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7 Tips for Buyers attending a Live Auction
A professionally produced Live Auction can be an
event full of excitement, emotion and can generally be an enjoyable time for everyone. The following is a list of 7 tips for
buyer's when attending an Auction. Because each auction is an emotional and psychological battle between bidders, these seven
tips should help give you the edge in your attempt to be the successful bidder.
Tip #1
Inspect the merchandise you are planning
to bid on before the Auction. Get to the Auction early, and pick out the items you would like to bid on, and inspect them
thoroughly. By fully inspecting the items you have a working knowledge of the items as they are being sold. Take notes of
the items you are interested in.
Tip # 2
Set a limit in your mind for each item
of the Auction before the bid calling begins. It is best if you can set the price before the auction begins because once the
auction begins you can't trust you emotions. You can keep these in your notes. Once you set your price list stick to it. If
your item goes higher than your price list then let it go, remember there will be other items.
Tip #3
Don't be afraid to start the bidding
on the item you are interested in. The Auctioneer is always looking for bidders, if you get his attention he will generally
check back with you before he sells the item. Sometimes when you start an item, others will freeze and you are able to purchase
the item at a bargain price.
Tip #4
Realize how much, the item is actually
going to cost and keep that in your mind as you are determining your highest price. On many Real Estate sales a Buyer's Premium
is added to the highest bid to determine the sales price
Tip # 5
Using different bidding styles. There
are many different ways of bidding. You can bid as the Auctioneer prompts you. Sometimes it can be an effective bidding strategy
to increase your bid by more than the Auctioneer's asking price. This can be a great psychological tactic to cause the other
bidders to say "Wow! This person really wants this item" You can also bid quickly or slowly. Using different styles of bidding
can be an effective tool to use at the next Auction.
Tip #6
Show your dominance. Some bidders like
to hid there interest by winking at the Auctioneer or bidding quietly. This method often backfires and allows someone else
to get interested in the item. Don't be afraid to let everyone know you want this item. When you start the bidding by announcing
to the auctioneer what you would like to start the bidding at, you will let everyone know you are very interested in this
property and in some cases they will completely back off.
Tip # 7
Each Auction is a place for tremendous
opportunities. Whether Real Estate or Antiques, it is important to be prepared before you get to the Auction. Closely examine
the terms of the Auction flyer. Can you pay with a check or in cash? If it is a real estate sale, speak to your bank before
the sale, even if you are remotely interested. An Auction may be a tremendous opportunity but it is important to be prepared.
Auctions
can be exciting and a great deal of fun. It is important to keep these tips in mind so that you can get the most out of bidding
at Auction.
Mark Neal, CAI
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