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7 Strategies To Win An Online Auction

Technology has made everything easier for anyone that wants to purchase anything online. You do not need to leave your chair to buy anything from clothes, property, or even heavy machinery for your business, etc. Nowadays everything is on sale online, and many people find it easier to buy from the comfort of their desks.

Online auctions are popular because one can bid on any item within your price range. No matter the size or price of an object in the auction, it is essential to have a bottom line. You may need to spend some time bidding for the item so allocate time for that.

1. Don’t start your bid too low.

Many people believe that if they start bidding at a low price, they will get the item at a low price. This misconception usually leads to a bidding war and eventually inflates the price. Never start bidding at zero as this attracts competition. Research on the cost of the item beforehand and start bidding knowing the price of the item. People whoare only looking for a bargain are intimidated by high rates and will give up when the initial figure is high. You need to keep in mind that you need to leave some room to increase your bid against serious buyers. This means that your initial bid should be high enough to scare away the bargain hunters but low enough to be able to bid against serious competitors. An auction is like a well-choreographed dance where serious skills are required to emerge victorious.

2. Be proactive in the auction.

Be ready to place a matching bid when other potential buyers place their bids. That is a psychological strategy that makes your competition believe that you won’t give up. Study the moves our opponents make so that you can estimate their bidding patterns. Doing this increases your chances of winning the auction. Avoid making round bids as your competition can anticipate them. Instead, choose odd figures such as $176.75 as it can be the edge you need to win the auction.

3. Have an endgame.

You can’t take part in an auction indefinitely. That would waste your time and would make you buy an item at an inflated price. Have a fixed amount that you are willing to spend, and when the object goes over your budget, it is time to give up. Try out different strategies that would ensure you get the item you want for a lower price within the shortest amount of time.

4. Timing.

Many auctions are busy between 5 pm to 9 pm, which means that you are least likely to win when many people are online. One would instead look for auctions that take place late in the night or very early in the morning as a few people are participating in the auctions. It is also an excellent strategy to bid at the last few seconds of the auction by adding a few cents to the top bid. The winner is usually the one with the top bid when the bid comes to an end. Don’t be the earliest bidder as your competition can study your moves, and you will eventually lose.

5. Go for short period auctions.

A long auction encourages people to join in thus making it crowded. You cannot be able to track the bids when there are too many participants who could leave you at a significant disadvantage. The more the people, the higher the prices on the item. One would benefit from joining a shorter auction where the seller is keen, and the prices are more affordable.

6. Ensure your finances are in order.

Most online auction sites would need that you pay for the item immediately. There is often a deposit that one has to put down to participate in the auction. The rest can either be through bank financing, cashier’s check or online payment services. It is vital for the participant to make sure they have the money on hand so as not to lose the deal in the long run. Some sites will even keep the deposit as collateral.

For anyone that wants to participate in an online auction, it is vital to do their due diligence to find out the best sites that are offering the items they require. Many people may not win their first online auction, but with practice, they eventually learn the winning strategies. If one wants to participate in industrial auctions for expensive items such as property or heavy material, one should look into the reliability of the website.

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Young Upstarts is a business and technology blog that champions new ideas, innovation and entrepreneurship. It focuses on highlighting young people and small businesses, celebrating their vision and role in changing the world with their ideas, products and services.

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