Building a sourcing network as a watch dealer

Public listings are where everyone looks, which is why the prices there tend to be full. The watches that leave room for a dealer's margin more often change hands before they're listed: a collector tells a friend, an heir calls a jeweler, a watchmaker mentions a customer who wants to sell. A sourcing network is simply the set of people who think of you first when that happens.

Who belongs in the network

• Other dealers. They see watches outside their niche, have stock they want to turn, and sometimes need a quick buyer. Dealers who trust you will offer you pieces before they list them.
• Watchmakers. Customers ask them what a watch is worth and whether they know anyone who'd buy it. A watchmaker who knows your work and pays attention to your niche can be a steady source. The watchmaker article covers building that relationship.
• Jewelers and pawn shops. Many get offered watches they don't want to buy or don't know how to price. The estate and pawn article covers dealing with them.
• Estate professionals. Liquidators, estate agents, auctioneers, and in some cases estate attorneys handle belongings that include watches, often with little time to research them.
• Collectors. Collectors upgrade, rotate, and eventually sell. If they've bought from you before, you're the obvious first call.
• Past customers. The buyer of a watch you sold years ago may want to trade it in or sell it back.

What makes people call you

Relationships in the trade are built on a few simple things:

• Paying promptly. Nothing builds a reputation faster than money arriving when you said it would.
• Straight offers. A clear offer, explained briefly, beats haggling for the last dollar. People who feel fairly treated come back.
• Saying no quickly. If a watch isn't for you, say so at once. A fast no is more respected than a slow maybe.
• Keeping confidences. Sellers of watches often value discretion. Don't share who sold you what.
• Being clear about what you want. Tell people your niche, so they know which watches to send your way.

Making contact

Networks start with introductions. Visit local watchmakers and jewelers and explain what you buy. Go to watch meetups and shows, where the shows article has more on working the room. Take part in collector communities as a helpful member rather than a buyer circling for deals. Follow up after every conversation, and leave your details somewhere easy to find.

Thanking the people who help

When someone brings you a deal, thank them in a way that fits the relationship. For a trade contact, that might be first refusal on a watch they'd want, or passing business their way. Some dealers pay a finder's fee. If you do, agree it in advance and in writing, and be careful that the person bringing the watch isn't also advising the seller without the seller knowing about the arrangement.

Keep the network in your records

Record where each watch you buy came from, including who referred it. Over time, that shows which relationships actually produce stock and which produce good deals. It also reminds you who to thank, and who you haven't been in touch with for a while. The inventory tracking article covers recording sources alongside each watch.

Look after it

A network needs upkeep. Check in with key contacts regularly, even when you're not buying. Share what you're looking for as it changes. And protect your reputation: the same channels that bring you watches also carry word of a dealer who was slow to pay or unfair to a seller.

Every contact still leads to the usual checks. A watch that arrives through a trusted referral needs the same inspection, serial record, and stolen-watch check as any other, as the pre-purchase checklist sets out.