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Since last writing on here two years ago, I have turned my speculation and trading hobby into a full-fledged business. We sell at a local gaming store with no interest in selling singles itself. I have learned quite a few things from this experience, but the most important thing I've learned is to improve your image.
When I first started trading, I took every deal I could get, and I never offered anyone else a deal. It was very much that I was inflexible, and you had to be flexible. I wouldn't trade Legacy cards into Standard without a premium, but my Standard cards were chase rares, and I needed something good for them. This makes a lot of people prefer to stray from you, and instead trade with others.
Once I started my store, however, things changed. I wasn't walking up to them, I needed them to walk over to me. I started realizing that, even when I was a trader, I should have been getting them to me. So, I started doing what I had never done before–being flexible.
The Fire Sale Method
I remember the first time I tried this. I was sold out of Goblin Rabblemaster. I knew a few people in the room had them, but I couldn't find any with the few people who were nearby.
So, I asked someone if they could tell me who has some for trade. He gave me a name, a player who has been at that store for years. He had never worked with me as a store in the past, but I walked up and said, “Our shop is out of Goblin Rabblemasters. Could I give you a really good offer, and take some off of your hands?”
I offered him trade at 80%, anything in my store for them. It sounds crazy, but I already had buyers lined up. I knew they would move immediately.
I was effectively just selling cards from my binder. But, that wasn't a stopping point for him. He ended up buying cards past those Rabblemasters. To this day, I see him on a regular basis at my table. I have done the same thing with quite a few chase rares since then.
Cards That Have Gained Customers
After that point, I started offering deals to regular customers for things we were out of. And I offer deals to people who have never worked with our store. Sometimes, I offer a zero profit deal, like that first one, and I usually see that person again.
Even if you aren't a store, you can foster this community around yourself. If you got a great deal on something, give someone a great deal on it. If they haven’t traded with you before, they will realize that you have the best stock in the building, and they will work with you again.
Maybe sometimes you need a better deal, but you speak truthfully and explain what you can do, and why. They know you’re making money. But at a small disadvantage, they can get nearly anything they want.
Round It Up!
When people come to you to sell cards, or even to trade cards, there is often a small discrepancy. Some of you make your money this way, and can’t do this. But, if you buy collections, you have a bit more wiggle room. Always round up with new customers.
When you are buying cards, you may price a collection at an odd number, like $146.30. Round it up. That $3.70 shouldn't make a huge difference, but with a new customer, it might. If they are selling you their entire collection, and intend to not play again, it still matters. If they played, they have friends who played. You want to buy their collections, too.
Make a bit of a deal about it. Write the number big on your paper, or leave it up on your calculator. Say, “I've come to 146.30, but I’ll go ahead and round you up to 150.”
I've done this a few times to great success. The most important thing is that people see me doing it regularly. I find them the cards they need. I give them deals. I round up. They see me as a good guy, and in reality, I am a good guy–just one who wants to make a living doing what he loves.
Now, you can’t always round every deal. You have to be flexible, which means cutting them a deal sometimes. If you cut them a deal every time, it won’t seem like you’re cutting them a deal at all.
Lastly, just be a nice person. People like people who are knowledgeable, but a smile and a few jokes can go a long way, too. Making a friendly connection with people can lead to them stopping by to chat, and that often leads to more sales. Always consider whether you’d trade with yourself, if you were just a regular player.
Much of this would apply from the perspective of the backpack trader dealing with a store or fellow trader.
Welcome back!
Oh, absolutely. I wish I had realized many of these things before I was a store – I could have done much better for myself. Maybe I’d have those elusive Foil Tarmogoyfs…
I enjoyed the article…and glad to see you’re back to writing…one question I had though…how is that first deal a “0 profit” deal?….you gave him 80% on a card you had buyers lined up for….so you basically “sold” the cards he traded for at a profit….(for example) if Rabblemaster’s were $10 each…you gave him $8 per..he traded in 10 for an $80 card…you then sold all 10 for $100…you made 20% profit…
Perhaps he was buying at 80% of market value, and his sell price was also 80% of market value. Additionally, there may be an unmentioned 20% fee for the store owner he works with. As it is written, I see your point.
I think I poorly worded that. That was a low profit deal, I often do offer even trades in order to gain a new customer, or get cards I have a guaranteed sale lined up for.
This is a great article. So often people forget that people skills are required for dealing with people. The general public will remember dealers and traders that are easy and enjoyable to work with, and they will ALWAYS tell their friends about it.
“I deal with the god damn customers so the engineers don’t have to. I have people skills; I am good at dealing with people. Can’t you understand that? What the hell is wrong with you people?”
I enjoy reading about Business and marketing strategies for fun, so I have a decent understanding of what will make a customer come back. It is always harder to gain a new customer than to keep a current one. Understanding that, and being flexible, will build you a great customer base.
Thanks for the great article. Really appreciate it. I have a few questions in regards to going about individual trading at a large event (GP). What sorts of openers/ice breaker questions do you like to ask when meeting people? How do you go about agreeing on a value system (using SCG buylist vs TCG Mid, etc)? When a shark is obviously trying to rip you and won’t budge, what is the most polite way to leave? I ask this specifically because I can get quite visibly upset when I know the numbers and some dude is lowballing me card after card and refuses to acknowledge that what he’s offering is well below most stores. Lastly, do you think something like the super honest approach would work? Telling your trade partner the reasons your looking for exact cards (future specs) and reasons the deal is good for them (getting staples, etc). Thanks again.
Instead of asking if people want to trade, I ask what they need/are looking for. Usually anyone who is interested in trade needs something. Then, you migrate into a discussion of what they are building, and strategy in general.
With a shark, I usually get blunt with them. I tell them I also trade, buy, and sell for profit, and we can either make a mutually beneficial deal, or we may not be able to do business. If they are just wanting value, it may be hard to do anything.
I tend to be honest all of the time. I tell people what I do, why I want cards. Sometimes, I make one trade where I’m picking up a card personally, a card to speculate on, and something my store needs. Often, if the person if friendly and talkative, they are fully aware of all three.
good article, and indeed very accurate. I can relate entirely, especially offering 80% just to get the cards.
I did that with goblin rabblemaster as well,
had to do it with Deathmist Raptor and Dragonlord Ojutai.
Sometimes the hot cards dont even make it to my case, players just snipe them. It looks like I havnt had some cards in months when really every time I get them its just instantly sold.
My mistake is that I do not order as many copies of the hot cards as I should when a set first releases, and I regret it every set. I wait for the prices to drop from over-hype, but in the process miss out providing players with the cards they want immediately. That would kind of relate to your zero-profit reference. Sometimes just providing your customers with what they want short term at no profit will benefit you more in the long run, because if you have what they want, they will come back.
You will not always make zero-profit from their future transactions.