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Online Auctions—Do's and Don'ts for First-timers
Are you thinking of taking part in an upcoming online auction? If so, you are in the right place because this piece covers the important points that everyone should know.
The good thing about online auctions is that they allow you to bid on items while in the comfort of your home. As such, you don’t need to go to the auction house, and neither do you have to deal with noisy bidders.
But most importantly, online auctions give you a chance to save more money. As a buyer, it's only natural that you would like to pay less for each product that you buy. Well, that is exactly what online auctions offer.
This article can particularly suit those who are in Melbourne Australia since it focuses on the region. It is tailored for first-timers but can as well help professional auction bidders.
What Are Online Auctions?
In a nutshell, online auctions, or virtual auctions, occur when a retailer sells items to customers who place the highest bid via the internet. Online auctions have created a convenient virtual marketplace for people who want to sell or buy items.
In addition to this, online auctions provide people with a wide range of items that they can choose from. And because the process is both simple and straightforward, all you have to do as a buyer is to place a bid on the item that you want.
During an online auction, bids can be placed from just about anywhere, provided that you are within the area that the auction covers. Bidders can place two types of bids in an online auction. That being said, you can pre-bid or place a live bid.
The former applies when an auctioneer allows customers to place bids before the auction date, while the latter allows bidders to bid on items during a live online auction. Before you try out online auctions, here are some of the Dos and Don'ts that you should keep in mind.
This entails all the things that can increase your chances of getting the items that you need without making losses.
The only way that you can make informed decisions during an online auction is by doing thorough research. Search for information about the auction website, available products, the highest bidder, etc. You also need to check if the auctioneer offers shipping services and at what cost.
Through research, you will be able to avoid some of the common mistakes that people make when placing bids. Plus, you will be one step ahead of bidders who did little or no research. Research also involves going through the Terms and Conditions provided by the auctioneer.
Mark Dates and Time
Most auctioneers schedule online auctions on specific dates, while others may run an auction throughout the week. As such, ensure that you are not passed by the deadline as this will result in a missed opportunity.
Besides, most online auction sites have timers that will help you know the amount of time left for you to place your bid. In addition to this, online auctioneers may give the bidders a fair warning before the auction ends. A fair warning gives you the last chance to place a bid on a particular item.
To be on the safe side, you can set an alarm for upcoming online auctions in your area. You should set the timer a few minutes before the auction, as this will give you time to prepare.
Only Bid on Items That You Need
As stated earlier, online auctions provide you with a long list of items that you can choose from, meaning you can easily get carried away. And the fact that the items come at a favorable price makes the selection process even more daunting.
You may end up buying items that you don’t really need. To avoid this, you should create a list of the things that you need before joining the auction. As result, you will be able to focus more on the item that you need, thereby enabling you to make the right decisions when bidding.
Know When to Stop
When placing bids in an online auction, you should pay close attention to the bid increments. If you feel that the winning bidder has outdone you by a large margin, you should call it quits.
Instead, you can bid on other items that are similar to what you wanted or wait for the next online auction that will have the exact item that you need. Ensure that you choose wisely when going for alternative items.
Now that you know what to do, here's what you shouldn't do in an online auction.
Starting With the Maximum Bid
The secret to online auction bidding is to start with the minimum bid. That way, you will stand a better chance of winning the bid after everyone has used all the money that they had.
What happens is that when you start the auction by placing your maximum bid, the next person will place an amount that is higher than yours. This can be so unfortunate, especially if you have no more money to add to your previous bid.
However, you can place the maximum bid during absentee bidding and hope that the odds are in your favor.
Engage in Bidding Wars
Bidding wars in an online auction can be fun and thrilling, but they can also cost you. When it comes to online auctions, the goal is to outbid the other buyers.
Nonetheless, you should keep in mind that each buyer has a budget, which may be higher than what you have. Engaging in bidding wars with such buyers may lead to serious losses. Always bid within your budget.
Online Auctions at Johnny Boy’s
If you are based in Australia, Johnny Boy Auctions may just be the right place for you. The website is one of Melbourne’s newest online auctions destination and provides potential buyers with thousands of auctions that you can take part in regularly.
To make it even better, most of the auctions require bids that are as low as $2.99.
You can visit Johnny Boy’s Auctions website for great auction deals and other amazing products and services.