If you are a first-timer, selling your Rolex watch may seem like a complicated process. These watches are hot commodities, and you want to make sure that you get the best deal possible. While trying to find the bang for your buck, you may not have any idea how to determine the correct price for your product. Even after getting a watch appraised by multiple people, the prices offered can differ drastically.
Though it seems intimidating, selling your watch can be a simple and stress-free process. By putting aside time to research, it will become easier to determine the best course to take when you’re looking to get your money’s worth. Listed below are several necessary steps to take and points to keep in mind when selling a Rolex.
Rolex carries luxury watches that are widely popular in the industry. These items are high quality and long-lasting, and the round shaped design is recognizable amongst many. One of the most appealing aspects of these watches is their withheld worth. Many versions of the product will keep the same value that they had when originally bought, and some even appreciate.
Before you sell your watch or get an appraisal on it, you may want to determine a general price range to set. There is a lot that goes into determining the price of a used Rolex, including the model, materials, box, documentation, market value, and condition.
Model: The model of your watch is located on the watch lug at 12 o’clock, as shown in this video. The model number will provide you with the year, material, and movement of that specific version.
Material: The material of several different parts of the watch affects its value, including the bracelet, dial, and bezel. The most valuable material is platinum, followed by gold, and then stainless steel.
Box and Documentation: The box and authentication papers provided upon new purchase can be factors customers are interested in when looking to purchase a used watch, and they will sometimes pay more if these items are included.
Market Value: It is vital to look to the current market when trying to value your watch. By tracking the market sales, you can watch for changes and set an appropriate price base.
Condition: Both the exterior and interior condition of the watch factor into what you will get for the item. A small fault may not have a drastic effect on the value, but a major flaw such as a stretched-out bracelet or missing link could decrease what you will receive.
All the items mentioned above are pieces of information you should gather and keep with you when selling to potential buyers. Things such as the model number, serial number, box and documentation, and links are pieces that will help you get the highest price possible. It could also be useful to find sales receipts from when you bought or serviced your Rolex to prove that it is legitimate.
Research is important when you are trying to find someone trustworthy to give you a price for your watch. Some dealers may lie or be unclear in providing details on its value, and even dealers who are honest may not know enough to give you a fair price. There are online dealers like Luriya, however, who give a free evaluation, which is a great choice when it is your first attempt to get a number.
There is a range of places people consider when selling watches. Some people will try posting their watch on sites like eBay, going to a local jewelry shop to get money quickly, or auctioning the item off. However, the most successful way to sell your Rolex watch is going to a specialized dealer.
One of the most important steps to take is finding a dealer who is trustworthy. The industry can be full of counterfeits and shady business owners, therefore carrying out a thorough investigation will pay off. Not all dealers are upfront and transparent with their practices, so doing some background checks regarding their company will benefit your search. Look for reviews and information regarding a company’s reputation, honesty, and selling platform.
When you’re determining a company’s reputation, ensure that the dealer you are going to has expertise regarding pre-owned Rolex watches. If the company you are looking at has been around for a while and has a range of positive, trustworthy reviews, this is a good sign. Another matter of importance is determining whether a company has integrity and sound ethics. Since you are trusting this dealer to provide you with an accurate price, these are necessary pieces of information to find.
The selling platform of the business you’re looking into is also important. It is often that purchases for Rolex watches are on the secondary market, so the company you are selling to should have a well-organized platform to buy and sell.
As mentioned above, many consider a range of options when selling their watch. Some of these options are selling your item online, going to a local jewelry shop, or auctions.
Online: While posting online may seem easy, it can be hard to find a customer who is interested in buying from a seller who is not well-known. Alongside being a verified seller, you will need a way to collect your money and ship your item to the buyer. It can also be tricky to accurately price your watch since there are many fake watches listed as real on the internet, making it difficult to get people to take the bait on a higher number.
Local Jewelers: Though this seems quick and reasonable, local sellers often do not know the market well and cannot give you an accurate price regarding high-end watches. Local jewelers may offer you a deal that is too low even when they are trustworthy.
Auctions: Though at first, this may seem like a good option since you won’t have to face the uncertainties of selling a product yourself, there are some aspects of auctioning that are not favorable. When auctioning, there are hidden commissions that may decrease the amount that you receive once the process is over. For example, 10-15% of the sale could go to the seller’s commission.
There are many factors to keep in mind when you’re looking to find the best deal for your Rolex watch. Whether you are selling to a Rolex specialist in person or a trusted online watch exchange, it is important that the company you are looking into has established their reliability and stability. It is also most profitable to provide as much documentation as possible to prove the authenticity of your item.