How to become a winning bidder in live online auctions

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How to become a winning bidder in live online auctions

Thu, 07/26/2018 - 17:27
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Want to become a winning bidder in live online auctions? These tips should come in handy.

Auctions provide a level playing field to buyers and sellers alike with a fair amount of transparency in the process thereby creating a win-win situation for both. That is the primary reason why auctions are among the most trusted marketing channels that have lived for more than 2500 years. The first auction happened in Greece around 500 BC where they sold young girls as brides. Since then, auctions have become a part of human civilization and evolved as civilization progressed.  Interestingly, the evolution of auction as a marketing channel has transformed it into a platform for creating a virtual marketplace by using technology. Online sales have turned out to be a boon for many industries especially the real estate sector. Marketing through auction creates a ready market among pre-qualified buyers and the competition among buyers created by the bidding process help sellers to get a better price.

The process of auction creates an atmosphere of excitement and competition which you can feel even if the process happens online. Whether you are looking for some exclusive period furniture, antique or collectibles, some artwork or jewelry that you are passionate about, online auction platforms like Live Auctions are the best places to hunt for it. Auctions have fascinated buyers who do not mind spending money if they can find the item of their choice that would typically not be available elsewhere. As a buyer, you might be tempted to visit around 25,000 auctions houses around the world, and today it is indeed possible by participating in online auctions.  Nothing is now out of bounds for buyers who can engage in the online bidding process from their homes or offices and pursue their dreams of possessing something exclusive.

A flexible buying process

The rapid spread of mobile devices like smartphones has made it possible to bid online even when you are on the move. With so much convenience for buyers, it is no surprise that the time-tested marketing platform is still highly prevalent. Sellers too, earn massive exposure for their products at minimal cost with only nominal spending on promoting the products through advertising.  The best thing about the process of the auction is that although the war among buyers is quite intense, there is always something on offer for all kinds of buyers. However, you need to learn the art of participating in auctions and acquire the skills in bidding that should help you to emerge a winner.  In this article, we will provide you some quick tips that help you to learn the ropes of becoming a successful buyer without going through the grind of learning by trials.

Know what you want by doing proper homework

Before you take the plunge to buy something from an online auction, you must prepare well for the game that can be both exhilarating and overwhelming at times. It is imperative to understand the item that you want to buy and get an idea of the fair market price. It needs doing some research to gather authentic information on which you can build your buying strategy. Doing some proper homework is essential to get ready for making the first call. Learn about the target item whether it is some collectible item, antique, artwork or jewelry by gathering enough knowledge about it. Information is vital to make you a smart buyer by avoiding mistakes and the disappointment of paying much more than the fair price. Evaluate the item from various angles and ask the auctioneer for exhaustive information and images so that you almost get a feel for the article. 

The more you know about the history of the item and the price trends that it has experienced as well as its current value, more comfortable it will be for you to work out a strategy to strike the right price. Watching several auction processes provides excellent learning, and you can use the knowledge when participating in the auction. As you begin to attend, the experience would make you a better buyer, but you must be ready to enter the ring well prepared. Learning the hard way is what you should avoid.

Stick to your budget

The problem with bidding is that it has an element of uncertainty built into the process that entices buyers to chase bids. Since buyers at auctions are very much passionate about the items they target, they often tend to turn too much emotion during the bidding process. The fear of losing out shrouds rational thinking and they keep chasing bids that can often result in breaking the bank for getting the item. Displaying heroics could turn out quite costly.

To avoid the problem of emotions taking the better of you, learn to be pragmatic in making decisions by keeping emotions under check.  Work out a defined buying strategy by setting the maximum price with a premium that you are willing to pay and create a realistic budget for buying. The amount you determine becomes the bid limit that you should never cross. You can use an online calculator that facilitates buyers in calculating the bidding price with premium.

Usually, bidders try to bid around the fair market price, and you must know that knowing when to stop is also considered a winning move.

Have a narrow focus

 Online auction platforms offer a wide variety of listings that can sometimes create distractions which you must avoid. Know what you want to buy and at what price, create a strategy for participating in the bidding process and stick to it. Decide what you want to buy, why you consider it valuable and target items that are truly special to pick up from auctions. If the thing usually is available elsewhere with slight price variations, what sense does it make to procure it through auction?  The item that you select must be unique to you that you not only love and adore but would enthusiastically bid for it too.

Besides knowing the intrinsic value of the item, you should also know how much worth it is for you. How much you desire the object to be a part of your collection decides how much it is worth to you. By knowing the elements of the attraction of the item, you can start bidding with much conviction that can help to outbid many others.

Auctions are not the ideal places for buying something for investment because the market keeps fluctuating. Preferably, it suits purchasing specific items that have some particular value to you.

Bid real time

To become a winner in online auctions, always participate in the bidding process in real time and avoid absentee bidding. With live participation, the chances of winning increases multiple times. When you bid and stay away from the live process, it shows that you have a minimal emotional attachment to the item you want to buy and perhaps do not mind if it does not come to you. On the other hand, the attitude of a live bidder would be like a warrior who is hell bent upon winning the war. Bidding live is not a problem at all because most online auction sites have created mobile apps that enable bidding on the go. You can catch the live action even when you are at a doctor's chamber or a grocery store. Moreover, when you watch an auction live, you can enjoy the thrills and excitement that makes the process attractive.

 If you are not all able to participate live and have to use the absentee bidding method, make sure that you set a high enough bid limit that increases the chances of succeeding.

Have patience but act fast

Let your brain work quickly during the auction so that you can take quick decisions and should not lament for missing the bus. However, you must also have some patience to judge the situation and decide on the right action to take. Be firm on your bids and submit it fast without any hesitation. Since you have done your homework, you must be confident in what you are doing and submit firm proposals much before the warning for time running out appears. Instead of trying to calculate too much across the board, submit bids by following your gut feeling. Your quick submission could be the only bid while others keep away from bidding.

Explore across auction sites

Even if you are comfortable in working with some auction sites, do not limit your options to look for your choicest products at other sites too.  Find other websites and look for the product that you want. The demand might be less, and so there is likely to be less competition.  Keep a watch on all auction sites without having a bias for any because the item is more important to you than the convenience you enjoy in participating in the process. The article comes first no matter where it is available. Take advantage of the online auction websites that make the process of buying individual items so easy.

Enjoy the process and have fun because online auctions are similar to any other competitive sports that excite and thrill while offering good rewards.

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