What is the best way, in your opinion, to maximize your profits when flipping a watch:
Would you have a watch serviced before flipping it, or would you sell it 'as is'?
Similarly, if there were any issues with the watch such as a scratched glass, a broken watch band or a scratched case, would you have those fixed before reselling?
OK, point taken in... badly phrased question... Nonetheless, the point remains: before putting a watch up for sale, is it best to fix the issues with it, or do you simply assume whoever buys it will have it serviced anyways?
Sort of on the point I guess...
I had a watch repaired and cleaned up a bit by a local jewler prior to selling the piece...let's just say I went into the hole further, but had a clear conscious.
I have wondered this; to service or sell ''as is.'' The serviced watch, with guarantee, will sell more quickly, and you will know the buyer has a first class watch. Will you lose less as a result...maybe, maybe not.
As has been pointed-out, don't flip watches if you want to keep your money. Buy stuff, cherish it, keep it.
Do I follow my own advice? About as much as anyone else does.
I follow my own preferences as a buyer when selling. I don't polish or service anything if I think it'll be sold soon, mainly because I'd rather save money on a watch I'm buying and have my local guy service it whom I trust and gives me a great deal
It would depend upon the watch. Certainly if you sell watches for less than $100 you will lose all your money if you service the watches. I had a couple of old Gruen watches for sale for twenty or thirty dollars and had people asking if I would pay $100 to $200 to service them and then sell them the watch for twenty or thirty dollars. Really. In my experiences many people want a "like new" or "newly rebuilt" watch for pennies on the dollar. That's why I actually prefer to give away old watches to friends as opposed to selling them.
You can speculate on watches like the limited edition models and try to make a profit, but that's a risk and once you do that many people, including me, will have nothing to do with you. They're the type who purchase a limited edition with absolutely no intent of wanting it, just profiting from those who they eliminated from legitimately purchasing one. The Snoopy Omega watches come to mind. People paid about six thousand and want at least double that.
Why do people around here use the term "flipping" instead of just "selling"? Previously I had only heard the term "flipping" applied to houses where someone would buy it cheap, fix it up quickly and sell for a profit. Does that scenario apply to watches? I have a couple of watches I hope to sell soon, but I expect to lose money on the deal.
When I hear the tern "flip" it typically means buy it and sell it in a short period of time. Some here try to do that, a few are successful. You're correct though because many in here have the watch a long time and simply sell it.
I don't buy with the intent of quick re-sale. When I do decide to sell a watch that doesn't get wrist time, I keep it simple. I fully disclose anything and everything. I would only consider pre-sale servicing if the watch wasn't keeping very good time. I also subscribe to the desire to "sleep well at night". Unfortunately, too many don't.
I doubt that servicing the watch would pay off for the seller. The only way I know of to make sure that I don't lose a lot if I get tired of a watch and sell it is to buy at a low price, usually used. Better yet if you research your purchases thoroughly and don't buy on impulse, to decrease the likelihood that you will end up with a watch you'll want to get rid of.
Case by case basis. Will the work maximize your (if any) profit?
If its vintage then don't touch it, because:
People won't trust you when you say you've had it serviced and want everything to be original as possible.
I think flipping is generally considered to mean buying a watch for the express purpose of reselling it at a higher price. I buy my watches to keep, although I did make a profit by "flipping" a Fortis I got on an Amazon Lightning Deal. I wanted a B42 Pilot Professional, and a B42 Flieger came up that was close enough that I bought it. Later, they put up the Pilot Pro I was looking for, so I bought that too. I would have kept the Flieger if I didn't have the Pilot Pro, and instead of returning it I put it up for sale, where it ended up going for more than I bought it for.
I think to make profit, worth calling home about, is to learn how to service them yourself. Every watch ive sold i have made a very large precentage on, because i buy them dirty or non running. I fix them, polish the crystal and sell them as a working watch.
I dont advertise the fact that they have been serviced correctly, just that theyre in nice condition, and keeping time well.
Buying from an AD usually isnt the best option here, ebay is better, but the best is antique stores, flea markets, or jewlery shops that have them but dont have the skill to fix them.
Its easy to buy cheap from a store like this because, how many people come in looking to buy a nonrunning watch? Not many.
Also, by learning to service them, i guess if youre retired, or have the time to open a mini buisness, you could make money doing that as well.
Im sure people have bought new, and flipped for profit. It just seems alot less likely.
Asides from money, servicing your own watch is really rewarding, you get to be very familliar with it, intimate almost.
What is the best way, in your opinion, to maximize your profits when flipping a watch: Would you have a watch serviced before flipping it, or would you sell it 'as is'? Similarly, if there were any issues with the watch such as a scratched glass, a broken watch band or a scratched case, would you have those fixed before reselling?
Having it serviced first doesn't return much in the used market for higher end watches, and would make no sense at all for lower priced ones. Assuming we aren't talking vintage (don't touch them!), easy fixes like touching up a case, polishing the glass or buying a new strap always makes for an easier sell and costs next to nothing.
As a buyer, I don't care whether the seller is making profit or a loss on a watch - my focus is on getting a good watch at a good price.
A watch in good condition with a recent service (documented, and preferably via major service provider or OEM SC) will move faster and command slightly higher premium.
But for an in-demand watch in good condition with no visual or mechanical issues, service will certainly reduce the margins for the seller.
So as a seller, I'd suspect one has to ask - will this watch move fast or not, and how much extra $ price premium can I get for $ service expense.
One final thought, on some watches, recent servicing may not mean much if done by a local guy or someone without general reputation\recognition. Because the buyer can't really tell how good was the service and how much overhaul was performed, when it's done by a small independent without preexisting reputation.
You are not providing enough information but the one thing most buyers are annoyed at is a damaged or scratched crystal. I find it interesting that a watch could look perfect in all other aspects but will refuse to sell due to a crappy looking crystal.
It's probably easier to sell a watch if it's just been serviced and you can prove it, but in my experience (and you can treat this as purely anecdotal) the price difference I have observed between two nearly identical watches where one is advertised as 'service history unknown' and one has had a service in the last six months seems to be smaller than the cost of a service.
This suggests that if you're intending to sell it then generally it won't be worth it to your wallet to get it serviced first.
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