Selling a timepiece can be a daunting task, especially if it’s not something you have experience with.
The biggest advantage to selling a watch yourself versus selling or consigning it to a dealer and auction house is that you get to keep a larger percentage of the proceeds. The downsides are that you take on the risk of getting robbed or scammed, or that you don’t market it correctly and fail to achieve the going rate for the watch.
Overview
Chrono24 is designed to make the process of buying and selling easier for all parties. Selling a timepiece, in particular, is an area where Chrono24 offers perhaps one of the best solutions on the market. And while there is a 6.5% single flat rate final sale commission fee — it’s amongst the lowest you’ll find online for a full-service site of this kind. By comparison, eBay charges more than double the commission of Chrono24.
Creating a listing as a “Private Seller” on Chrono24 is free and easy.
You’ll need to create high-quality images of your watch (or pay someone to do so for you), including close-ups, giving potential buyers a way to virtually inspect the condition of the watch online. The key here is to be accurate with images, meaning don’t hide blemished, instead make sure they’re clearly visible. Also, the higher quality and more attractive the image, the better the sales results tend to be.
In addition to creating the images, gather this information to make your listing.
Your selling price (this can be adjusted later but research very carefully to ensure you start at a price that is both not too high and not too low because sellers will remember what it started at and it will be hard to raise it later if you start too low.)
- Year Purchased/Production Year
- Reference Number
- Condition of the Watch. (Disclose Any Damage as it will only cause problems later if the description and/or images are misleading in any way.)
- Are you the original owner?
- What’s the reference number
- Does it have the original Box?
- Do you have the original warranty papers, sales receipt, or any additional information?
- Are there any accessories?
- Has the watch recently been serviced, do you have any documentation of service?
- Write an accurate description of the watch
Once you’ve registered to be a private seller on Chrono24, you simply enter all the above information listed above 1-10 (if applicable) and upload the images, placing the best image as the lead to draw the most attention to your listing, and you’re ready to go.
Respond to Buyer Inquires
Simply reply to all serious buying inquiries and answer buyer questions the best you can until you have a qualified buyer. You can disclose the serial number of the watch but it’s best to do so only privately, and only once a deal seems imminent. Make sure the buyer understands all terms of the sale and agrees to the price. Once they agree and buy the item, close the sale, and the Chrono24 Escrow Service kicks in automatically to secure the payment.
Secure Payment
The Chrono24 Escrow Service, which is free of charge for all Chrono24 users, and makes payment processing simple and secure:
- The buyer transfers the amount due to Chrono24’s secure escrow account.
- You receive a notification on your Chrono24 account letting you know when the money arrives in the escrow account.
- You insure and ship the watch.
- The buyer receives the watch. If everything’s ok, Chrono24 will transfer payment to your bank account within 7 business days.
Low Commission Fee
Chrono24 charges a low flat rate commission fee of just 6.5%, which is not due until after you’ve completed a sale on Chrono24. Chrono24 automatically retains the commission fee at the time of payout from the Chrono24 escrow account.
Customer Support
If you have any questions or problems, you can contact the customer support team.
Ship the Watch
Pack the watch very carefully, and ship it via an insured carrier, with confirmation of delivery, preferably with a signature required.
Collect Your Payment
Once the sale is complete and the 7-day period has passed, you’ll receive a payout, minus the flat 6.5% commission fee.
Learn more at Chrono24.
Photos by Chrono24.
