Frequently Asked Questions by Sellers
1. How much is my piano worth?
This is an important question if you are planning on selling your piano. There are many types of piano values that you may need to know. Here are the values that we usually give as part of our comprehensive appraisal process:
- Current Market Value: This is the retail price that a piano buyer will pay in today's market. Usually a buyer will pay the dealer more if they are buying from a showroom than they will pay you if they are buying the piano from your home.
- Wholesale Value: This is the wholesale price that a piano dealer will pay to purchase your piano for the purpose of reselling it later at a retail price. Usually the dealer will pay you a lower amount for an immediate cash purchase than they will pay you if you are willing to wait until the piano sells on consignment before receiving payment.
- Replacement Value: This is the value you want to insure your piano for in case of loss or damage. Replacement value usually refers to the retail price that you would need to pay to buy the nearest new equivalent to the piano you have. If there is a new piano that is similar in size, quality of general construction and description, then this is usually a new piano. If there is not new equivalent, then usually the replacement value is based upon what it would cost to find a used piano that is similar and have it remanufactured to like-new condition.
- Values after Upgrades: These usually refer to the projected current market value after repairs, refinishing, rebuilding, re-manufacturing and other upgrades to your piano are completed. We do not usually include these values in our appraisal unless we have received a comprehensive and reliable inspection and estimate report from a qualified piano technician. Top of Page
There are many ways to determine these values, some of them more reliable than others are. Before deciding who is qualified to give you a value on your piano, you might think about why you need to know the value. Many times, we have seen people pay two or three different appraisers to come out and give them a value, only to be disappointed because 1) every appraiser gave them a different figure, 2) other than the dollar amount, none of the appraisers told them much else about the piano, and 3) neither the appraiser nor the appraisal revealed what factors went into determining the piano's worth; nor any other important issues, such as whether repairs would make the piano worth more or sell more readily, whether it was considered a high-, mid-, or low-quality piano, how much market demand there was for it, etc.
These things may not be entirely the fault of the appraiser. Many people just don't realize what all of the issues are, or what the person they are asking to appraise their piano is and is not capable of doing. Here is a list of the things you might want to know about your piano in addition to its values, when you are asking for an appraisal:
- What will a private party buy the piano for?
- How much will it cost to upgrade the piano (i.e. repairs, refinishing, rebuilding, re-manufacturing)?
- How much will the piano be worth after it is upgraded?
- What will a dealer buy the piano for?
- How much tax write-off should I take on my income tax if I am donating the piano to a charity?
- How much should I value the piano at if I am doing a barter?
- How much will it cost to move the piano if I decide to keep it?
- What options are there for storing the piano if I decide to keep it?
It is important to recognize what you want to know before deciding who is the best qualified to give you the piano's value. Ideally, you want someone who is motivated to represent your interests and who will give you a full disclosure about your piano's potential values and their own interests in giving you those values. Piano Finders strives to give you what you need, when you request a piano appraisal by including a consultation with the appraisal. We offer a range of appraisal services from $15 to over $60 and up. Go to the D & R Masters Online Store by clicking on Piano Finders Appraisals for more information on our services. But, whether or not you use Piano Finders for your appraisal, it will help you to find out the following information from the person you are asking to give you a value on your piano:
- How does the appraiser determine the piano's value?An appraiser should answer your questions about how he/she determines the piano's values. If the appraiser is primarily basing their appraisal on their own selling experience, find out how many pianos they have sold that are of the same description as yours. If the appraiser is basing the value on a percentage of the nearest new equivalent to your piano, find out what that percentage is and how they determine the nearest new equivalent. If the appraiser cannot answer this question to your satisfaction, you may want to consider another appraiser.
- What is the primary source of income for the person who is appraising your piano? This is an important question because it will reveal to you what the primary interests of the appraiser are. You want to know if it is a conflict of interest for them to give full disclosure on pricing. For example, if the primary source of income for an appraiser is based upon buying pianos for a low price and selling them for a high price, this may affect the value they give you for your piano. There are very few people who make a living primarily by appraising pianos, so it is almost impossible to find someone who will not have some conflict of interest to take into consideration. If you know all the facts about your appraiser's biases, you can take them into consideration when evaluating the piano values you have been given.
- How can I find a qualified appraiser? For market values on your piano, go to Appraisals. For a technician to inspect your piano, go to Hire a Technician. If there is not a technician in your area on our list, then you can contact a local Registered Piano Technician from the Piano Technicians Guild and ask them to use our Piano Inspection Report Form to give you the information you need on the pianos condition and recommended repairs.
by Karen E. Lile
2. How do I determine the value of my piano without paying a professional?
In order to determine the value of your piano, you need to have something to compare it to. This is often the most difficult task for anyone. After all, there are so many different aspects to a piano. There is its appearance, touch, tone, quality of general construction, durability, current condition, investment value, the current market's supply and demand to consider. Piano Finders takes all of these factors and more into consideration when establishing a value. But, unless appraising pianos is your profession, your efforts to establish a value will be much less sophisticated. There are basically four common ways you can use to establish a value for your piano on your own:
- Find something in the newspaper that has sold recently that most closely matches the condition and description of your own piano. In order to be more accurate, you would probably benefit by inspecting your piano and inspecting the piano of the person who has sold their piano to see if they are indeed similar. A difference in size, color, cabinet style or condition can mean a very wide difference in value. It is helpful if you can find several pianos similar to yours that have sold in your area over the past 6 months. However, it may be difficult to find pianos similar to your own. Also, not all sellers will agree to let you inspect their piano, if they know you are not a potential buyer. Nevertheless, I would recommend that you tell them the truth rather than lie. Personal integrity is important and often times it will surprise you how generous people can be when they encounter it. You can also check our Pianos For Sale online to see if there is anything similar to you piano.
- Find a new piano that has sold recently that most closely matches the description of your piano. A rule of thumb is that the highest current market value of a used piano is equal to approximately 50% of the suggested retail value of a new one, minus the cost of repairs times .33. This formula leaves room for a lot of inaccuracy, because dealers' suggested retail prices vary so widely and you may not know what the national averages are. But, this does provide a point of departure for you to establish a value.
- Use a Piano Blue Book to look up a price. There are a few blue books published by different publishers. However, the cost of the book usually exceeds the cost of having a professional appraise your piano. So, this is not often a cost-effective option. Also, there are limitations to using the book, because to date, the publishers of these books have not established any standard method of comparison for the condition of the pianos that are entered into their database from around the country. It may however, establish a point of departure for establishing a price, if you choose to use this method.
- Figure out what you want to sell the piano for and see if anyone will pay the price you are asking. This method of determining a price is based upon the assumption that if a buyer and seller both agree upon a price, then it doesn't matter what you sell it for. If you agree with this assumption and are willing to take the risk that you are selling it for less or more than you might get if you were otherwise informed, then it might work for you. Many dealers and technicians call this an "uninformed value". But I guess what you call it depends upon your perspective and personal values.
If these options do not suit you, then consider using Piano Finders to appraise your piano. See Piano Finders Appraisals.
by Karen E. Lile
3. Should I sell my piano on out of my house?
Selling a piano is something that most people don t do every day. There is a lot more to selling a piano than most people realize. Usually the reason you want to sell a piano out of your home is because you will keep a higher percentage of the sale price than if you sent it to a dealer's showroom floor. In exchange for the money you earn by selling it from your home, you will need to count the cost in time, risk and resources that it will take you to sell the piano. Here are some things you might consider:
- How inconvenient will it be to show my piano to potential buyers?
- Can I sell this piano on the Internet from a photo & inspection report? We have been finding that buyers are starting to buy more pianos over the internet, sight unseen. However, in order to do this, buyers usually require escrow services, a set of good photos and a piano inspection report from a qualified technician. Selling a piano from your home can be effective if you combine photos, an inspection report and list your piano on our site.
- How much time will it take to sell my piano from my home? Many people still like to see a piano before they buy it. Take into consideration that it may take 30 minutes to 2 hours for each buyer who comes to look at your piano in your home. If you do your own buyer screening, then you this can take a significant amount of your time. If you are using a Piano Finders Silver or Gold Selling Service we can save you a lot of time.
- How much risk am I taking to allow strangers into my home? The answer to this question depends upon the neighborhood you live in and what type of piano you are selling. Usually, if you are selling a more expensive piano, the types of buyers interested in the piano are more affluent and less likely to pose a risk to you. This does not preclude someone from posing as a buyer to check out the possessions in your home, however. It grieves me to even have to mention these possibilities. But, we do live in a world that is not as safe as it once was. You will have to make the decision about the risk you are willing to take, based upon your knowledge of the are you live in and your experiences in selling other things.
- Does the place I am showing the piano from make it attractive to potential buyers? It really does make a difference to most buyers where a piano is located when they are viewing it. Although many buyers do not think about it at the time, they usually notice things about the room a piano is located in that affect their decision subconsciously. They might notice if the lighting is poor, the room is messy, the piano is cramped in a corner, there is a lot of distracting noise, the temperature is uncomfortable, the acoustics are not good, etc. It really helps if you position the piano in a good spot in the room, have attractive lighting, keep things clean and neat, provide a noise free environment, minimize distractions, and keep the temperature comfortable.
- Is my house easy to get to and close to potential buyers? Convenience is a major factor with many buyers. Those who do not buy without seeing a piano themselves may get easily discouraged when they have to write down complicated directions or travel long distances.
- Do I know how to present my piano to its best advantage? You don't have to be a professional sales person to sell a piano. But it helps if you have a written appraisal that buyers can consult. (See Comprehensive Piano Appraisal or if you already have a techician's report, you can submit it online at Tech Report Entry Form after you have Listed Your Piano For Sale with us. We will connect the Tech Report to your entry.) It helps if you are honest with, friendly to and respectful of the people who come to your home. If a potential buyer does not play the piano, it helps if you can play it for them. If you don't play either, then you may want to suggest they bring someone that can play it for them. Many buyers invite their piano teacher or friends who play the piano when they go out looking.
- How will I handle the money during the piano sale? There are many ways to do this. If you are selling your piano through our site, we provide free escrow services. This helps reassure buyers in the buying process.
by Karen E. Lile
4. Who else can help me sell my piano?
Sometimes using a third party to help you sell your piano can save you time and make things easier for you. Here are some of the types of professionals who can sell your piano for you:
- A Piano or Antique Dealer. A piano dealer usually has a "brick and morter" store and takes pianos to their location on consignment or buys and resells them.
- A Piano or Antique Broker. A piano broker is someone who does not buy pianos for resale. Brokers can have a virtual showroom on the Internet, (like Piano Finders: Pianos For Sale), or have a "brick and morter" showroom where they display in a commercial location or operate out of their own home.
by Karen E. Lile
5. When can donating a piano be more beneficial to me than selling it for cash?
If you are in an income tax bracket where you can receive the full value for your tax deductions, you may want to consider donating your piano. Usually you will need to pay for the move. The piano or money from the piano sale will go to a good cause. If you want to avoid the hassle of selling a piano on your own and you feel the net price to you when working with third party is too low, this may be a better option. You can receive a tax-deduction equal to the high current market value for your piano plus the cost of moves. If you donate it to a non-profit agency that accepts piano donations. See Piano Donations for more information.
by Karen E. Lile
6. When does accepting barter dollars for a piano benefit me?
Barter dollars act in the same way as cash. There are barter banks that are insured against loss, just like there are cash banks that are insured against loss. If you haven't explored the barter world, it may be worth your investigation. Barter can be beneficial to you in the following situations:
If there is a product or service that is available through the barter exchange that you want to buy, you may be able to sell your piano more quickly and buy what you want for barter than you can for cash. Oftentimes pianos on the barter market are much more scarce than pianos on the cash market. You might wait years to sell a piano for cash because there are more sellers than buyers. But if you list it for barter, you might have more than one buyer that wants to buy the piano within just a few weeks. If you sell your piano for barter dollars, you can spend the barter money on anything you want, whenever you want. Piano Finders is a member of the ITEX Barter Exchange and provides all its clients with the opportunity to sell and buy through barter. There are more than 25,000 businesses who are members of ITEX. Everything you can imagine is sold for barter, including real estate, stocks, advertising, and services of all kind.
You have an ITEX buyer for your piano now and you are willing take the barter dollars now and put them in a savings account until you need them.
You can bring more new clients to your business by becoming an ITEX barter member. Contact Us if you wish to discuss the possible benefits barter may have for you.
by Karen E. Lile
