Imagine getting your hands on a rare collectible or the latest gadget in town for a fraction of the price. Online auctions are a great opportunity to buy unique items and get them for very low costs. With too many bidders, however, it is possible to end up overpaying. Winning at online auctions takes strategy, discipline, a little bit of fortune, and the right approach. From Titanic and Game of Thrones memorabilia to athletic & royal apparel, different items have been made available to auctioneers recently. This blog will explain to you how to bag the rarest of all items and lay claim to some of the most eagerly coveted products in public sales.
1. Do Your Research
Take the time to research the items you are interested in before placing a bid. Look for items similar to the ones you need to get an idea of their market value. A lot of online auction platforms like eBay provide past sale data. You can use this to your advantage to see if the starting bid is reasonable or you might end up overpaying.
2. Set a Budget and Stick to It
It’s important to set a budget for yourself. Calculate any and all costs in advance and then decide the maximum amount you are willing to pay. Once you reach your limit and you have not won, stop bidding immediately.
No item is worth going bankrupt for! After all, it makes very little sense to spend $88,000 (US) on a single Cheeeto just because it’s shaped like a Pokemon!
3. Bid Strategically
Part of your winning strategy is the timing of the bid you place. A lot of people bid early and drive the price up. Many online auction platforms allow you to set your maximum bid and it will bid incrementally on your behalf. Many auctions will also have a soft close to prevent people from placing bids in the final moments (also known as sniping).
4. Watch for Additional Fees
The final price of your auction item includes the winning bid, auction fees and the shipping costs you are to pay. Keep the shipping cost in mind when you decide on your budget to avoid any mishaps. Some sellers offer low starting bids in the start, but then inflate the price with shipping fees.
Always check the shipping cost listed before you bid to know how much it’ll cost you after it’s been shipped to your location. Auction fees are clearly stated in the rules and terms so be sure to read the details before you start bidding.
Final Thoughts
The excitement of online auctions is something that can never be beaten. However, the thrill is the most rewarding when you bid wisely. Trust your strategy, stick to your budget and enjoy the hunt because the best deals are just a click away!