The popularity of online auctions has increased in recent years. However, with any new alternative to buying online, questions arise about how they work and what bidders need to do.
You might like the idea of online auctions but don’t know where to start. So here is a short guide to help start your online bidding experience.
Get Ahead of the Game
Many online auction catalogs are published well in advance before the closing date at auction. You may find that most catalogs are visible for around two weeks so you need to use them wisely. Do the smart thing and prepare well with all the information beforehand.
Get Yourself Registered
No matter what online auctions you are bidding on, get yourself registered first. All the websites require you to have a registered account. It’s quite easy and quick so make sure that you are logged in before sitting and waiting to bid. If you don’t get registered then you could miss out on your dream item.
Read the terms and Conditions
Don’t miss out on the terms and conditions because you might face an issue later on if you are not aware of a particular rule. Make sure to read the terms on the websites that you are especially bidding on. Even if you have purchased from an online auction before, you need to read the terms again. As a buyer, you should be fully informed before you make your purchase.
Understand the Fees
If you have never purchased from an auction before, you need to understand the fees first. There are things that you need to know like there is a buyer’s premium added to your final bid. This fee is included as a percentage of your bid. You will encounter the cost when you are bidding and knowing it beforehand won’t come as a surprise.
Decide Your Budget
When you have done enough research and want to start bidding, decide on your budget. Use your information to decide your upper spending limit and be confident about sticking to it. It is so easy to get carried away with the excitement of bidding for the first time. So make sure you stay focused and decide on how much you can spend.
Check the Logistics
On an online auction, you may come across items that are worth the buy such as Autographed baseball memorabilia. But you need to check the conditions around the collection as there might be some conditions that apply to such objects. For example, the distance to travel or the size of the item might make the process more complex than you imagined.
Know your Competition
As you keep on spending on online bids, you will get better at it. But depending upon the lot, people’s strategies will vary and it is good to notice them. You should make a note of when bids are placed and in what volumes so you can gauge different levels of competition.
Don’t Forget the Deadline
Lastly, you should not forget the deadline. You can easily forget about it if you get busy with other tasks. You can set a reminder on your phone and be on hand to increase your bid at the last minute if needed.
