Whether it’s your first time to participate in auction sales or not, there are several things that you must observe for you to be successful. These practices determine your win or lose, and that’s why you cannot ignore them.
Dos
- Attend a preview-it’s essential to attend a preview for the goods inspection even if you have not yet seen the photos of the auction sales catalog.
- Set a maximum limit of what you want to spend-create a good plan for your purchases and stick to it. Auction sales sometimes become addictive, and you can end up purchasing more. You can go with a friend to help you remain accountable.
- Check the payment terms before the auction sales day– confirm if the auction house accepts the credit cards and cheques that you use. Ask about the extra deposits as well as the deposits. Some auctions will require you to put a refundable deposit before you register for the bidding.
- Double check the box lot contents– most unscrupulous bidders’ switch their contents from one box to the other. To be safe, on the morning of the auction sales, check if there is any official preview which took the place of the previous day. Once everything is okay, register for the bidder’s card.
- Dress appropriately– if the auction sales are not made online. Dress practically, and be prepared to work well in any time of weather.
- Start bidding when your product is up– auction sales move very fast. You may not know this if it’s your first time to participate. If you hesitate, the hammer may come down very quickly before you place your bid. However, when the products are many, expect the best deals in the evening or afternoon hours. This is because the morning bidders will eventually run out of energy and money, and thus reduce the level of competition.
- Have a good storage plan– some auction companies don’t offer storage services. This means that you should have a good idea of where you will rest your goods, lest they get lost.
Don’ts
- Don’t wait until you win to plan on your delivery options– in some auctions; you must take your purchases immediately. Others charge storage and delivery fees. Have a good plan for this before you bid.
- Don’t show excitement– remain calm during the preview period until you get the products you are looking for. You will not want to announce your intentions to the public as you may end up getting more competition.
- Don’t participate in bidding wars– bidding wars are prevalent in auction sales. If you concentrate too much on the war, you will end up missing better deals.
- Don’t bid if you are not sure of the product– don’t participate in all bids for the sake of it. Remember that you are committed to the purchase and it’s impossible to change your mind once the hammer falls.
You must observe these rules every time you participate in prime auctions. You will find it easy to undergo the other procedures once you do the necessary.