There is a tradition of excellence when auctioning and you need to master the art of bidding in the online auction. Listed are some key tips to help you begin the negotiating confidently.
Do your homework –
Watching the different auctions online before trying to bid is helpful. It helps in understanding how the online auction works and how efficiently you will be able to participate. Experience is the key. It helps in avoiding some mistakes that even you might do. Also, go through the process of how the auction house handles the payment and other related costs to ensure that you will stay within your budget.
Check for the cheque or credit card payment procedures, if you are planning to do so. Also, make sure you are aware of the deposits and extra charges. There is some auction houses where you might have to pay the refundable deposit when you register for the bid, and at times there could be buyer’s premium added to the hammer price, for your winning bid.
Research – Be sure that you are aware of the details of the property or items that you are purchasing. Do your research to find the fair market price.
Arrive early – Ensure that you have enough time to register, inspect the items and then confirm your decision of bid for it. It helps in understanding the people around and a fair idea of the process before jumping into the bidding yourself.
Take your time – Never jump into any bidding straight away. Check for the number of people who are interested in the room.
Budget planning
Set a budget and stick to it. When you go through the product or property, think of the maximum amount you might pay for it, and stick to it. You may use the online buyer’s premium calculator and avoid overpaying, and also consider the worth and uniqueness of the product you plan to buy.
Never get into a bidding war
Make sure you are not getting caught up in beating the other bidder. At the end of the process, you might wish if you had lost instead of committing to the higher price.
Bid quickly and confidence yet with patience
Bidding in an auction for property or product that you are interested in, you would find it taken already even before you realise it. If you like what you are bidding form aim to bid quickly and confidently. Navigate smoothly and easily, with some common sense when you start your bidding. There are times when no one will want to go next after even the first bid. But stay calm during the preview and not show your excitement that calls for announcing your intentions to other bidders. It might lead to ending up with the increased competition.
Another tip is – to not shout out your maximum bid as soon as the bidding starts. The auctioneer will increase the price of the piece incrementally till there are no more bids.
If you want to participate in a live auction, do visit Dowen Durham. We have helped several customers with their auction and are expert to offer you the best. Check what our customer says about our service on our website.
