Buyer Tips for Online Auctions
Online auctions have been building in popularity for many years. What was once a small niche of the estate and auction market has now become a cornerstone of many successful auction companies like Bodnar’s Auctions. From coins and collectibles to antique toys and comic books, we have all sorts of high-quality items available at our online auctions!
Yet, how does a buyer become more successful when bidding in an online auction? Are the rules any different from traditional auction formats? What strategies can be used when bidding online? These are just some of the questions that you might be asking yourself. Here are some tips for success when you participate in your next online auction:
Ask Plenty of Questions
One of the first things you should do when bidding in an online auction is to ask plenty of questions. First, ask if you can do an in-person visit to inspect the items you are interested in. If not, ask the auction house to provide you with detailed information and pictures of your preferred pieces. Also, remember to ask any questions you may have about the auction process itself. Make sure the auction house is clear regarding the rules and regulations regarding the online auction.
Don’t Underbid on the Items You Want
New bidders at a traditional auction or online auction tend to believe that they’ll be able to win a piece at a reduced price if they bid low. This is patently false. More often than not, when a buyer begins their bids too low, it will start a bidding war leading to unnecessary price inflation. Thoroughly investigate the prices of the items you are interested in prior to the auction and start bidding accordingly. Don’t max out your bidding limit right away, but don’t be shy in bidding a higher price that is in line with the actual cost of the item. This will show intent to other bidders and scare away anyone looking for a bargain. It will also let serious buyers know you are determined to get the item you are bidding on.
Create a Game Plan
One of the worst things you can do when participating in an online auction is going in unprepared. Make sure you have a flexible yet defined plan for bidding on the items you want. Set bidding limits and pay close attention to the bidding habits of the other buyers early in the auction process. This will give you an idea of what bids you should make that will most likely secure the pieces you are interested in buying.
Make Sure Your Assets Are Available
Almost all online auctions will require you to pay a deposit immediately upon winning a bid. This is for their security, as well as yours. Ensure all of your assets are available and can be used following the auction for any items you’ve won. If you are unable to pay a deposit or the full amount, you will likely lose the item and possibly the chance to bid again at that auction house.
Secure and Safe Online Auctions at Bodnar’s
Bodnar’s Auction is an established auction house located in New Jersey. We are proud to provide professional auction and estate management services for those looking to sell inherited items or collectibles. For more information about our exciting online auctions, contact Bodnar’s today!