The complete show notes are at www.auctionwally.com

This text of this podcast content has been made accessible in a transcribed format thanks to  Transcriptlibrary.com

Opening Chant

Hello and welcome to episode 16 of the Auctionwally Show, it's been a while since my last episode, but let me assure you that I do have plans to increase the frequency of the shows in the near future. For this episode I'll be addressing the very important topic  "Selling Your Valuables in Tough Times". It's a subject that's created quite a lot of buzz lately and one that is critical to a lot of people. I've just published an eBook on it in fact. I've been predicting that this topic would be on the minds of just about everyone in a big way and started writing an ebook on this book months ago.  I've just finished it and it's available on my site as I speak, over at Auctionwally.com

Please be assured that although I have a few things to get out of the way first, there will be valuable tips and information contained in the podcast directly related to helping you sell your valuables in tough times. Please stick with me, I'll get to the meat and potatoes soon enough.

Before I start with the main topic of the show, here are a few things I've been up to. I'm excited to have just become a writer on
The Examiner.com as their online auction and antiques expert.  The Examiner is an online National Online Newspaper that's been about for quite a while. The Examiner has publications in all of the Major US cities. This is where the future of Newspapers is going and I'm happy to be part of such an organization. The Examiner presents the news in a no-nonsense way in a National or local format depending on the immediate needs of the user.
Then they have what they call specialist Examiners of which I am one. These Examiners are experts in a wide variety of fields who blog for this paper in educational and entertaining formats. Some of them are rubbing elbows with very important people and I'm amazed at how well this company has combined the traditional format of the newspaper with a website to make a wonderful reading experience. You can leave comments and questions without having to sign up or become a member, a big plus in my mind.

Did I mention my book yet:) I guess I did, didn't I? It's on my site if you didn't hear me.

I just held one of the largest appraisal days I've conducted at the Overlook Communities a Masonic facility in Charlton MA, you can see what some of those items were appraised at and the results of that event by clicking here.

I'm scheduled to do a large onsite Antiques Auction in Central MA of the contents of an 1830s farm house on May 24th. More details about that will be on the website as they develop.

I'm excited to have as an upcoming guest Daryle Lambert , an author, blogger and antiques expert of many years. He's a delightful  personality with tons of knowledge. This show is scheduled for Monday evening May 12, 8pm eastern time on Blogtalkradio. Anyone can call into the show with questions for Daryle or myself. I'll post a reminder and the phone number as we get closer to the date.

I'd also like to remind everyone that they can find the show at http://auctionwally.libsyn.com, subscribe to it on iTunes, find it on the Blubrry Podcast network and of course, on my website.

I want to announce that I'm having a contest and it will go like this. I have two ratings on iTunes so far. For the next 3 people who go to iTunes and rate the show, I'll send out a free download of my new eBook, "How to Sell Your Valuables in Tough Times". Simply go to iTunes, give the show an honest rating and then send me an email verification you've done so and I'll send you a free copy of the eBook. Now, no matter whether the rating is favorable, or unfavorable, I want to know what you think of the show, so just by being one of the next 3 people to rate me on iTunes, you'll win the book. A quick word about iTunes here. Many people are still under the assumption that it costs to listen to Podcasts and radio stations on iTunes and that's not true. After you download the iTunes software, you can listen to thousands of shows and radio stations all for free. You don't need to own an iPod and you never need to purchase anything. Of course if you wish to purchase music, songs are 99 cents a track, but this has nothing to do with the ability to download and listen to tons of free content. I actually use iTunes much more than my daugter who has an iPod.

Another thing I'm excited about is a new Podcast Transcription feature. I'm now having the Show transcribed by the Transcriptlibrary.com.  This is a wonderful service for the Deaf community or anyone else that has a use for the full text transcription of a podcast. I've had 4 of my shows transcribed so far and since then my Google Page Rank has jumped from a 2 to a 4!
Now I can't swear that it's because of this recent transcription activity, but these transcripts are full of rich content, relevant keywords and I have to believe that they give my site lots of Google Juice. In the interest of full disclosure, I'd like to say that my wife Shelly runs the Transcript Library. She's very familiar with the world of Podcasting through my shows and the many shows I listen to and blog about. She came up with the idea after realizing the huge market demand could not be effectively reached by foreign outsourcing agencies. Vocal translation to English from a foreigner's audio perspective is not always a reliable or efficient process. She's looking forward to growing the business and when the work gets too much for her alone, she plans to have help from US based stay at home moms and other freelancers. She can type like a banshee, I swear, I saw smoke coming out of her fingertips the other day, but if the business grows according to the market demand we believe is there, she'll need to take on some independent contractors. So if you're interested in learning more, please go check out the Transcriptlibrary.com after the show, and tell her Auctionwally sent you if you do stop by, I need the brownie points at the moment.

MUSIC

Okay, well there's been a story in the news over that last few days concerning an influx of people selling their personal possessions via eBay, to antiques shops, at live auctions and more. In short, much of Middle America is now starting to do part-time what I've been doing for a living the last 25 years. Liquidating. Obviously, I felt I had some authority to weigh in on this subject, hence this show and my new ebook.

The story I read put a pretty rosy spin on this situation, by telling how delighted a mother was that she was able to get some extra cash by selling family items on eBay. Great, I'm all for folks simplifying and turning unwanted items into extra money. Or in many cases, not extra money, but much needed money. What the story did not talk about was the fact that so many people doing this are having very difficult times right now. Many of the people doing this are not hobby sellers looking for a few extra bucks for vacation this year, rather people selling valuable family heirlooms to come up with a mortgage payment shortfall, or in extreme cases for grocery and gas money! 

As an auctioneer I do a lot of buying from the general public, and I can tell you that people are worried, some of them are outright desperate. It breaks my heart when I go into a home and learn that they are selling family items because they don't have enough money for the basics. It's a double edge sword to be there. On the one hand it's very difficult to know that I'm there because these people are in a very bad financial situation and have no other options left. Then on the other hand, I have a chance to help, even if the help is only temporary. What a place to be in. Many times I'm torn by the facts that I have to make a low enough offer to be able to make a profit when I resell, versus putting enough money in their pockets to satisfy some immediate needs. You want to talk about disappointment and frustration coming crashing in. If I have to offer 30% of what they thought these items would bring, I can almost hear their hearts sink. On some occasions, I'm able to surprise them with an offer that's much better than they thought the items were worth and I get the undeserved adulation of a hero. 

Then there's the scenario that often comes up which is the ugliest part of my job, the one that keeps me up at night sometimes, the one, the one that inspired me to write my book, the one I wish I never had to do or say. This is when I have to tell the people that I'm can't buy what they're offering me. I have no use for it. Sometimes, if I have a few extra dollars, I'll purchase something just because I've been in that boat they're in. They've got children there with them and I KNOW they're not selling the maple dressers for crack money as so many pundits would have us believe of people in this situation. All too often they are the working poor, people with 2 or even 3 jobs, working so many hours that they rarely get to spend any time with their children other than at dinner and to tuck them in at night. Not all of the families I visit are in these types of situations, but too many are.

The eBook I wrote is for those people and many others who can't afford to take short money for their possessions. It's not for people who are looking to invest wealth they already have, it's for the desperate who NEED to sell, fast. Now some of you may be skeptical, I know I am, and may be asking yourself, "Walt, how can your book possibly help the people who have items you wouldn't buy if you visited their homes"?  Good question,  and this is a good segway into actually giving you tips and information to help right in this podcast.

You see, every auctioneer, reseller and antiques dealer has different needs and clientele. Many times I'll pass on items that are offered to me, that are completely salable but they are just not right for me. Because of market fluctuation, other external factors such as my current inventory of the types of items offered, I may have no interest in what is being offered to me that day. Does that mean those items are worthless? No, not at all. For example, in the spring of 2007 I purchased an entire antique/used book store inventory, as a result I have thousands of old books to sell. It would be very tough right now for anyone to try to get me to purchase a lot of decent books, unless there is an extremely rare first edition, I will probably pass on any big book lots offered to me for a while because of how much I have, even lots that I would have been very excited prior to my bookstore buyout.

What I'm trying to say is, there is a market for just about anything even if it's not the first market or buyer you approach. My goal with this show is to give you some good tips that will help you get the most money out of what you have as fast as possible.  I'm going to be honest, because I hate hidden agendas, bait and switch tactics and deceptive business practices, so I'm telling you that my goal is to get some of you to purchase my eBook. Some of you will, some of you won't, I hope that all of you get something of value out of this show whether you do or not. I've been around long enough to know that the the Karmic law of "what comes around, goes around" never fails and that the way to get what you need out of life is to help others get what they need.

Okay, like any other type of business or financial practice, there are some key things you'll need to know and do to be successful, so let's start with those, because without them, your efforts will be pretty fruitless.

 As much as possible, try to learn about what you have. What's it's common trade name, what do the dealers and resellers refer to it as, what is the going market rate for it. The less you know about what you have, the more your at the mercy of your buyer. If you think you have a serious antique, then by all means get an appraisal. Getting an accurate appraisal is easier than ever due to  Internet access, just make sure the site your getting the appraisal from is reputable has adequate experience in appraising. There are a lot of "Johnny come latelies" that take advantage of the fact that it's easy to give the appearance of being an expert and are duping people out of money with shoddy appraisal work.  I provide a very inexpensive online appraisal service and as far as I know, mine is the only that guarantees my appraisals 100%.  Along with the guarantee of my work, I also promise that  your appraisal will be ready in  3 days or less.

Know whether or not you actually need an appraisal or an authentication. Let's say you have a cast iron bank that you know would sell for about $100 if you only knew it was an authentic antique. You don't need an appraisal for this, you need to have it authenticated. An authentication is much easier to do and should be much cheaper than an appraisal, in case your wondering if I provide that service, I do. Again, this service is guaranteed 100%, but instead of a 3 day wait, I'll have your authentication ready within 24 hours. Click here for information on my authentication services.  If you have a friend in the business, or even if you bring your item to a local dealer that is familiar with your type of item, they should be able to provide an authentication for most items free of charge.

Learn what market you need to place your item in. For example, in the auction world there are many different types of auctions. There are antiques auctions, general merchandise auctions and heavy equipment auctions, just to name a few. If you have a Tiffany Vase, would it sell in a general auction? Absolutely. Will it bring top dollar? No way. But if you put it in a high end antiques auction and it's well advertised, your going to get top dollar that the market will bear at the time.
The details of that statement above may be different for you, but you need to apply the same principles. If you have a few boxes of books, some used furniture and kids clothes, don't make the mistake of calling in  reseller for these items, you'll just be spinning your wheels. I know there are ads in the classified sections that state "We buy anything"! But trust me, when you get these folks on the phone, your going to find that they are usually only interested in antiques, collectibles and valuables. If you don't have antiques & collectibles to sell. Look for the ads and resellers that purchase they types of items you have, they may be harder to find, but there are some out there and you'll have better results when you do. If you have items that are not marketable to a reseller in your area, you'll have to consider other methods, IE: yard sale, flea market etc.

Don't be discouraged if you can't sell your item in one market! It may just be that your trying to market your valuable antique to someone that had little knowledge or appreciation for it. Some dealers are compassionate enough to explain that although item is not for them, it can be very salable to others, they may even have names and numbers of interested prospects if you ask.
And some dealers will look at the very same item and proclaim, "I don't buy that kind of junk". Thank them for their time, accidentally knock over that Cut Glass vase on the way out the door and move on to better things. I'm just kidding of course... you don't really have to thank them for their time.

Think like the buyer. This is one of the most reliable and often overlooked sales tools. Put yourself in the situation of the buyer, sure you have your own needs and agenda, and that's OK, but the key to getting what you need in life remember, is to help others get what they need. The better you understand this, the more money you'll make. At this point you may be saying, "But wait, I'm not a salesman, I just want to get rid of a few things for some extra cash." Like it or not, that makes you at that point in time, a salesman or woman, you might as well do a good job at it, who knows, you may love sales and find a new career.

Learn and practice some negotiation skills. In the secondary market, there is no more valuable skill you can learn than the art of negotiation. There are many tactics that can  be honed and developed. You don't need to know them all, but you should learn a couple. Here in detail are two common and very useful ones. They are the "meet me in the middle" and the "meet me at my end" tactics.

Let's start with the "Meet me in the Middle" closing tactic.

The "Meet Me in the Middle" close.

 Simply put, this is when one side offer's to meet in the middle of a price range. The indication here is that the person making an offer to meet in the middle is trying to be reasonable by "splitting the difference" betweeen and offer and a counter offer.

What most people don't realize about the "meet me in the middle" or the "split the difference" tactic is that it's best for you if you let the other person make the offer to split the difference first. Here's why. Let's say the dealer has offered $400 for your antique violin and you're asking $500. The dealer then offers to split the difference at $450. Effectively they've said they are willing to pay $450 so you can say, "you've just stated that you're willing to pay $450". That brings us to $50 difference. Why don't we make it $475 and we'll have a deal. By letting them make the first offer to meet in the middle, you get to do it as well,(only seems fair) and get a chance to up price to $475.

Let's say instead, you make the offer to split the difference at $450, they are likely to counter with $425. Do you see the value in letting the prospect make the offer to split the difference first?

"Meet me at my end"

This is a great multi-purpose tactic, but it takes a bit of thinking and skill. It's the opposite of the let's meet in the middle philosophy. Let's look again at how the "meet in the middle" tactic works. Let's say the prospect offers you $1,000 for your item and you were looking for $1,500. He'll likely to counter your offer with $1,250 offering to "meet you in the middle". Implying that he is trying to be very reasonable. At this point most sellers if they continue to haggle at all, will go to the halfway mark between  $1,250 and $1,500, at around $1,350. Try this instead - counter his offer with $1,475, a price very close to your end of the scale. When you make this counter, keep a poker face and take note of the expression on your counterpart's face.

This tactic is useful for more than just getting the price upped. It will tell you a lot about your buyer's negotiating strategy. You've already got $1,250 on the table as an offer, by halving the increments downward you'll get closer to a lower amount much quicker, but  by using the "meet me at my end" close, you will stay closer to the higher price while still giving the appearance of being willing to make the deal work. You should know that the average dealer will offer about 60-70% of what they are willing to pay. They do this because they expect people to haggle and if there's no serious haggling back and forth, then it's a discount of 30-40% off of what they would have paid. Do you want to just give away that money?

This is one technique that's good to practice if possible. If you can't find a partner to role-play it through with, then at least run it by in your head a few times.

As I said earlier, there are many negotiation techniques of which those are just two.


Have an ID on you when you sell anything, and require your buyer to do so, no matter how they pay.

Be prepared to write out a written receipt and or an affidavit stating that you are the rightful owner of the items your selling.

Be safe, meet in a public place.

Qualify your buyer first, make sure they have the ability to consummate the deal. There's nothing worse than coming to terms on a sale and having the buyer ask if you can hold a check, or if you'll take a deposit until the rest of the funds are raised.

In general, whomever turf you're on has the advantage. The reason being that time, gas and energy are invested when one party has to travel to the other's. Once any type of investment is made be it time, gas or energy, people will usually bend somewhat to get something out of that investment. No one wants to go out of their way to make a deal and then have it fall through. On the other hand if the deal has come to them with little or no effort, it's much easier to shrug off.

Be as human and as courteous as possible, it will come back to you.

Obviously, I've just scratched the surface here with ways to sell your items in tough times. Although I've spoken here mostly of selling directly to dealers and resellers, in my eBook I cover in detail how to sell in ANY market.  There are  lessons for experts as well as newbies. I walk you through selling online, offline, wholesale and retail. There are many more negotiation skills and tactics, some of the could be considered outright guerrilla marketing, but are still fair.
And as with all of my other products and services, "Selling Your Valuables in Tough Times" is 100% guaranteed with a no-hassle money back policy.

Well, I guess that's about it for this episode of the Auctionwally Show. I'd like to remind everyone of the contest I have for rating me on iTunes. Here's the link to find the show on iTunes.  Just click on the blue part of the screen and scroll down, you'll see the area to rate the show.

I also want to remind you to tune into the live call in show on Blogtalkradio at 8pm eastern time, Monday evening May 12th.

Thanks so much for listening, I hope you've enjoyed the show enough to link to it or tell a friend about it.

I'd like to leave you with a song by one of my favorite new artists, Dara Sheahan, I hope you enjoy it.