Thane.
Regardless of the percentage of the sale price you decide, on every important clause you need to put in the contract, ( and yes, you need a written contract, signed by both parties), is that in the event the owner of the piano wants the piano back, you need to be paid for storage for the time the piano took up space in your shop. I pay $65 per month for a piano in storage at my moving company, and that is for the piano to sit on its side in a storage closet. If this piano is set up, taking up shop space, you are entitled to the amount of space based on the rent you pay for your shop. You have a shop that's 24 square feet. If that piano takes up one quarter of your shop, you can charge one quarter of the rent. If you own the shop, you had to pay for it somehow. Use that as a base.
I took a piano on consignment once, without the storage clause. The customer wanted to have me sell the piano for more than I thought it would sell for, but she insisted. Four months later she wanted her piano back. I found out later she was having her house remodeled, and needed to piano out of there. I wound up as her storage locker for 4 months, and all it cost her was the moving fee both way. You might also want to consider putting a time limit on how long you are willing to try to sell the piano. How long is up to you, but you can start with 6 months. After then, they either need to pay you for storage up to then, or remove the piano.
Are you trying to sell the piano at a reasonable price? Have you compared prices of other similar pianos in your area?
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Willem "Wim" Blees, RPT
Mililani, HI 96789
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Original Message:
Sent: 01-04-2018 01:35
From: Thane Yennie
Subject: Consignment fees
Thank you for the input. The work completed was paid by third party. So any work I do on the piano while it is in my shop is a matter of tweaking the regulation and tuning it once in while to expedite the string settling process. Basically keeping it in an playable condition, should a prospective buyer wander in.
Is the customer expecting me to sell it for her? Not is so many words, but I have been marketing the thing, just to get it out of here. No control over price. My shop is 24' square, and I have two more grands (6') that I am currently working on.
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Thane Yennie
Cheyenne WY
307-871-8718
Original Message:
Sent: 01-03-2018 22:02
From: Peter Grey
Subject: Consignment fees
Thane,
1) Is the owner asking you to sell the piano for them?
2) Do you have control over the price?
3) Do you have tons of room in your shop such that it is of no consequence to you having it there for weeks, months,...?
4) Consignment sales fees can be anywhere from 20% to 50%. It all depends on the circumstances.
Pwg
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Peter Grey
Stratham NH
603-686-2395
pianodoctor57@gmail.com
Original Message:
Sent: 01-03-2018 19:17
From: Larry Fisher
Subject: Consignment fees
Hi Thane,
I've come out pretty good with a 10 percent fee. Moving and repairs are extra. The fee covers communication, ad placement, and show time. Any other expenses like storage, tuning, repairs, guarantees, moving, etc. are extra. Get a contract. In the event of a loss ...... loss of the owner, loss of the piano, loss of storage space, etc. cover your butt with a contract.
"In the event of .............. the piano will ............... "
Original Message------
Good afternoon my learned colleagues
Recently I have completed a re-pinning & re-stringing, and some action work on a 1956 Baldwin F. The owner would like to sell piano, but does not want to move it back to her residence, as said residence is also for sale. ( I really don't want to move it back in there either, as getting it out was an exercise in mental gymnastics) So long story short I am "storing" this instrument until it gets sold.
My question for you all - What is a reasonable and customary commission for keeping a piano on consignment?
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Thane Yennie
Cheyenne WY
307-871-8718
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