January 2020 United Country Real Estate

ONLINE AUCTIONS by ShawnTerrel – President, United Country Auction Services AS R G

about disclosing how high you’re willing to bid unless you are familiar with the auction company or auctioneer. AVOID ROUND BIDS: One of the most commonly used techniques is to place a bid just above your actual target. For example, if you wish to bid $100, consider bidding an amount similar like $102.75. This increases your odds of winning as the other bidders will see that $100 did not win the bid and may give up. about an item before making substantial bids. Today, auction companies are providing better descriptions, as well as higher quality images. Ask if there is a physical inspection period. If an item cannot be inspected, make sure to bid conservatively or on a “sight-unseen” basis. SOFT CLOSE: Referred to as “sniper protection,” its purpose is to remove the ability for an online bidder to place a bid INSPECT, INVESTIGATE, INFORMED: Be knowledgeable

in the last few seconds without giving other bidders a chance to respond. The auction company can preset the amount of time bidding is extended when a bid is placed in the last few seconds. The old technique of waiting until the last few seconds to place a bid is no longer an advantage with this new technology. REGISTRATION PROCESS: Start the process early by registering and getting your bidding account activated. Some bidders wait until the very end of the auction and then try to create a new bidder account when it is too late to get it all accomplished. It’s better to be early and prepared. RESEARCHVALUES: Know the market and appropriate values bidding on items in an auction. The internet has ample information available for a wide variety of items that will help alleviate some of the pressure of bidding. Remember, a well-informed bidder has the advantage.

Online auctions allow parties to competitively bid on a multitude of items that were once offered strictly at live auctions. The following practices will help you become an online auction bidding expert. BUYER’S PREMIUM: This is the most common issue with online bidding once the auction is over. The online bidding platform and/or the auction’s terms and conditions will normally state if a “Buyer’s Premium” is part of the sale. Know if there is a buyer’s premium and factor it into your bidding amount. SHIPPING: It is not uncommon for the “buyer” to be responsible for the shipping and handling costs associated with the items purchased. Read the terms and conditions related to the shipping of items to see if there will be additional expenses to get the items shipped to you. MAXIMUM BID: Online bidding platforms allow bidders to set a maximum bid so you don’t have to constantly participate in the auction. Most platforms will also allow the auction company or auctioneer to see your maximum bid. Be careful