Sometimes, even if you have a watch of value, you don’t want to hang onto it anymore. In fact, experts estimate that the secondhand watch market is worth about $20 billion!
That means that by selling a watch, you could make some serious cash. However, it also means that you’ll need to find a reputable buyer to sell your watch to.
Rather than clicking on the first result that comes up when you google “watch buyers near me”, why not do some research and ask a few key questions? Here’s what you should ask to help you find the best place to sell a luxury watch.
What To Consider Before Looking for Watch Buyers
Before we jump into how to find the best watch buyers in your area, let’s take a look at a few considerations of selling the watch. Keeping these considerations in mind will help you get a great deal no matter what watch buyer you settle on.
Be Sure You Want To Sell
The first consideration you should have in mind is to think about whether or not you really want to sell your watch. It’s not uncommon for people to have seller’s remorse right after selling a luxury watch.
That’s especially true if the watch you’re selling has a special, personal history or emotional connection. Selling the timepiece could be a heartwrenching experience and not worth the money.
However, if you don’t have any strong emotional attachment to the watch, it might not be such a bad idea to sell the timepiece. Keep this in mind when choosing whether or not to sell your device.
Check if the Watch Is in Demand
Once you’ve determined that you do want to sell your watch, it’s time to look into whether or not your particular device is actually in demand. After all, there’s no point in trying to sell your watch if no one is going to buy it.
If you’re trying to sell your Rolex or sell your Hublot, for example, you’ll have a much easier time than if you’re trying to sell an off-brand vintage piece. Even though the timepiece is vintage, it’s not as valuable as a Rolex and can sit around for a while.
On top of that, you’ll need to look at what model watch you have. Even if you have a Rolex, for example, your model might not be in-demand and could lead you to get a low price for the sale.
The best course of action here is to spend some time researching watches. Look at what watches are in demand and what brands people are purchasing to know whether or not now is a good time to sell.
Make Sure the Watch Is in Good Condition
Another point to consider when selling your timepiece is whether or not your watch is in good condition. If it’s scratched up or has lots of dings, it might not actually be of any value to watch buyers.
When thinking about whether your watch is in good condition, you also need to think about whether you still have the original box or not. Having the original box and papers for your watch can alter the overall retail value.
Be brutally honest when checking if your watch is in good condition. Look for even minor marks or scratches that could potentially affect the value and consider any repairs you had done.
Determine if the Watch Is Genuine
This one might come as a surprise if you’ve been hanging on to a timepiece for a while, but it’s not uncommon for luxury watches to be forgeries. Many people think they’ve got a luxury watch in their possession only to discover that it’s a fake!
Many times, this happens to people who received the watch as a gift. Their original gifter didn’t know how to spot fake watches and wound up giving them a forgery as a present.
To make sure you’re not in this boat, it’s important to take your watch in for an appraisal. The appraiser will look for key signs that the watch is real, such as similar but not exact copies of logos or a lack of a serial number.
Then, if it is real, they’ll also be able to give you an estimate of how much the watch is worth. That makes your job of selling the watch even easier than before.
Selecting Where To Look for Watch Buyers
With your major considerations out of the way, it’s time to think about where to look for watch buyers. There are tons of different options out there, so it’s important to pick the right one.
For starters, you can usually sell your watch online. Some of these sites take the legwork out of the process by helping you with photography and listing your watch while others simply buy the product directly.
Another option for watch buyers is to sell to an auction. Auctioning off a watch, however, has many fees involved with it that often make it not worth the cost.
Finally, you could always choose to go the old-school route and sell your watch in classified listings. However, beware as this is where scammers and fraudsters lurk.
Common Watch Buyer Red Flags
Even though no one likes to think they get scammed, scams and fraud abound when it comes to the world of watch dealing. To make sure you’re working with a reputable buyer, keep an eye out for these red flags.
Sales Without a Guarantee
If a watch buyer doesn’t want to write up a contract or security agreement for the sale, that’s an immediate red flag. Most reputable companies offer an escrow account or contract to keep both of you protected during the transaction.
Watch buyers that want you to send the catch to them with no guarantee of payment are an instant red flag. You should steer clear of these offers and report them to the state department, too.
Partial Payments
When you’re selling your watch, you might think it’s okay to accept partial payments. However, and especially if you’re selling to an individual, this is a huge red flag.
Always make sure to get paid for your watch in full. If you agree to partial payment, that could wind up being the only payment you ever receive.
Over Bidding
One of the oldest tricks in the book when it comes to scamming watch sellers out of their wares is to place a bid that’s too good to be true. Scammers offer high bids on watches but then never follow through with the transaction.
What happens here is that the scammers offer to pay you too much for the device. Then, they send a fake Paypal or bank transaction to show that they’ve sent the money.
The innocent seller then ships off the watch thinking they made out with a deal. It’s not until days later when the money never enters the account that they realize they were scammed.
Questions To Ask Watch Buyers Near Me
Now that you’ve taken a look at what to consider before selling your watch, it’s time to look at a few questions to ask your potential buyer to help you find the best one. Knowing the answers to these questions will help you make sure you’re not getting scammed.
Can I See Some Testimonies?
Even watch buyers have testimonies, and that should be one of the first things you look for when you find someone to buy your watch. Reading past reviews can give you a lot of valuable information about the transaction.
Ask to see some of the company’s reviews to see what past clients are saying. Look for key pieces of information such as how communicative the buyer was, whether they gave clients a fair price, and how long the transaction process took.
Keep in mind that the majority of reviews for any business are negative. That means that even if you find a company that doesn’t have many reviews, but also has a low proportion of negative reviews, you shouldn’t automatically dismiss them as a potential buyer.
Sometimes, the lack of reviews says more about the company than the presence of solely good reviews.
How Long Have You Been Buying Watches?
Another question to ask your potential watch buyer is how long they’ve been buying watches or how long they’ve been in business. This is especially important if you’re selling your watch to a private dealer.
By asking how long a company or individual has been in the watch space, you’ll get a better idea of their experience with purchasing watches. You’ll know whether or not they’ll be able to give you a good price for your timepiece.
An easy way to get the answers to this question is to do your own internet search of your chosen watch buyer. You should be able to determine pretty quickly whether you’re dealing with a bonified company or a scammer.
Do You Require a Watch Appraisal?
Some watch buyers will ask you to get a watch appraisal before they seal the deal on the watch. While this is fine, it’s important to ask about who is paying for the appraisal and how it will work.
You never want to agree to send the watch to the buyer without being present for the appraisal. This is a way for scammers to send you a small fee for the appraisal and then make off with the watch.
If your potential buyer wants to get a watch appraisal of their own, agree on a time and location where the appraisal will take place. Then, visit the appraiser with them.
Make sure that you research the appraiser beforehand, too. You should make sure that you’re getting an appraisal from a respected jeweler so that you know you’re getting a good valuation.
Otherwise, scammers can get their friends in on the deal and have them pose as appraisers. They can purposefully undervalue the item so that they can buy it from you for less.
Where Do You Usually Get Your Items From?
Another key question to ask a potential watch buyer is where they get their items from and what types of items they stock. Legitimate watch buyers have a good deal of information about watches.
These professionals know where to look for watches and how to source the best deals. They should have inside information on finding luxury watch brands and on working with different sellers.
If your potential buyer doesn’t seem to know anything about watches, they may not be legitimate. They could be a scammer who’s looking to lowball you for the watch and then sell it at a higher price.
Who Will Pay for Shipping?
Another question to ask your potential watch buyer is who will pay for shipping. You need to know and agree on who will pay to ship the watch to the seller.
If you’re expected to ship the watch, you’ll need to consider whether or not you’ll charge extra for this service. If you don’t raise the price of the watch for shipping, you’ll need to discount it from your total profits.
In most cases, when you’re selling your watch to professional dealers, they will pay for the shipping via a prepaid label. This is the safest way for you to earn the most money out of the transaction.
Make a Profit Selling Your Watch
Now that you know what questions to consider before racing out and googling “watch buyers near me,” you’ll be prepared to make a big profit. Having these key questions in the back of your mind can help you safely sell your watch to a reputable team.
Are you ready to get an old luxury watch off your hands? Get in touch with our team and we’ll help you sell your watch in a worry and hassle-free environment!