Are you going to buy something off an auction in real life? Maybe you are looking for used commercial equipment or vintage comic books or maybe you are just looking for some good outdoor tech?
Don’t worry; we are not going to judge. Instead, we are going to give you a few handy tips that will help make your auction experience be even more productive. Consider the following tips!
Do Your Research
If something has caught your eye, you better do some research. Learn what the price should be, based on retail value. This will give you a good idea about your bidding limit. You need to ask for an insider tip, see what you can buy for new. This way you will know if you are willing to go over it or not. The last thing you want to do during the auction is overpay for something.
Get a Catalog
For the best profit gauge, grab a catalog. The fact is, every item could have an surcharge, so you most definitely need to do this. These keep track of the lot numbers of items available with their respective quantity and description.
You also need to learn some obvious terms like “HBC”, which means High Bidder’s Choice, and “2x”, which means the lot will go together and the auctioneer won’t break it to sell everything separately.
Set a Limit
The first rule of auctioning is that you must set your max limit and stick to it. Setting a budget will keep you from getting carried away. Believe me! The price can go up quicker than you expect. If this happens, you will end up paying more than you should.
You can save yourself if you do the research beforehand. This way, you will have a good idea of what you should be paying for such items idealistically. By writing down an auction limit, you can keep track of yourself during a heated bid.
Know The Final Price
If you are bidding for an item you think the final price you bid is what you will pay but that is not always the case sometimes, you are paying a added fee to the auction site. You need to consider them because these fees can add up quickly. This is one way you can end up losing money.
Time It
Make your peace with the fact that you don’t have a whole day for an auction. So you better time it perfectly! Don’t worry; you will develop an understanding as you attend more auctions. If you know the item’s lot number and auction time, you might show up early before it is put up for sale. There are several benefits of being the early bird.
Bring Boxes or Bags with You
No one will tell you this, but when to buy something from an auction, you must be willing to pay extra for packing. This is very helpful if you plan to bid on several trinkets. In case you have your eyes set on a big item, you need to figure out a way to transport it before you bid on it. You will incur some costs if you do not.