Hobby Quick Hits Ep.182 "The Art of Adjusting Comps"

SPEAKER 1: Hello, everyone. Welcome to episode 182 of hobby Quick hits. I am John Newman. Today's topic, adjusting comps, right?

SPEAKER 1: Important, right? For consumers and for me as a dealer, I'm also a consumer. I go to shows that I don't set up at and, you know, if you're a pricer as I am, some people don't price the cards. We did that show, already check it out in the archives if you missed it.

SPEAKER 1: But as someone who prices their card, it's important to adjust. Right. It's not like you just price your inventory and then any new inventory and you're done, right? You got it, things change, stuff goes up, stuff goes down, usually down. We probably at a higher percentage than up, but it goes both ways.

SPEAKER 1: It's a two way street. And recently I got into, a predicament where I got a little lax on adjustments and I think it, affected me. So we're gonna talk about the, the ins and outs of adjusting content for both the consumer and the dealer, which I wear both of those hats. So that's what today's episode is about.

SPEAKER 2: Ok. Now, a quick word from our great sponsor followed by the new product release schedule. Then we'll go around the hobby verse to tell you all the latest hobby happenings and news. Then we'll tackle today's topic of discussion.

SPEAKER 3: Hi, this is Pat Hughes Cubs announcer. Coming to you from the Sports Card shop in beautiful New Buffalo. Michigan. The Goer family has built an incredible place here for collectors to buy, sell and trade cards and memorabilia. Be sure to stop by and let them show you around the Sports Card shop.com connecting sports athletes, the hobby and collectors around the world.

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SPEAKER 4: If you're a collector, you need to check this place out.

SPEAKER 4: Tell them Alan sent you and get a free gift on your first visit.

SPEAKER 5: Let's check out this week's hobby wax releases. Take it away.

SPEAKER 6: Max.

SPEAKER 6: Hey guys, it's Max from sports car shop from Valparaiso in New Buffalo, Michigan.

SPEAKER 6: So I'm giving you guys these weekly releases for these upcoming weeks here.

SPEAKER 6: Starting off on the third, we have 2024 penis stars and stripes, baseball, 2023 24 tops from NBL, basketball, 2024 tops, 21, baseball and on the fifth here we have 2023 24 Panini select premier league soccer and on the eighth we have, I mean, the 10th, we have 2023 Panini continuous football.

SPEAKER 6: 2023 24 Panini Prism, Copa America soccer.

SPEAKER 6: 2023 24 Panin Donner Optic basketball. Fast break. 2024 Panini Prism WWE and 2024 Panini Donner baseball and 2024 Panini stars and Stripes. Baseball H two. Both of those on the 12th. Thank you guys for tuning into the podcast and I hope you enjoy the rest of the show.

SPEAKER 6: Let's go round the hobby verse and catch up on this week's hobby news and find out with the first pick in the 2024 NBA draft.

SPEAKER 7: The Atlanta Hawks select Zacharie.

SPEAKER 1: All right. I didn't play that sound bite to make you aware that if you're an NBA fan, you probably know who the number one pick is. But that player Rose.

SPEAKER 1: Rose is appearing in a French product along with WEM be a slam deck, which has actually been a product that's been around since 2018. It's a, a French, brand.

SPEAKER 1: And now it's getting more with the, the French invasion as they're calling it in the NBA.

SPEAKER 1: The slam deck product is getting more attention. They come in 42 card packs. They look like our hangar packs. They have made their way state land so you can get them here at certain stores or Ebay.

SPEAKER 1: Again, 42 card pack, there's a WEM be in, in every pack of this year's edition and it's like a trading card game. So it has a wizards a magic the gathering with like a point. It's meant to be played as a game, but it's becoming a collectible item.

SPEAKER 1: So slam deck, slam deck from France again, not a new company been around since 2018 but becoming more mainstream lingo for us here in the States. Some PS A news, their new holder, which was the one LR Plus has some cracks showing flow lines. They're calling them They are not, they're going back to their old holders which are the one LR not the plus.

SPEAKER 1: But they believe they've pinpointed the problem, they're gonna fix it, but for now they'll be back in any new, any card slab will be the o old holder prior to the one LR Plus. If you have been affected by the flow cracks, the flow lines hold off on it for now. They will replace, once they fix this problem in the new holder, they will replace any, any slabs affected by those flow line cracks.

SPEAKER 1: But right now they're, they're telling you to remain patient, let them fix it, then they'll replace them and any cards coming out now will be the original holder. So look, it, it's not a good look, but it happens, right. It's, you know, comes with the territory. So My Brooklyn Dodgers are going to have a new display or more items on display at the Cooperstown Hall Of Fame.

SPEAKER 1: Soon, the family of Walter O'Malley has donated 70 boxes of his personal items to the hall. The hall is right now going through it, photo ID in it and getting it ready for display. So there'll be a lot of items, 70 boxes. But one of the items is the 1943 scouting report of one Jackie Robinson, which eventually led to the signing of said Jackie Robinson and breaking the color barrier back to Grady news.

SPEAKER 1: CDC and Js A, which have partnered will launch their new, autograph authentication and capsulation. Try saying that 10 times fast that will start at the national itself. So if you at Js A gives a thumbs up on your auto, it will be encapsulated into AC GC holder, a quick update on the memory lane theft. Both, both individuals arrested had their day in court at least for their initial plead.

SPEAKER 1: They both have pled not guilty. Good luck to those two alleged, criminals with, with that one. But hey, we're, we're entitled to our rights. They have pled not guilty.

SPEAKER 1: These stories don't seem to stop. Unfortunately, that report another robbery pretty brazen. Pick six sports cars in Co D lane, Idaho. Yeah. No one is immune folks. 330 in the morning, a truck smashes through the front door of pick six sports cards two gentlemen, get out and make off with quite a bit of a haul trucks still in working order, they back out and take off.

SPEAKER 1: There is some damage to the truck. The police were able to run the place, guess what? Stolen plate. So did not help them in, I ding the suspect. So they're on the run very vague details as the police are trying to keep it close to their vest.

SPEAKER 1: So stay tuned for any further updates There besides taking over the NBA France has the summer Olympics next month here, a couple of days. You know, in July here, Cops has announced a Chrome Cops Olympics product set to release Ju July 26Th featuring not only current participants in this year's Olympics, but old standby favorites including Michael Phelps who will have autographed items in the pro as well.

SPEAKER 1: As we talked about on a recent hobby, quick hits episode. The national is, is keeping trade nights in house on Thursday, Friday and Saturday each night will be sponsored by different individuals. Check the national's website for details. There'll be giveaways and, and different events surrounding each night of trade night and that will be post show.

SPEAKER 1: So the show is done and then Trade night kicks in. So, me, I didn't eat lunch so I'm gonna be headed to get some food in my belly. So, but if you're attending, enjoy and, check the website for all the details that you'll need, you'll need a nationals ticket to attend, the sanctioned, trade nights.

SPEAKER 1: Now, our feature presentation.

SPEAKER 1: All right, let's talk about Cops. I know to some, you know, might not seem like a big deal and, and maybe it isn't, but if you're buying or selling and I do both, it's important. Right. Getting kind of a market value. What is this card? What is the set going for?

SPEAKER 1: What is this item going for for the most part? Right. We don't like to overpay, we like to get good deals on both sides, again, on both sides of the aisle.

SPEAKER 1: And again, I'm a dealer and I'm also someone who goes to the shop shows and buys cards or buys cards online and, and cops are not just a show thing, you know, I know we're all been to the show or see the scenes where everyone's got their phone out cop and everything, taking a, a picture of it using one of those apps that kind of gives you, you know, fair market value and in air quotes there.

SPEAKER 1: And again, I'm not pooh, pooh in it. But, you know, it's, it's, you know, I'm from the old days where we used to just have a Beckett Price Guide, but we're not there anymore. So we go online, we get, grab our phones and we get, you know, what we believe is the value of an item that we're interested in buying or selling. Right.

SPEAKER 1: And that's, you know, what economists will tell you. Right. What's something worth, what someone's willing to pay? Have I ever has something ever sold for over what someone would perceive comps? Sure. Heck, I've probably bought stuff over comps, especially if it's a, a PC item. I think we're probably, everyone's done that at least once. Right.

SPEAKER 1: But we try to get the best deal when money gets tighter in this inflation sort of world. Right. We want our most bang for a buck. You know, a 2 L used to be 99 cents. It's now 250. So if we can save somewhere else so we can still enjoy our Coca Cola. That's, you know, that's just smart. Right? And that's just common sense, human nature.

SPEAKER 1: And so, you know, when it comes on the dealer side as someone who prices their cards and we, we did a show about pricing and unpriced for dealers who don't price their stuff. It's easier to c in a sense. But is it because you have to really kind of take out your phone each time and, you know, check what the market value is or you just know when you wing it, I guess you could do that.

SPEAKER 1: I think it's easier to not price your cards. But I've always been a pricer as a dealer as a consumer. I tend to walk on, buy, if someone doesn't price his stuff, I just had Chris Sewell on Sports Car Nation and he's a dealer as well who prices his stuff. And he even said that when he's at a show he doesn't ask if no one, if someone, if another dealer don't price his stuff.

SPEAKER 1: He, he looks and then keeps going. So there's a, there's an art, you know, and a science to it. So I've, I've always been a pricer every once in a while I'll leave a card or two unpriced. It's sort of a, a car that's volatile, that changes the, you know, each month.

SPEAKER 1: But, I tend to, to price everything that I put out for sale.

SPEAKER 1: But recently I kinda got lax. I got maybe I don't, you know, no excuses. I kind of didn't get it done. But, you know, got busy and didn't adjust my pri all my cards prices. Maybe some of them I don't wanna throw myself completely under the bus, but there were some cards that I needed to lower.

SPEAKER 1: I even could be honest with you. I can't remember the specific card, but there was a card I had priced at $250 at comps for 80 that's, you know, that's on me for not being on top of it. No wonder it didn't sell. Right.

SPEAKER 1: And I had a couple recently had a couple of, not so great shows. I was on a nice run and then I had my monthly shows in Watertown New York and I had two kind of not bad. You know, I do the SCC bulk tables so that, that always is a nice added incentive. But, talking about just my inventory, I had a couple not so great show days on, on that side of the house.

SPEAKER 1: And, you know, I just made me like what's going on and then I realized, you know, it was my table mate or, you know, my setup mate, Chad Merritt who probably will be on the show here Soon with me on Sports Car Nation. But he's like, man, you got, I think you gotta adjust your, your pricing, I think.

SPEAKER 1: You know, some stuff has came down and you, you haven't adjusted it. And, you know, so that night I got home, I started looking at some stuff and realized he, he hit the nail on the head. So it, you know, it took me a few hours but went through my inventory and reprice is, is probably 80 90% of it.

SPEAKER 1: There's, you know, I have a lot of stuff on my table so it's almost impossible to get to everything. I got discount boxes and dollar boxes and so that stuff's harder to get to. It's not impossible. But I definitely repriced all the graded inventory, all the showcase stuff, the stuff going out into the showcases. And so when I haven't done the next show just yet, so I have nothing to report on.

SPEAKER 1: But I'm hoping that that will solve some of that issue. But I also don't think it's just the cops. Right. I think the, the hobby in a different space, I think, you know, the economy is in a different place as well. It's not doomsday, the sky is not falling. I'm not, that guy should know me by now.

SPEAKER 1: But, you know, it's, I think people, and it's smart, right? People I think are being smarter with their money and when you are, your comps aren't adjusted as mine warrants, then you run the risk of maybe losing sale or, you know, you know, you always hope, right?

SPEAKER 1: As, as a dealer, you always hope that someone maybe knows you well enough or is comfortable with you to say John, I'm, you know, I'm interested in that card but, you know, with all due respect, your, your price is not competitive or it's over comps, maybe you missed it. And then if you know, if someone does that, obviously, we can work together to maybe consummate a deal.

SPEAKER 1: But if someone's not willing to do that, you, you potentially will lose sale. You know, two shows that could, we have a food truck that comes to our monthly show and I went out there to grab, some brisket excellent brisket, wounded, not wound warrior wagon, and part of their proceeds go to injured and homeless vets.

SPEAKER 1: But I went out there to get some lunch and the two gentlemen were in front of me and they were like, man, you know, you see the same stuff at all these tables, people way over cops. You know, it's getting, kind of monotonous and, I wish dealers would, you know, know what their stuff's going for.

SPEAKER 1: And it really, it was kind of a derogatory conversation at, at first. But, you know what, when you kind of take the, the attitude off or the way it was, you know, and it wasn't a conversation I was in, I just overheard it being behind them in line.

SPEAKER 1: But it made me realize like, if a lot of people, if that's the case and a lot of people feel that way it can affect, not only sales but maybe people, hey, I, I'm not going to the show. This is the reputation that most of the dealers have at the show. And so, you know, I had to open up my boxes, get my price.

SPEAKER 1: I don't really go to work and I don't know, you know, I don't know how everyone else does. It. I can only speak to myself but I was overdue why it didn't happen. I don't know. I guess I got, again, I got lax. I do other things. I do content creation, maybe, you know, I, I need to balance that out better.

SPEAKER 1: But, you know, that's on me and then, you know, I, I just wonder how how much of that is the case across the board. I, I set up at more shows than I go to as a consumer. So I, I can speak more solidly from that side of the table than the other one.

SPEAKER 1: You know, but you, you know, even, even on Ebay, right, if you're an Ebay seller, right, you have different options, you can do a buy it now and make an offer. And hopefully someone, if you're, if you're a little high, someone will make an offer that's more reasonable and you, you take it and make a sale and they get it, they get a card or, or an item they want.

SPEAKER 1: So that's kind of baked in.

SPEAKER 1: But if you're re really overpriced without a buy it now that that item is gonna sit on Ebay and, and collect Ebay dust and so comps are not just a show thing, they're any kind of, you know, marketplace listing thing and you gotta, sometimes we forget to readjust right? Stuff comes down, something comes out, right?

SPEAKER 1: New product, ultra modern stuff, something comes out, it's gonna be at the highest level when it initially comes out. Then the blue comes off the roads a little bit, right? And those prices adjust, I don't even want to say come down in that case, right. Prices adjust, settle into their, what's gonna be their new normal level, right? The hypes kind of died off.

SPEAKER 1: And so sometimes, you know, while I have some vintage, I do have some modern too and ultramodern and you know, I do open stuff sometimes, sometimes we forget to go back and when that initial rush is over, adjust those comps to, to more reasonable, prices where that product is settled in. And that was a little bit of the case, in, in, in this case, as well.

SPEAKER 1: So, you know, as a dealer, it's, it's, it's probably easier said than done to stay on top of it. I know some dealers have a system where they just pick one day a week and they kind of go through stuff, you know, through their boxes and, and, and kind of have a feel for that. Right. Maybe something I, I could take a page, from that book. I don't know if I can adjust Cops Weekly.

SPEAKER 1: But, at least, you know, every few weeks once a month to, to be competitive, to have a good show, which I'm, I'm used to used to having, to be honest. And, so, you know, sometimes we learn lessons, right? I've been doing this a long time. I, like I always say folks, I'm, I'm still learning, right.

SPEAKER 1: In this case, I learned sort of the hard way and you know, one thing I appreciate even when listening to content, right is everyone likes to share their WS right? Their wins. Everything might just touch, right? Some content creators or dealers or whoever you, you, you know, you, you follow, it's almost like they never lose, they can't do no wrong. Well, I'm, I'm not that guy.

SPEAKER 1: I think I win more than I lose to, to be honest, but I share those, those moments, right? Cause we can both learn from it. Maybe there's a dealer out there. Maybe there's someone thinking about getting into selling, right?

SPEAKER 1: And they can take something away from this kind of, of episode with you know, adjusting comps and II I was gonna name the sh the show lowering comps but you know, adjusting cause it goes both ways even though it's generally, you know, lowering prices, you know, probably 60 70% compared to, to raising prices.

SPEAKER 1: So, we've seen the grading market kind of settle down. I know people call it the junk slab era. Maybe there's a little truth to that. I think that's a dramatic term. But you know, with grading coming down, STC is getting the most cards they've ever had.

SPEAKER 1: So there's more graded cards entering the live market and with that prices do just naturally come down, right? It's supply and demand economics. 101, the more there is of an item the cheaper, it should be at least on paper.

SPEAKER 1: And, so, you know, but here's some advice if, if you're at a show as a consumer and you're, you're looking at a dealer table and you're interested in something, whether it's my table or anyone else's any, anywhere in the world, any show, you know, and there's a card you want, but you, the dealer a little, you know, price of stuff and you feel like he hasn't a he or she hasn't adjusted it recently, maybe doesn't even, you know, that might be like in my case, they may not even realize they're not, maybe they're not trying to be a jerk, which I wasn't, you know, but maybe they just, you know, haven't adjusted count.

SPEAKER 1: Don't be shy to say, hey, you know, I, I'm interested in this card but you, your price is not anywhere near where the this current value is. You know, I mentioned that $250 card and in, in actuality was $80 you know, had someone said something, it's, I would sell it, you know, I would have sold it for the, the, you know, the comparable comp I just didn't even, it was in my case and I just, you know, didn't realize it, right?

SPEAKER 1: Had someone said something, I realized that when I started repricing my stuff. But if someone at the show had just called me on it. I wouldn't have got mad.

SPEAKER 1: I would have probably been a little, my pride might have been a little hurt that, hey, I got caught not adjusting my cops, but I would have worked with whoever asked about that and, and maybe made a potential sale. So, you know, communication is, is key, right?

SPEAKER 1: Just because someone's over, you know, just like the two gentlemen in line at, for lunch in, in front of me. You know, maybe a, again they kind of made a broad statement but may, you know, give, sometimes give the bene the dealer the benefit of the doubt. Maybe they just, something happened, maybe someone got sick, maybe they had a life event.

SPEAKER 1: And they couldn't, you know, adjust cops, give, give them the benefit that and ask say, hey, I'm, I'm interested in this year. You're severely over cops. I don't know if you know that or you don't, things happen. Are you willing to work with me? And, and be reasonable on it?

SPEAKER 1: Right. They're gonna either say yes, like I would or they'll say no, that's the price or what's the comp oh, I can't do that. Right. But you don't know, without asking and I get some people are shy but, rather than just make a blanket statement or assume, right.

SPEAKER 1: You know, always, oh, it doesn't hurt to ask, right? If they don't want to work with you or don't wanna adjust their cop, you move on to the next table. So, it's gonna be something I'm gonna try to stay a little bit more on top of than I have recently. And, you know, it'd be interesting.

SPEAKER 1: We got the national coming up here in 20 something days, you know, the sea, how stuff's comped out. I know last year I went for a Tom Seaver rookie, stuff was over comps. They did not get one. It is still on my list as of right now and I'm going back in there trying to get it. That's, that's a car that actually has come down significantly.

SPEAKER 1: So will this be the year? Well, I'll, I'll, I'll follow up and let you know. So that being said, I, as always, I appreciate your time and we'll see you soon. All right. Thank you for listening to another episode of Hobby Quick Hits.

SPEAKER 1: Wanna give out our Social Media starting with our website, which is www dot sports Carnation podcast.com. Facebook. You can follow us at www.Facebook.com/sports Carnation podcast forward slash Twitter. We are at Sports Card.

SPEAKER 1: Nat T one. So it's Sports Card. Nat I one Instagram at Sports Car Nation Podcast. Or you can email the show hobby quick hits at gmail.com again. Thanks for listening. We'll see you next week.