So, you’ve seen an item within an online auction that you’d like to buy. You’re probably feeling excited about the prospect of bidding on, winning and receiving the item; but you want to make sure that you get it at the right price, that the quality of the item lives up to expectations, and that you’re actually able to win the item in the first place!
Our tricks of the trade will help to ensure that you make the right choices when bidding for an item online and ultimately get the best ‘bang for your buck’…
Do your research
It is paramount that you know everything there is to know about the item you’re bidding on. Double check the details and specifications listed online, examine all the photo’s available on the website, speak to the sales/auction manager or ask an expert for advice; these are essential stages to successfully buying an item within an online auction.
You want to make sure that when you receive the item, it lives up to expectations. By reviewing the listing online, you can ensure that the item has all the compartments required for it work effectively for you. Ensure that you know everything there is to know about the item before buying it to prevent disappointment.
The value of an item is completely subjective too. Ultimately, its only worth what you’re willing to pay for it. By properly researching about the item before deciding to bid, you’ll know exactly how much its worth to you beforehand; enabling you to determine your budget for the item and keep your costs to a minimum.
View the item before buying
Although there’s always an array of images made available within the online listing, it always helps to go and view the item before buying if you can. That way you can personally review the condition of the item and decide whether its capable of meeting your needs. You will also be able to scrutinise the integrity and validity of the auctioneer and determine whether it’s a business that you’re more than happy to buy from.
Also, by coming to view the item before going ahead with the purchase, you’ll be able to check the dimensions too. This is essential in not only ascertaining whether it will fit in your vehicle, but also whether it will fit in your intended location too!
Know how to beat the competition
As we all know, auctions can be incredibly competitive; especially when the items or lots available are of a particularly high quality, have elevated demand or are specialty, high-tech items. Although this makes bidding on and successfully winning something even more difficult, there are still ways to increase your chances.
Timing is, and always will be, key. If there are many people bidding within in auction, it can trigger a free-for-all which (much like a domino effect!) grabs the attention of and captivates new bidders. As you would expect, this inevitably leads to bidding wars with intense competition and sky-rocketing prices.
By starting to bid at the right time, you can prevent the price from being unnecessarily driven up too early, significantly reduce the risk of getting involved in a bidding war and limit the time available for other bidders. Furthermore, by delaying your bids until towards the end, you can save yourself a lot of time too. Timing your bidding to perfection is key to ultimately guaranteeing you a lower price and a hassle-free process.
Pay for the goods as soon as possible
If you win whichever item your bidding on, ensure to pay for the goods within the auctioneer’s payment deadline. If you fail to, not only would the items be put back into another auction, but you could face a warning against your account which would inevitably lead to you being prevented from making any future bids. To secure your online auction accounts – play by the rules!
Understand the reserve
Auction companies will almost certainly add a reserve to their online auction listings. These prevent items from being undervalued and ultimately guarantees that the seller or auctioneer won’t make a significant loss on their listing; especially in cases when there is not much bidding activity. Despite this, its important to know that the auctioneer (or owner) might be willing to sell the item via private treaty once the auction is complete (providing it didn’t sell initially!). So get in touch with the team after the auction to see if this is the case.
Check for additional charges
Its important that you’re aware of, and completely understand, all additional charges or fees that could be applied; such as a buyer’s premium, processing fee, commission or delivery charge. These are explained in detail throughout the auction process hence you need to make sure you’re comfortable with charges being applied to prevent any misunderstandings or difficulties once the auction is complete.
We hope these tips help you to make bidding for items online a much more simple, cost-effective and enjoyable experience for you…happy bidding!