Patricia’s LiFe…

February 12, 2008

Secrets to Winning an Auction

Filed under: travel — Tags: , , , , — patriciaholdenmd @ 10:12 pm

auctions

I always join online bidding but I never get to win anything at all. So I was wondering maybe there is a technique in doing this. Then I decided to research on how to win an auction. It’s where I learned that there are a lot ways to win one. Let me share the new knowledge I gained so far. So here it goes.

  • First you’ve got to know the auctions

Before you even start bidding, the first thing to do is to attend as many auctions as you can and observe how things go. Check and compare the quoted price to the actual price of the item. And always add at least 10 percent to the quoted price. Most especially if the item is rare and not sold in other markets.

  • Then, get set to buy

Before the bidding or the auctions starts, make sure you organize your finance first. Make sure that your solicitor checks the sale contract. Check the condition of theauction101 item you are about to buy. Make a research on the place or the item that you are willing to spend money on, check if it’s all worth buying.

  • Beware of the dummy bidders

Most of the bidders are dummy bidders; they are used to push the auction prices up. Try to identify who the true bidders are. This is the best tool that auctioneers sometimes use to get more money out of you. The dummy bidders will start bidding and even bid against you so that you will try to bid higher. If they have reached the satisfied amount, they will stop bidding so that you will win the auction, without you knowing that you have been played.

  • Bid only up to your Limit, do not over bid

Right even before the auction starts, you must decide on your maximum bid. Meaning stop biddingset a maximum amount you are willing to spend. Having a bidding limit is the most powerful and strongest tool in auction success. Do not over bid; this is where your knowledge about the item being sold comes in. If you think that it is over the limit of the actual price, then stop bidding. It’s not at all worth winning an over-priced item. Make sure that you bid firmly and confidently so your opponent gets an impression that they will never win the auction. Try to slow down the bidding by bidding in smaller amounts, then later on bid higher. But once you hit your limit, better stop bidding.

  • Lastly, do not forget the 4th rule

Never ever break the 4th rule of bidding. For some buyers, a chance of getting a good item is bidding in a good price. But whatever happens, stick to your bidding limit!

 

That’s the basic knowledge we know about bidding. Now, here are the secrets you’ve all been waiting for.

  • Jump Bidding

In jump bidding, the bidder tries to frighten the opposing bidder. How does this work? It’s done by offering a much higher bid. For example, the original price is at $30, and then the bidding goes up only about $5 each bid. What you can do is to jump from a $5 bid to a much, much higher bid like 40 dollars higher. This can scare off your opponent but it can also backfire at you. It’s either the opponent makes his own jump bid or it may cause a panic to the opponent assuming the item must be worth spending more money on.

  • Holding Back

Holding back intends to hold back his bid at the last minute just when the auctioneer is about to bring the hammer down. The sense behind this technique is to wait for all the bidders to exhaust all their money then jump in at the last second. This can actually work, but of course this can also have a negative effect. Such as causing a last minute bidding craze, making the winner pay more than what is intended.

  • Throw Bidding

In this technique, what the bidder does is to disrupt the flow of bidding. Even the auctioneer will be caught off guard. This can cause a hindrance to the flow of bids, making the other bidders confused. For example, if they are bidding in hundreds then you can bid in other odd amount like $649 which can be off-putting to other bidders.

  • After the Auction Vultures

Basically, this is when the item was not sold either because no one bid on it or no one reached the reserved price. After the auction, a potential buyer can make a lower offer for the item.

You must be wondering where you would apply this knowledge. Like I said before I enjoyvacation joining some online auctions, like EBay, and some travel auctions. Since I love to travel a lot, I started looking for some packages and deal sites where I can spend less money while enjoying a truly beautiful and elegant vacation.

For things that are rare, or if I wanted to get something for a cheaper price, I check eBay for some materials or items that I need. But for traveling, I learned about this auction site where I can start bidding for only $1 for a vacation or luxury trip that I want. They even have a lot of options to choose from. Where in the world would you get a luxurious vacation that may only cost you less money than the actual price of the trip? With the helpful tips that I got now, I hope I’ll be able to win one of the beautiful vacation trips that I’ve been dreaming of.

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