The world of watches can be complex but is an obsession shared by millions worldwide, and with the internet’s social networks and online sale communities like Ebay and Craigslist; finding buyers and sellers has never been easier.
How to acquire the right watch?
So many brands, models and variations will make it difficult to decide what is worth buying and what is not. Brand is a major element in watches and will determine what is worth buying and selling based on the market. The major brands you want to sell are: Panerai, Chopard, Ulysse, Corum, and Jaeger.
Strong brands like the ones above are good as they depreciate fast when new but hold at about 50% of MSRP thereafter. It will cost you in the mid $4000 per watch if you are looking for a clean watch.
You’ll have to focus on watches that are 2-3 years old and will not need service for another year or so but will have taken their main depreciation hits. Look for used watches that have not been worn but rather collected and show no sign of abuse or excessive wrist wear. Look out for casing scratches, or small dings, and of course the leather material of the band will determine the real amount of wear the watch has seen. Make sure to buy complete watches only, with all boxes, papers and warranty cards as you will need them to get the most money possible out of your buyers. Do not buy grey market watches.
Negotiate the watch!
Once you’ve selected which used watch you want to buy, make sure to frequent common watch sites and forums often for the right deal. Websites like Timezone.com, Paneristi.com, Ebay.com are a great resource for market prices on watches. Look for the following characteristics in order to get the best deal.
– Buy from an individual, not a dealer or reseller.
– Look for a collector looking to move several watches.
– Target sales that seem to show urgency in selling.
– Look at how many different buyers are selling the same watch.
– Look at previous watches the seller has sold.
Buying from dealers, or resellers is fine but they know the market better and will hold longer to get the price they want. What you really want is a seller that is private, has a few watches and had a life event force him to sell some of his collection. He will therefore have a sense of urgency and will sacrifice watch at record low prices for real cash buyers (you) who will turn and hold the watch for sale longer and make a profit.
Resell the watch.
Now that you’ve acquired the watch to sell, it is time to market it and make some money. We discussed how to make money using Craigslist or Ebay, and you should make sure you check those articles out. The best way to sell the watch is to list it everywhere you can and make sure it’s priced well enough to sell quickly. You should be able to do so, as you saved some major money when you bought it.
Make sure to list the watch on all the following types of sites:
– All luxury car forums (in the watch for sale section)
– All watch forums
– All luxury goods forums
When listing your ad, make sure to rate the condition of your watch honestly and include plenty of pictures of the entire combo, meaning the watch, boxes and cards all spread out on a table and clearly visible. Also make sure to include close up shots of the watch casing itself, and include pictures of any scratches that you described in your ad.
Mark up your watch at least 15% of the purchase price and lower it 3% every 2 weeks till you are back at your purchase price. If it doesn’t sell, be patient and consider how long you can keep the money invested before needing it. If you find yourself selling for less than your purchase price, you need to reconsider the first two steps to ensure you really do get the best deals.
Remember, a strong price, a clear ad, multiple postings on multiple sites, and your quick and professional follow up of any questions will sell your quality timepiece for a profit.
Now you know how to make money without a job, and without having to join Primerica!