The phenomenon of an online auction isn’t new. It is an old strategy to buy somethings. Before, people used to attend auction functions, and now they bid online. Isn’t it thrilling?
You are eyeing an item that is up for auction, and you have to bid for it. You can do this while being at home, sipping a hot cup of coffee while enjoying the chilly breeze on your patio.
The best thing about online auctions, apart from staying at home, is that you can bid on any item with no problem. But remember, the online auction has the same rules as that of the traditional one. If someone bids higher than you, the items will go in their passion. At this point, people lose their nerves and bid the highest, ending with no money left in the bank.
So, here are some strategizes to increase your chance of winning an auction.
Set a maximum bid in your Mind
There is a common misconception that to get an item, one must start with the lowest bidding. This misapprehension leads to a bidding war that ultimately escalates the price. It is better to make your mind how much you are willing to spend on that particular item. With the price set in your mind, start with bidding that doesn’t attract much competition. People who love to bargain will automatically filter out.
For instance, you are ready to pay $600 for a watch, therefore, start the bid from $302 to $373 only. Now people who cannot afford this amount will automatically leave, and you won’t attract many people.
Remain active throughout
It is necessary to place a matching bid as soon as potential buyers place their bids to win an online auction. For this, you must remain active on the platform without missing the opportunity. It’s merely a well-planned psychological strategy that can make your opponent nervous and taking control of your nerves. Evaluate the strategy of your opponent to increase your chance of winning.
Most importantly, avoid making round bids and go for odd figures such as $103.71. This strategy can prove to be the necessary edge you required to win the auction.
Capitalize on time frame strategy
From 5 pm to 9 pm, most people are busy traveling or with home stuff. It means that you won’t find a lot of people to participate in the auction during this time. Sweet!
Another time frame best for bidding is early in the morning. At this time majority is busy getting ready for work. Fewer people online mean scarcer competitions and more chances of winning.
Another strategy to bind with the time frame is to bid when the time is about to end. Not everyone is looking at that time, and by adding a few more cents, you can win!
For example, the bid is about to end in the next minute, and the latest bidding amount is $287.29 for the necklace. Immediately bid $287.32 with an increase of 3 cents only! At such the last minute, there is a higher chance of you winning.
It is right to say that the auctions are more like a highly choreographed dance where people with skills can emerge and win! Just be sharp and well composed with mindful tactics to win auctions.