Online auctions are amazing! Their unbelievable deals and convenience attract buyers and sellers from all over the world.
Unfortunately, the high participation rate increases competition between buyers, making it hard to win a bid. But, the good news is you can still get what you want if you do things the right way.
These ten tips will improve your online auction experience and help you win a bid.
#1 Research your online auction company or platform
Before settling on an online auction platform, do your research and find out if it is legit. You can do this by reviewing its years in business, location, ratings, reviews, and testimonials. The higher the ratings, the more trusted the seller is.
#2 Know the terms of the online auction
Online auctions are governed by rules that define their dealings or transactions with buyers. So, be sure to read and understand the terms, conditions, and requirements before agreeing with them.
Find out their payment procedure and terms. Do they allow credit cards or checks? How do they deliver the bought items? Do they charge shipping costs separately, or is it part of the bid price? Also, find out about any other additional costs. Some online auction sites charge an extra fee on top of the bid price, which raises the total cost of the product. This fee is called the buyer’s fee or buyers’ premium.
Knowing all these details helps you make the right decisions. You can decide whether to proceed with that particular online auction or look for another option.
#3 Sign up or login into your preferred online auction site
A legitimate site will not let you participate in an online auction without signing up and filling in your billing and payment information.
So first things first, pick a trusted online auction site, sign up, log in, verify your information, and then proceed with browsing through the items.
Note: Always browse through other products before deciding on your selection. And ensure that the product description and specifications match your needs. If you are satisfied with your choice, then get down to winning it.
#4 Have a maximum bid before you start
Set a spending limit before you bid. Doing so will help you stay within your budget. To set a maximum bid, browse through the closed bids of similar products. Doing this gives an idea of the winning bid price range. Then match that price with your budget.
What is a sum you can fit in your expenditure budget? What is the highest price you are ready to pay for that item? The price you are willing to pay should also match the value of the product. Your maximum bid should never surpass the value of the product.
#5 Focus on shorter auctions
Online auctions are open 24/7. So the longer they are, the lesser your chances of winning the bid, as more and more people get to know about them (take part/compete in the auction).
On the other hand, an auction with a shorter time window attracts fewer participants. And this increases your chances of winning. In such an auction, you can dedicate a few hours a day to monitor the auction’s progress closely and make your play for it at the opportune time.
#6 Use proxy bidding
Winning a bid requires that you stay ahead of your competition. This calls for you to remain vigilant and match the prices of other competing bidders. So what happens when you don’t have the time to monitor the progress of your bids?
Use proxy bidding. You set your maximum bid and authorize the computer to automatically continue bidding for you until you reach the maximum bid amount.
This ensures that you retain your position as the top bidder even when you are away, thereby increasing your chances of winning or buying the product.
#7 Bid an odd amount
Sometimes, a tiny difference is all it takes to win. When setting your maximum bid, use decimals or odd numbers. For example, set your maximum price as $ 120.27 instead of $120. A tiny fraction of a dollar can give you that winning edge in an online bidding war.
#8 Don’t get emotional.
It is one thing for you to want to win. And it is another thing to get sucked into the excitement of winning.
Don’t let yourself become attached to an item. It forces you to take drastic actions you cannot afford. The pull of winning the bid will make you spend more than you can spend. And in the end, the amount of money you pay will be more than the actual value of the product itself.
To prevent this, be rational about the whole venture and objectively stick to your spending plan or maximum bid.
#9 Bid when everyone is not bidding
The best time to bid is when most people are not active online. When they are busy with work and other things. Examples of such strategic times include early in the morning on weekdays, at night, at the end of the holiday season.
Utilizing these times keeps you ahead of your competition.
#10 Bid at the end.
Cast your bid after your competition has exhausted itself.
The beginning and middle of the bidding have many competitors. But as the bid draws to an end, buyers keep dropping off, and the serious bidders intensify their bids, matching dollar for dollar.
This, my friend, is the best time to join the bidding. It gives you a better chance at beating other buyers.
Participating in online auctions is exciting. And with these tips, you have better chances of walking away with the prize. One thing to note is the more you participate in online auctions, the better you will become. So start your online bidding experience with the best online auction in the business by clicking on this page