"Hold Your Fire" - Thanks to www.inthesmokymountians.com
One of the hardest things to do in this business is to stick to your guns. What do I mean by this? You can find the answer to that question in my book “31Steps to Your Millions In Antiques and Collectibles.”
I won't take the time to expound on this subject but here is an example of what I mean. You can't stay in the Antique and Collectible business making only 10% on your money. Rather than settle for such a low return that money will serve you better sitting in the bank.
I try not to just talk the talk but let you see me walk the walk. This week a lady called about some Lotton vases she owns and wondered if I would be interested in purchasing them. As is my style, first I had to know what she thought the vases were worth before telling her their value. “I looked at several galleries and they were priced between $1000 and $2500 each” was her response to that question. I knew I had a lot of explaining to do so first I stated that on the secondary markets her pieces would bring 25% to 30% of the gallery prices and I knew that wasn't what she had in mind. Next I showed her where she could confirm the prices I quoted in Cincinnati Art Gallery and Early's auction catalogs. After doing this she asked my offering price which I told her but not before informing her that the auction price was not what she would receive but after fees she might get 70% of the hammered price.
I haven't bought them but if I do I know that my profit will be equal to the goals that are set in the guide book we use. If I don't buy them that is okay too and the next deal may suit me better. We don't have to be turning items every day but when we do they must reach the standards that we have set. Yes “31 Steps” must be our vision of life because if we meet that goal then the world is our pearl. Nothing other than finishing the race should distract us from the path to success.
You are asking,“What if she comes back with a counter offer”? My answer would be “I pass” if the price didn't compound my money. Yes, on rare occasions I may have thought that a piece would bring more than it does and not reach the goal but this has to be the exception not the rule.
Once people come to realize that you stick to your guns they will respect you and consider that you are the expert, making it easier to close deals. Show your authority in dealing with customers and they will want to deal with you because there isn't any wavering in your approach to this business and you can be trusted. Like in the old western, it is better to keep your gun holstered than top pull it and not be ready to fire.
I hope that in the future we will be able to receive comments on the blog but that doesn't seem to be happening at the present time. I would appreciate if you would send all comment to www.31corp.com until I can solve this problem.
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