The "Make an offer" feature on Trade Me allows buyers to propose a price for an item before its reserve price is met, and if the seller agrees to the offer within a specific timeframe, the sale is completed.
Trade Me's 'Make an offer' is a feature designed to provide an alternative way for buyers and sellers to complete a transaction outside the standard auction process reaching the reserve price.
Here's a breakdown of the process based on how it works:
- Buyer Initiates: A buyer interested in an item that has the 'Make an offer' option enabled can submit a price they are willing to pay.
- Timing is Key: This offer is made before the auction's reserve price has been reached.
- Seller Review Period: Once an offer is submitted, the seller receives it for consideration.
- Acceptance Window: The seller has a limited time window – 24 hours – to decide whether to accept the proposed offer.
- Deal Confirmation: If the seller accepts the offer within that 24-hour period, the deal is done, and the auction typically ends with the item sold to that buyer at the accepted price.
As Trade Me head of Marketplace Lisa Stewart explained in November 2020, "'Make an offer' lets buyers submit an offer before the reserve price is met, and if the seller accepts the offer within 24 hours, the deal is done."
This process bypasses the need for the auction to run its full course or meet the reserve price through standard bidding, offering a quicker way for buyers to potentially secure an item and for sellers to make a sale.
Below is a simple table summarising the core steps:
| Step | Action Taken | Key Condition/Timing | Outcome (if accepted) |
|---|---|---|---|
| 1. Offer Made | Buyer submits a price | Must be before the reserve price is met | - |
| 2. Seller Acts | Seller reviews offer | - | - |
| 3. Acceptance | Seller Accepts Offer | Must be done within 24 hours | Deal is done |
This feature adds flexibility to the selling and buying process on Trade Me, allowing for potential sales based on direct agreement between buyer and seller before traditional auction conditions are fully met.
