Tips & Strategy From An Auctioneer: How to Bid in Online Auctions?

Technology has grown leaps and bounds in the present age and it comes as no surprise that the staid  auction system of yore gets a complete make over with online auctions coming to the forefront. Online auctions are popular because you can place  a bid for any item however small or big it may be.

There are few timely tricks that if pursued can bring some semblance of a win at your doorstep.

Don’t start the bid way too low:

Many are of the impression that if you bid low in an online auction site, you will covet the product at that price but this is not so as this only inflates the price even further and starts a virtual bidding war. Do not scare the new entrants away with a price too low that may capsize the boat but start at the right price high enough to scare the bargain hunters  away and leave some room to increase your bids with serious buyers. An auction is like a well-oiled clockwork machine that operates silently but brings to light the seriousness of skills required here.

Anticipate the next move of competitors:

Be prepared to make bids when others are also bidding, rather than sleeping over it. This is to give potential bidders the do-or-die impression with the bidders getting the message strong and clear that you won't give up easily. Take a close look at the buying patterns of the investor and this will help you win the online auction. Avoid making whole and round figure bids that as the competition can anticipate them. INstead chose decimal point fractions to get the winning bid to you. This could be the opening you are looking for.

Do not invest blindly:

Invest with little money by placing a strong bid to win the product and have a finish game that prevents you from investing endlessly in this betting game like sport. When the object goes over your present budget, it is time to wind up. You can try out different strategies to get you item from the grasp of these competitive bidders and win the product at the lowest possible bid.

Timing:

Many auctions are competing with bidders vying for the top honors in this one off sale. The most packed slot is 5-9 and it is in the best interests to not vie for a winning package in this slot and better is to compete with bids in some other time slot where there are few bidders or you also could come towards the closing minutes of the auction and place your bid upping the bid by a small margin to win the product with effortless ease. It is prudent not to bid from the start because competition gets to see your game and winning becomes a tad difficult.

Shorter Auctions:

Shorter auctions are better than longer auctions with many bidders in the long format that eludes a win for the bidder thanks to the large amount of players competing to win. Joining shorter auctions would be a safe bet where the competitors are less and the seller is keen to sell. 

It is in your best interests to decide with due diligence  to enlist on  the right online auction site that is offering your product and follow the rules of the game to the T. Before time you will also learn the art of bidding that will take you on a winning streak.