Bidding at auction can be complex, especially if you are new to the process. It’s likely that if you are taking part in an auction, there will be a particular lot or lots that you are interested in, and you want to beat out any competitors to secure it.
To do this, you must ensure that you are fully prepared for the auction in advance and have a plan for how and what you will bid.
To help you at your next (or first) auction, we’ve put together our top tips on how you can achieve success as a bidder:
Set your maximum bid before
Having a maximum price in mind will help you avoid a bidding war, which may mean you go over the total amount you were willing to pay for the item. A clear budget will give you a guide to work from and help stagger your bids instead of paying much more than any other bidders would be willing to. Also, include additional charges in your budget to avoid being caught out after winning.
Attend the viewing days (if possible)
Although a cheap auction lot may seem like a great deal, there may be an undisclosed reason for the low price. At BPI Auctions, we always ensure we gather the right information from the vendor about the item and display a fair description of the lot including condition. Many items are sold as seen so it’s wise to view the items before bidding for piece of mind.
Ensure that you are registered to participate in the auction before it starts. This applies to an auction being held virtually or face-to-face. While the auction is taking place, registration may take a while and could cost you valuable time for bidding – or even cause you to miss the lot you were interested in.
Take your time
Although it may be tempting, don’t rush to place a high bid immediately. Take time to evaluate your competition and get an idea of how many others may be interested. This will help you understand how quickly the bids are increasing. You may be able to secure a lot for much less than your predicted bid. Online auctions also allow you to enter last-minute bids right before the gavel goes down.
Have something to sell?
Our bespoke disposal solutions enable us to offer support for businesses of all sizes and individuals. Clients benefit from our unrivalled turnaround times, free marketing strategy & specialist account managers within your market sector. Contact us today!