Do you want to know how you can start flipping watches? Are you wondering if watch trading is profitable or not?
If you also want to get into buying and selling watches then you are reading the right article. By reading this article, you will know what is watch flipping, how you can start to trade watches, and what are the best watch brands you can buy and sell online. At the end of this article, I will also tell you if watch flipping is profitable or not.
Quick Navigation
- What Is Watch Flipping?
- How To Flip Watches For Profit?
- Best Watches To Resell
- Where To Buy And Sell Watches Online?
- Is Watch Trading Profitable?
- FAQs
What Is Watch Flipping?
Watch flipping in layman’s terms means buying a watch and then selling it for a profit. The flipping word is generally used when you buy a pre-owned luxury watch and sell it for a profit.
For eg., if you buy an old Rolex watch at a lower price and manage to sell it at a higher price then it is called watch flipping.
How To Flip Watches For Profit?
Now that you know what watch flipping actually means, let us see how you can start trading watches.
1) Market Research
The first thing that you should do is market research. Research a lot about watch flipping and the kind of scope it has. Find out if it will be feasible for you to start it or not. Research the amount of investment you will have to make. Learn about the type of watches people love the most and the amount of profit you can make from them. Once you have researched, decide whether you want to do it or not.
2) Decide The Type Of Watches
After researching, the next thing that you should do is decide the type of watches you want to flip for profit. Nobody will tell you this but this will be the pillar that your business will stand on. Without it, chances are very high that you will fail miserably.
If you are a watch aficionado then you must be knowing that there are various types of watches. But you need to start with a particular type of watch and then move to other types.
You can also start by trading watches of a particular company only. The point is to build authority in a particular segment and then conquer other segments. For eg., once you build your authority for Rolex watches then whoever wants to buy a Rolex watch will come to you.
3) Pricing
Once you have decided what kind of watches you want to flip, the next thing that you should do is decide the pricing.
Firstly, decide the price segment that you want to cater to. My advice will be to not go for ultra-luxury watches. Because when a lot of money is involved then people do not trust small players easily. So in starting phase of your watch flipping business, target the watches that are neither too costly nor too cheap.
After this, decide on the amount that you can buy the watch for and also the amount that you will be selling it for.
4) Buying And Selling Source
After deciding the price, find out the platforms or sources from where you will be buying a watch. Also, research the platforms that you will be selling the watch on. Once you find out the sources, enquire about the commissions or fees that they are charging.
5) Register Your Company
Once you have researched the watch flipping industry and know about it, the next thing that you should do is register your company or business.
You will be buying and selling old luxury watches, right? So who do you think a customer will trust more, a registered business or a person?
The trust factor for a registered brand or business will be higher, right? So the first thing that you should do is register your business or company. People find the registered business more legit and trustworthy.
Best Watches To Resell
Well, there is no particular thumb rule to knowing which is the best watch to resell. You will find it out once you start trading watches. Therefore I cannot tell you which are the best watches to resell. However, I can definitely tell you which are some of the best brands to resell from my experience.
1) Rolex
The popularity of Rolex is such that everyone wants to own one. Every watch aficionado dreams of owning a Rolex. Therefore, my top recommendation is obviously Rolex. However, the thing that you need to remember is the demand for Rolex watches is huge but the competition is also very high.
2) Patek Philippe
After Rolex, the next brand that people dream of owning is Patek Philippe. But this brand only makes high-end watches so you will be needing a good amount of capital just to buy one of its watches.
3) Audemars Piguet
This is another luxury watch brand that ranks very high among watch aficionados. However, its watches are not easily available and really cost a fortune.
4) Omega
Omega as a brand is also well known among people. Especially after its Speedmaster watch that went to the moon. It has a wide range of watches and some of its watches fall in the affordable luxury category. This could be a good choice if you do not want to spend big in the starting.
5) Grand Seiko
Grand Seiko is also an affordable luxury watch brand that needs no introduction. Its watches are easily available and people also seem to love them.
Some of the other watch brands that you can look for are as follows:
6) Panerai
7) Cartier
8) Hublot
9) Tag Heuer
10) Tissot
Where To Buy And Sell Watches Online?
Once you have decided which watches to buy and sell, the question that arises is: Where to buy and sell these watches?
We are living in the 21st century, right? Everything is available online, so the answer to the above question is you should buy and sell watches online. And setting up an online store is way easier and costs less as compared to an offline store.
What are the best online platforms to buy and sell watches, you ask?
You can use the below-mentioned platforms to buy as well as sell the watches online:
1) eBay
eBay is to date one of the best platforms if you want to flip watches online. All you have to do is make your account and start buying and selling watches right away. The thing I liked about eBay is the auctions, you can join the auction and get rare watches that will not be easily available anywhere else.
eBay is also a trusted name, so you do not have to worry about yours being a new name as people will trust eBay and purchase things from you.
2) Chrono24
Chrono24 is really growing in popularity. It claims that it has more than half a million watches listed on its website and is operating in more than 100 countries. You can buy preowned watches from Chronor24 as well as sell them on it. It also claims to be selling over a hundred thousand watches every month. Chrono24 is turning out to be the go-to place for all watch lovers and is really growing day by day. You can ride on its success and make some bucks for yourself.
3) Facebook Marketplace
Facebook has more than 2 billion people on its platform all around the world. So you can use its marketplace to sell your watches and reach a large number of people. Using its marketplace, you can also buy watches directly from people.
Is Watch Trading Profitable?
So now that you know how to flip watches, don’t you wanna know whether watch trading is profitable or not?
Yes, watch flipping is profitable provided you know how to do it properly. Watches are one of the most selling accessories around the world for both men and women. And people like to generally pay a handsome amount of money to get one.
However, there are a majority of people around the world who can’t afford to buy luxury watches. So they look for second-hand watches, and these are people that you will cater to.
There are also people around the world that like to have rarest and luxury watches. They are willing to spend a large amount of money and these people can give you a handsome amount of profit. So yes, trading watches is profitable.
FAQs
What Does It Mean To Flip A Watch?
Flipping a watch basically means buying an old luxury watch and then selling it for a higher price.
Is Watch Flipping Easy?
Yes, watch flipping is easy provided you know how to do it.
How Do I Sell My High-End Watch?
You can sell your high-end watch on the websites like Chrono24 or eBay.
Can You Sell A Watch To Jeweller?
Yes, you can sell a watch to a jeweler but they will not pay you the amount that a customer can pay.
