So, you have set your eyes on an item that would be great for your home or business.
The one thing that sits between a “great buy” and “you” are other bidders. When your aggressive drive kicks in, it is easy to become sentimentally invested in a public auction. To steer clear of the so-called “winner’s curse” where you end up investing more than you originally intended, it’s vital that you establish your bidding strategy beforehand and abide by it.
Wondering how to win online equipment auctions? Here are some tactical approaches to bidding.
Set A Maximum Bid
Auction experts make it simple to avoid adrenaline driven bidding battles with a maximum bid input option.
It does the job like this:
If most people are bidding below your set maximum bid, you’ll always have some of the best bids. As soon as the bidding exceeds your planned amount, you will no longer be in the running. This makes it possible for you to research the particular item, figure out your own price limit and even pay less than you expected.
Choose Low Attended Auctions
Some people believe that joining crowded auctions is better than those with fewer bidders. This actually doesn’t work because more people means more rivalry.
Imagine a street with several dining places. You are very likely to have your dinner at one that seems occupied and full of people, no matter if you would have to wait a bit longer. Naturally, there should be a good reason that everyone is there, right?
The same concept applies in an online auction, but you must go for the auction that has fewer people in it; fewer people means fewer competitions in bidding prices. The stealthier you can be, the more steals you will find.
Avoid Setting Round Amounts or Bids
If you set your maximum bid at a round number, you have less chance of winning an item.
People have a tendency to believe in round figures, so you get an advantage setting a maximum bid of $101.35 on an item than setting it at exactly $100. The catch is, you are spending a little more money, but that advantage is usually worth the cost.
The only problem you may face is other people doing exactly the same thing. As you can’t see their maximum bid, you have to choose the right price balance between a little extra and not enough.
Try to Show That You Are Serious About the Item
Sometimes online auctions start at very low prices.
If you are a serious buyer, you must weed out any discount seekers before they create a hype around the auction and drive the price a lot higher than you are willing to pay. You can easily offset these situations by directly increasing your bid price to a particular level closer to your maximum bid.
This way, you show that you are serious about the item.