If you plan to attend a charity auction or stop by a real estate sale or other type of auction, we have some tips for you. Read the following tips to learn how to win an auction.
live auctions
Regarding how to win an auction, the work begins before you even get there. If possible, read and do research on the items that are auctioned. (Some sources worth consulting are eBay, an appraiser and former sales catalogs). It is the job of the auctioneer to help sell each item for a high price, knowing the real value in advance will help you make sure you pay a fair price.
You will also need to confirm the preferred payment method advance-auctions only accept cash or check.
Not a sale to experienced auction Goer? Next, consider going to an auction or two in advance to get an idea of how they are progressing.
Once you are at the actual auction, take a moment to inspect the items if possible. The last thing you want to do is overpay for an item that is not in good condition.
Speaking to overpay, take the time to decide your bid limit for each item. It's easy to get carried away when the action starts, so decide in advance the maximum amount you are willing to part with
Once the bidding starts, try these strategies: .
- Be very clear when you place a bid. Make sure the auctioneer is aware of your offer by calling on and / or waving your bidding card. It also helps to sit by the auctioneer.
- Consider calling team offers. If you choose to bid with other as part of a team, be very clear on that bid and what your collective submission deadline is. The last thing you want to do is accidentally bid against each other or exceeded.
- Consider placing a power supply down. This is an extremely low offer which is usually issued before the auctioneer ends to mention the item. Raising his hand early in the game, you signal to the auctioneer that you will take the item if no higher bids.
- Wait until the last possible minute. Establishment of an offer towards the end when things start to slow down is usually a technique used to expensive items.
silent auctions
A silent auction do not have an auctioneer. Instead, you submit your bid on a piece of paper. Silent auctions are particularly popular for charitable fundraisers.
- First, make your choice (s). Many articles you might try, but force you to choose only a few that you really want to win. Then rank these items if you know where your priorities are. Also set a hard limit on how much you are willing to spend. If you are worried that you might spend, ask a partner or friend to help you stay online.
- Consider enlisting a buddy. Nobody wants to help a competitor, so choose someone who bids on different items. You can inform a friend of the current bid or be allowed to write an offer for them. (Be sure to confirm their bidding limit!)
- Deciding on a strategy. Some people believe to bid early and often to show that they mean business. Others believe to wait until the last minute to place a bid. Which strategy you choose depends on what you think works and how often you want to visit the bidding table.
- Go for the kill. Whatever strategy you choose, the last 15 minutes or so of the auction are critical. Stay close to the bidding table to see if someone stops by the desired item. Pay a last visit to the bid sheet near the end of the auction.
If you end up placing the winning bid on a more expensive item, do not forget to check with the Erie insurance agent. You may need to look into additional coverage to ensure that you are protected in case he never lost, stolen or damaged.
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