What amount of time was reasonable to hold a coin in this scenario?

[MarkFeld]

Coin goes out on approval to a client (#1).

 

While it is out in the mail, another client (#2) expresses interest in it.

 

I tell client #2 that coin is out on approval, and that if it comes back, I will let him know and make it available to him.

 

Client #2 replies: "Ok, Mark, I would still be interested in the - at your price. Let me know if it is available....... thanks... "

 

Coin comes back from client #1, so I email client #2 on Tuesday of this past week that it is available.

 

The next day/Wednesday, a third client (#3) expresses interest in the coin.

 

So, in order to give client #2 time to get back to me, I tell client #3 the coin is on hold for client #2.

 

I email client #2 to let him know client #3 is interested in the coin and to please get back to me, either way.

 

How long should I have given client #2 to get back to me before making the coin available to client #3?

 

Amazingly, this is not a hypothetical.

[coinman_23885]

I think that a week to ten days would be fair if you are able to make contact with prospective buyer #2. I'm assuming that you have his or her phone number such that you could make immediate contact (and not have to worry about email, etc.). I personally would aim towards the lower end of that range.

[tejas1836]

I've never had a coin sent to me on approval, but I think that once a coin was received, 24 hours or less would be plenty of time to make a decision and get back to the seller with that decision.

 

Who normally pays for the shipping on deals like this?

[MarkFeld]

I think that a week to ten days would be fair if you are able to make contact with prospective buyer #2. I'm assuming that you have his or her phone number such that you could make immediate contact (and not have to worry about email, etc.). I personally would aim towards the lower end of that range.

 

You think I should have given client #2 a week to 10 days to get back to me, after telling him that someone else was interested in the coin I had on hold for him? Why so long?

 

In case it matters, we corresponded only by email and had not done business previously.

[MarkFeld]

I've never had a coin sent to me on approval, but I think that once a coin was received, 24 hours or less would be plenty of time to make a decision and get back to the seller with that decision.

 

Who normally pays for the shipping on deals like this?

 

Client #1 returned the coin, at which time I made it available to client #2, via email. The question was how long should I have given client #2 to let me know if he wanted to buy it, once I learned (and informed client #2) that client #3 was interested in it.

 

I pay shipping for coins I send out on approval and/or sell. Client pays return shipping.

[cpm9ball]

I guess it's possible that he is out of town on business or maybe hospitalized. It's a tough call. You don't want to irritate #2 by selling the coin too soon, but then again you do have #3 waiting in the wings. Since #2 did say he was agreeable at your price, it sounds like it would be a "done deal" with him and #3 didn't really say "yea or nay".

 

I think I'd let #3 know that it may be 7-10 days (without saying specifically why) before you will know anything from #2, but if you don't hear from #2 within that time, I'd say you were off the hook as long as you've made reasonable attempts to contact him.

 

So, maybe you should start keeping cellphone #'s in your files for situations like this.

 

Chris

[Walkerfan]

I am assuming that you are waiting for client #2 to email you back and you have not even sent the coin to him yet. Is this correct? If this is the case I would give him untill Tues to email you back. That would be a week. If you have already sent the coin to him, I would give him about a week from the time that he has rec'd it.

[nk1nk]

In this situation I don't like that you told #2 about #3. It could look like your creating the interest to pressure a decision, I know from other posters that your a saint and would never do that but in the least I think it puts undo pressure on #2 to make a hurried decision.

 

All that said I think you give him a couple business days to reply.

 

Nick

[x2rider]

I would think 24 to 48 hrs after receiving it .

If the clients were anything like me , I would have the package open and an opinioon on it with the first 10mins of recieving it

With all 3 clients in the mix and including veiwing and postage the whole deall coud last a month

[tejas1836]

Mark, I didn't read your post carefully enough and mistakenly thought you had sent the coin to client # 2.

 

I don't have an answer for the correct scenario. This is a tough one for the reasons Chris stated.

[Walkerfan]

I want to change my answer. I would still give him til Tuesday to reply to the email but not more than 2-3 days after receiving the coin. That seems fair.

[dopy02]

since client #2 is a first time, potential, customer

and not a regular customer

72 hours

[coinman_23885]

I think that a week to ten days would be fair if you are able to make contact with prospective buyer #2. I'm assuming that you have his or her phone number such that you could make immediate contact (and not have to worry about email, etc.). I personally would aim towards the lower end of that range.

 

You think I should have given client #2 a week to 10 days to get back to me, after telling him that someone else was interested in the coin I had on hold for him? Why so long?

 

My time estimate was allowing time for the prospective buyer to think it over, and to get back in touch with you given that many people have professional obligations that deplete their ability to call you within normal business hours. I was discounting the possibility of an email response. Regardless, I don't think you have any ethical obligation and can sell it to whoever you want and whenever you want. I don't think it would be unprofessional to sell to buyer #3. If I were buyer #2 and you sold it to buyer #3, I would be understanding.

 

EDITED TO ADD: I may have missed your point, as I was counting in the time that the prospective buyer would have to examine the coin in hand on approval before a final response was due. Perhaps I should have made that clearer and/or read your original post more carefully.

 

[MarkFeld]

I am assuming that you are waiting for client #2 to email you back and you have not even sent the coin to him yet. Is this correct? If this is the case I would give him untill Tues to email you back. That would be a week. If you have already sent the coin to him, I would give him about a week from the time that he has rec'd it.

 

I have the coin - it has not been sent to client #2.

[Hard Times]

A week is reasonable time to get an answer, then move on.

 

Best, HT

[MarkFeld]

In this situation I don't like that you told #2 about #3. It could look like your creating the interest to pressure a decision, I know from other posters that your a saint and would never do that but in the least I think it puts undo pressure on #2 to make a hurried decision.

 

All that said I think you give him a couple business days to reply.

 

Nick

 

I wanted to try to be straight with and fair to both parties. But you are correct, telling one client that another is interested in a coin can be construed by some as pressure or BS.

[Walkerfan]

I am assuming that you are waiting for client #2 to email you back and you have not even sent the coin to him yet. Is this correct? If this is the case I would give him untill Tues to email you back. That would be a week. If you have already sent the coin to him, I would give him about a week from the time that he has rec'd it.

 

I have the coin - it has not been sent to client #2.

 

Then I would give him until Tuesday, Mark. It seems reasonable to me (one week). I understand your position, though, you want to be fair to all parties. Maybe try to email him, too, which you probably already have.

[MarkFeld]

I emailed client #2 twice, once on Wednesday and again on Thursday.

 

I gave him through the end of Friday/yesterday to get back to me and I have not yet heard back from him.

 

So, this morning, I offered the coin to client #3, who will probably pass on it

 

[cpm9ball]

In this situation I don't like that you told #2 about #3. It could look like your creating the interest to pressure a decision, I know from other posters that your a saint and would never do that but in the least I think it puts undo pressure on #2 to make a hurried decision.

 

All that said I think you give him a couple business days to reply.

 

Nick

 

I wanted to try to be straight with and fair to both parties. But you are correct, telling one client that another is interested in a coin can be construed by some as pressure or BS.

 

I need to change my answer because I wasn't aware that #2 was a first-timer. I think 72 hrs. for him to respond to your follow-up e-mail is ample time, and if you haven't heard from him, then I see no reason why you shouldn't send it to #3.

 

If #2 should contact you at a later time, just explain that he didn't respond to your e-mail, so you sent it to #3 on approval.

 

Chris

[DirtyGoldMan]

I just read the thread: 48 hours was my answer.

 

If someone contacted you by email, he should be able to respond within that time frame.

 

If he is out of town, busy, indecisive, lightning struck house, etc., tough luck. This is not life and death or even a major government or business takeover. It's a coin.

[MarkFeld]

I just read the thread: 48 hours was my answer.

 

If someone contacted you by email, he should be able to respond within that time frame.

 

If he is out of town, busy, indecisive, lightning struck house, etc., tough luck. This is not life and death or even a major government or business takeover. It's a coin.

 

I agree with much of what you wrote, but I am insulted that you belittled my coin in that fashion.

 

 

[mtnstyne]

Mark, I can't imagine a scenario that would keep someone from responding to an e-mail within about 72 hours. Even when I was in Iraq and we would have to endure sand storms or communications blackouts it was usually less than 72 hours. As mentioned by SageRad, it is just a coin and you gave client #2 ample time to reply.

 

My guess would be that client #2 had a change of heart and is ignoring your e-mails. I would hope it is not something more serious.

[johnny9434]

That's been a long time coming. And about time to

[gmarguli]

In case it matters, we corresponded only by email and had not done business previously.

 

This fact is very important to me. Based on your initial post I assumed it was a regular customer and by their basically saying "I'll take it at your price" I assumed it was pretty much a done deal and I would have given him at least a week. However, since they are a new customer, I would give them 2 or 3 days, but I would have noted this time requirement in the original email to them letting them know the coin was available.

[cpm9ball]

I just read the thread: 48 hours was my answer.

 

If someone contacted you by email, he should be able to respond within that time frame.

 

If he is out of town, busy, indecisive, lightning struck house, etc., tough luck. This is not life and death or even a major government or business takeover. It's a coin.

 

I agree with much of what you wrote, but I am insulted that you belittled my coin in that fashion.

 

 

 

See! I have had an effect on some of the members. Even Mark has developed a sense of humor.

 

Let's see! Who's next?

 

Chris

[Old Pueblo]

I am with XRider here, I would respond in 10 minutes or so upon receiving the coin.

So, three days seem more than enough time to get the coin to the post office. I want to be respectful of the dealers opportunity to sell the coin to a interested client should I become less interested upon evaluating the coin.

IMHO of course

 

7 to 10 days seems excessive considering the coin was sent for sight-seen evaluation and no financial transaction.

 

 

 

OP

[MarkFeld]

I am with XRider here, I would respond in 10 minutes or so upon receiving the coin.

So, three days seem more than enough time to get the coin to the post office. I want to be respectful of the dealers opportunity to sell the coin to a interested client should I become less interested upon evaluating the coin.

IMHO of course

 

7 to 10 days seems excessive considering the coin was sent for sight-seen evaluation and no financial transaction.

 

 

 

OP

 

There is some understandable confusion here.

 

Client #1 returned tne coin, in a timely manner.

 

When I received it, I offered it to client #2 via email, on Wednesday (maybe it was Tuesday - I don't want to have to look it up)

 

On Wednesday, client #3 asked about it, and I told him it was on hold.

 

On Thursday, not yet having heard back from client #2, I emailed him again. I told him someone else was interested In the coin and that i would take it off of hold and offer it to client #3, if I didn't hear back with a yes by the end of Friday.

 

This is a tough situation, I want to be fair to both parties, as well as to myself.

 

I have lost a few sales by holding coins for clients, having to tell someone else that the coins were on hold, had the first person in line pass, then had the next person also pass, because they bought something else or didn't like to wait.

[e1cnr]

how many emails have you exchanged with client 2? (first time buyer/tire kicker) and when they said they were interested, did they say they wanted to buy it or look at it?

 

how long has it been since they said that? -(actually want to know the turnaround time from client 1)

 

I do not know the correct answer - you do not know how big a potential client they may become (or you missed out on)

 

do you send coins on approval to first time buyers? (or require a few references you can check?)

 

 

another thing involved with consideration is value of coin (3 figure, 4 figure, 5 figure, 6 figure)

 

many coin buyers have a limited budget for a certain time period, and they may have found something else - to keep them 'full' for a few weeks

 

 

48 hrs is not a reasonable response time, if you do not live on the ineternet, or have multiple email accounts for different things - work, hobbies, ....

 

on the bright side, if buyer 3 passed,, it is still available for buyer 2

[Mark T]

I am with XRider here, I would respond in 10 minutes or so upon receiving the coin.

So, three days seem more than enough time to get the coin to the post office. I want to be respectful of the dealers opportunity to sell the coin to a interested client should I become less interested upon evaluating the coin.

IMHO of course

 

7 to 10 days seems excessive considering the coin was sent for sight-seen evaluation and no financial transaction.

 

 

 

OP

 

There is some understandable confusion here.

 

Client #1 returned tne coin, in a timely manner.

 

When I received it, I offered it to client #2 via email, on Wednesday (maybe it was Tuesday - I don't want to have to look it up)

 

On Wednesday, client #3 asked about it, and I told him it was on hold.

 

On Thursday, not yet having heard back from client #2, I emailed him again. I told him someone else was interested In the coin and that i would take it off of hold and offer it to client #3, if I didn't hear back with a yes by the end of Friday.

 

This is a tough situation, I want to be fair to both parties, as well as to myself.

 

I have lost a few sales by holding coins for clients, having to tell someone else that the coins were on hold, had the first person in line pass, then had the next person also pass, because they bought something else or didn't like to wait.

 

 

 

I would have given client # 2 a day to get back to me via – email then I would have made a phone call to that client. If I still could not get in touch with that client I would offer it to client # 3. If client # 2 got pissed off then that is their problem not yours.

 

[DirtyGoldMan]

48 hrs is not a reasonable response time, if you do not live on the ineternet, or have multiple email accounts for different things - work, hobbies, ....

 

The person should have left a phone number if it was the preferred contact.

 

Otherwise, tough luck. 48 hours is plenty of time. Remember, we are not talking about a kidney (and frankly those people only get a few hours to accept or it goes to the next in line), we are talking about a coin.