Discover how to bid on various items at online auctions effectively. Learn how to stay on budget and improve your chances of success.
Welcome to the exciting world of online auctions, where you can bid on many treasures and valuable things. Most online auction buyers will find several, if not many items to bid on in a particular auction. The key is to have a plan and a budget. Whether this is your first-time bidding or you’ve participated in dozens of auctions, the information in this post will serve you well. Here, we will go through everything you need to know to place several bids in an online auction successfully.
The Rise of Online Auctions
Since the birth of the internet, online auctions have grown more convenient. Buyers and sellers worldwide no longer have to travel to locations to participate in transactions.
Online auctions have many advantages over traditional ones. The biggest is time. Online auctions are helpful in saving time since they are convenient to access, constantly available, and not location-specific. As a result of these factors, internet auctions are frequently used to trade a wide variety of goods.
How to Bid Multiple Items in an Online Auction?
There are several ways to bid multiple items in online auctions. Some of the most important ways are narrated below –
Read the Auction Terms & Conditions
It is extremely important to be well informed when buying at auction. Read the terms & conditions for every auction, as almost all auctions are different in this respect. Never assume the terms and conditions will be the same as any previous auction you attended. Make note of when the onsite inspection takes place and attend if possible. Most auctions items are sold “As – Is, Where-is” meaning you are buying the item with any defects and you will be responsible for removing it. See if the auctioneer provides shipping or assistance with loading. This information will be found in the terms & conditions and possibly in the text of marketing pieces. Also make note of how fast the online auction lots will close. This could be one lot every minute or every 10 seconds! If the removal period is during a time that you are not available, you have two choices, make arrangements for someone else to pick up for you or do not bid! Always be prepared!
Evaluation of the Inventory
Go through the online auction catalog and make a list of everything you want to bid on and make notes on its condition, age, and any special traits it might have. It is best to browse the entire auction before you start placing bids. If you want to buy a commercial ice maker and there are three in the auction, you probably want to buy the newest or best one, if that can be determined. Don’t assume that all three ice makers will be in sequential lots. They may be spread out throughout the catalog. If you have questions about an item that are not answered in the catalog description, contact the auctioneer by email or phone as far in advance of the close of the auction as possible. Most auctioneers are happy to tell you what they know about an item. DON’T ASSUME SOMETHING IS PERFECT, UNLESS IT IS DESCRIBED THAT WAY IN THE CATALOG. Auctioneers will usually list any imperfections or problems that they see in an item. But it is NOT the auctioneer’s responsibility to inspect the items for you. If possible, attend the Preview / Inspection.
Preview / Inspection
Most auctioneers will provide a day (or more) to visit the auction site and preview and inspect the items in the auction. If you can attend this preview, it is a good idea. If you cannot attend, you should consider having someone else go to the preview and report back to you on your items of interest. Remember, the terms and conditions of the auction will most likely state that you are buying them “As-Is, Where-Is” and that you have been given the opportunity to go and preview. If you find a problem with an item after you get it back to your business or home, you are probably not going to receive a refund.
Research the Market
If you are not sure the value of an item in the current market, it is important to do some research. Do a Google search for items and place the word “price” at the end of the search description. This will give you an idea of at least asking prices. Check auctioneer’s webpages for past auctions and take a look at the prices realized, if they are posted. Always look at photos online of similar items, as condition is obviously an important factor in value.
Set Your Priorities
Set your priorities for what you want most before bidding on many items. Make a list of them and put them in order of how important they are and how much money you have to spend on each or in total.
Make a Budget
Set a price range for each item you want to bid on. Sticking to your budget is important, so you don’t get carried away during bidding wars. Remember, you are required to pay for whatever you win. If you go over budget, that is no one’s fault buy yours and auctioneers are not going to have much sympathy for you if you can’t pay. In fact, not paying your invoice will probably get you banned from future auctions. If the auction is broadcast via a bidding platform such as Proxibid, HiBid, etc., other auctioneers will see your bidding score decrease when you default and they will not allow you to bid in their auctions either.
Increasing Your Chances of Winning
Bidding wars often erupt in online auctions, especially for highly sought-after items. Bidding on multiple items increases the likelihood that you will win at least one. If bids are too high on one item, try bidding on a similar item or items at the same time.
Set Reminders
Utilize the alert and reminder features provided by auction platforms. These notifications can inform you about your bids’ status and when auctions are ending. Most bidding platforms will send you an email when you have been outbid, giving you the opportunity to go back into the auction and place additional bids.
Be Strategic with Timing
Timing can be critical in online auctions. Some bidders prefer to place their bids in the final moments of an auction to catch competitors off guard. However, this strategy has risks, such as potential technical issues or delays. Remember, when the auction starts to close, if you are bidding on multiple items, some lots will have the bidding extended as bids are received in the last minute or two before they close. When you get in a bidding war on a particular item, remember, the other items are continuing to close and if you are not careful, you may be outbid on other items and not realized it until it is too late.
Stay Patient and Disciplined
The excitement of bidding can be intense, but it’s essential to remain patient and disciplined. Stick to your predetermined budgets and avoid getting caught up in excessive bidding wars.
Consider Proxy Bidding
Many auction platforms offer proxy bidding, where you set your maximum bid in advance. The platform automatically increases your bid incrementally to maintain your lead up to your specified maximum. If the bidding exceeds your maximum bid, you will be out of the race. This process is extremely important if you don’t have time to monitor the bidding on the day the auction closes. When the auction starts to close, things get a little crazy, especially if the auction is closing fast, say every 10-15 seconds. In this case proxy bidding is a good strategy. The biggest problem with bidding on multiple items on the day the auction closes is getting caught up in a bidding war and missing other items as they continue to close.
Monitor Your Progress
Continuously monitor the progress of your bids and adjust your strategy as needed. If you find yourself consistently outbid on certain items, consider whether you’re willing to increase your maximum bid or if it’s time to allocate your budget elsewhere.
Review Your Wins and Losses
After the auction has concluded, take time to reflect on your results. Assess whether you acquired the desired items within your budget and consider what lessons you can apply to future auctions. You should also make note of prices realized in order to improve your knowledge of the market. Be timely in paying the auctioneer. Buyers who go over the deadline for payment are frowned upon and sometimes blocked from bidding at future auctions.
Final Words
If you are bidding on multiple items in an online auction, it is always better to start early, especially if you are bidding on a large number of items. At least place a low max bid on some items, especially those immediately following any items in which you expect great demand, which may end up in a bidding war.
FAQs
What is the best way to bid on an online auction?
With knowledge. Knowledge of value based on an in-person inspection of the items. And knowledge of the particular terms & conditions of the sale.
How do max bids work on online auctions?
Many auction platforms offer proxy bidding or “max bids”, where you set your maximum bid in advance. The platform automatically increases your bid incrementally to maintain your lead up to your specified maximum. If the bidding exceeds your maximum bid, you will be out of the race. This process is extremely important if you don’t have time to monitor the bidding on the day the auction closes.
Is it better to bid early or late online auction?
By placing a bid at the auction’s beginning, you will get registered with the auctioneer and can receive email notices if there is new information provided as the auction progresses. When you are outbid, most auction software will send you an email telling you you’re outbid. You will also receive an email on the morning the auction closes, reminding you of that fact. If you have a busy routine, these reminders may be beneficial, but you will only receive them if you have registered. When bidding as the auction closes, especially when bidding on multiple items, waiting until the last minute, can cause you to miss bids on other items while you are focusing on a bidding war on another.
