If you are on the hunt for the best deal on an item, participating in an online auction is perhaps the best way to get it. You will come across all kinds of products on surplus.net from antique and vintage items to household furnishings, farm tools, vehicles, and even houses.
Once you come across the product you need, it is important to come up with a strategy that will allow you to bid and win the auction. That being said, we have compiled a list of things that you can implement today to allow you to create an effective strategy for the online auction.
- Pick the Less Active Items
As mentioned above, you will come across all kinds of items going for auction. Most of which are the same or similar to some extent. When you come across a product with too many bids, continue scrolling to see whether there’s a similar one in the lot. For instance, if you see an antique toy being auctioned, continue looking as they might be more of the same product.
- Start with a High Bid
Most people tend to start with the lowest bid, thinking it is a safe and effective strategy, both for online and in-person auctions. However, this technique does not always give the desired results as it invites more people to the auction. If you have a set price in mind for an item, consider bidding an amount close to it in order to bar potential competition.
The ‘bid and forget it’ strategy is another great way to place a high bid. Most online auctions allow you to enter a maximum amount so that the system makes bids in increments on your behalf. This method is better known as absentee bidding and will only stop when your maximum bid amount is reached.
If you find yourself placing bids higher than you anticipated or getting caught up in auctions that you cannot afford, then absentee bidding is for you. This strategy also allows you to continue with your life as the system handles things on your behalf.
- Auction Squatting
Also referred to as marathon bidding, auction squatting is a process that entails placing bids early and paying attention to the website all day for other bids. If you decide to use this strategy, then you need to be available throughout the auction. However, you’ll be able to match the increasing bids in real-time. By bidding faster and more often, the other buyers will know that you are serious about the product and become intimidated as a result. Auction squatting is simply a psychological technique designed to scare off the competition.
- Wait Until the Last Minute
Waiting until the bidding is almost over is a strategy called auction sniping. If you know the deadline for the final bid, you can check back at the last minute to place your bid. However, you can only hope that you’ll outbid the rest of the buyers at the last second.
Also, it is important to look at the auction site policy regarding last-minute higher bids. Some may extend the deadline if this occurs.