to loose too much money on thier investments. I havent put my car on Trade Me yet, not until exams are over. I think I have priced it resonably fairly, sure the asking price is ideally what I would want to get for it but I'd be willing to drop a few or several hundred with some negotiation and certainly not making any money on it if anything Ive lost a grand or two. But as you said with 2,000,000 members the items deffinatly get enough exposure to those on the market for them. So I guess because of that most people would list a car or something with the idea that something is only worth what someone is willing to pay for it. Which is why I guess there are less $1 reserves as you'll find that among 2M people someone would be willing to pay the asking price (unless its dangerously too unrealistic) Well thats my thoughts on the matter anyway I deffinatly didnt think there would be bidding wars over a 200k+ car though!! esspecially since the car market is pretty dead at the moment for sellers. Quote Share this post Link to post Share on other sites
Jeddy 0 Report post Posted June 17, 2008 There was a case on the 3 news of a man in aucks who against the advice of his real estate agent. House cost i think 400k last year and had he had spent 40k on renovations. Lots of publicity and over 200 potential buyers registered hoping to get a bargain. From memory i think it went for like 355k. I have to admit i'm to "scared" to list my car $1 reserve. Quote Share this post Link to post Share on other sites
westy 614 Report post Posted June 17, 2008 Are you a member of the Society for the advancement of $1 doller reserves or somethihg? Quote Share this post Link to post Share on other sites
Apex 693 Report post Posted June 17, 2008 Desperate times call for desperate measures. Quote Share this post Link to post Share on other sites
Mike 1 Report post Posted June 17, 2008 I had a few things sit on trademe with no interest. chuck them on $1 reserve and actually got more than my reserve on the first auctions. Quote Share this post Link to post Share on other sites
zenetti 0 Report post Posted June 17, 2008 I had a few things sit on trademe with no interest. chuck them on $1 reserve and actually got more than my reserve on the first auctions. I did the same with a set of 17" wheels, had no interest then offered them at $450 and not one bite. Relisted them at $1 reserve and got $500 for them - go figure! Quote Share this post Link to post Share on other sites
Braeden320 0 Report post Posted June 18, 2008 I think with $1 reserve it gives the perception to alot of people that the item is 'cheap' and they just put on a bid then someone else does etc etc the items price is up. Theres also the '$1 Reserve' area of trade me that people might trawl for bargins thus giving it more exposure compared to something on say page 15 when you search a keyword.. Quote Share this post Link to post Share on other sites
QuickSilver 0 Report post Posted June 18, 2008 I put alot of items are $1 res on trademe, they almost ALWAYS sell and I always seem to get a decent price, Quote Share this post Link to post Share on other sites
Yuen 16 Report post Posted June 18, 2008 $1 reserve only works if there are enough potential buyers. If not, you'll end up selling it for a stupidly low amount. Has anyone had experience with $1 reserve and using the promotions? Home page listing, etc. I'm guessing they go hand in hand... which ones have you had success with? Quote Share this post Link to post Share on other sites
Grant 4 Report post Posted June 18, 2008 I needed a cell phone about 18 months ago, for a couple of weeks after I finished one job, and was waiting to start another. I bought a $99 prepay, used it for 2 weeks, put it on Trade Me for $1 reserve, and it sold for $168. I'm a fan of $1 reserve auctions. I will be selling my 323i (and possibly my 328i) soon using a $1 reserve auction as we are heading overseas and want them to definately sell before going (although I might put the 328i in storage yet, as I have spent far too much money on it to ever recoup it). Cheers Grant Quote Share this post Link to post Share on other sites
elmarco 56 Report post Posted June 18, 2008 Wonder what the success fees on a $230k sale are? Quote Share this post Link to post Share on other sites
Silver Fox 43 Report post Posted June 18, 2008 $39 Quote Share this post Link to post Share on other sites
Jeddy 0 Report post Posted June 18, 2008 Wonder what the success fees on a $230k sale are?$39 Quote Share this post Link to post Share on other sites
jjs 60 Report post Posted June 18, 2008 Wonder what the success fees on a $230k sale are? Think all car sales that pass reserve are a flat fee Quote Share this post Link to post Share on other sites
Yuen 16 Report post Posted June 18, 2008 Wonder what the success fees on a $230k sale are? Fortunately they aren't 5.9% or whatever it is now... they're raking it in already as it is! Quote Share this post Link to post Share on other sites
elmarco 56 Report post Posted June 18, 2008 $39 Is it a flat fee for an auction as well? I thought the $39 was for a classified. Guess I don't sell enough cars! Quote Share this post Link to post Share on other sites
Jeddy 0 Report post Posted June 18, 2008 Is it a flat fee for an auction as well? I thought the $39 was for a classified. Guess I don't sell enough cars! $39+another $39 for over $1500-$15 for under $1500 Quote Share this post Link to post Share on other sites
nath 128 Report post Posted June 18, 2008 I avoid listing 1 dollar auctions at the real risk that the market just might not be looking for that particular car at that exact time.... Quote Share this post Link to post Share on other sites
Nic325i 0 Report post Posted June 18, 2008 Have been watching this (TM link), which just sold for $230,800 after intense bidding. Changing the topic a little bit - reading the questions, does anyone else find it concerning that a 500hp supercar is not getting it's first service until 30,000km. I know it is stated as what Porsche recommend, but Quote Share this post Link to post Share on other sites
Silver Fox 43 Report post Posted June 18, 2008 Confidence in your own product I guess? Quote Share this post Link to post Share on other sites
Cheyne 17 Report post Posted June 21, 2008 I had a meeting with the marketing manager from Trademe for work the other day. According to him, the most successful auctions use the following techniques: 1) Close between 8-9pm on a Wednesday or Friday 2) Start with a low start price (set the reserve higher if you are nervous about $1 res) as a low start price gets more views. Once people get it in their heads that they are getting a bargain, they tend to get excited and often over bid if they are competing against someone else. 3) Put up well framed, clear photos. Otherwise just basic stuff like: make sure your car is clean etc. Quote Share this post Link to post Share on other sites
