If you are a new buyer or seller in the auction world, it’s important to remember the basics when heading into a sale. The excitement can cause us to get carried away and lose focus of the important tricks of the trade. That’s why the professionals at Backes Auctioneers have compiled this list of tips to take you through some auction 101 basics!
Come Early & Stay Late
When you come early to an auction, this allows you to have time to browse the products and think about what pieces are most important to you. Having more time to process decisions will help you weed out items you wanted at first but then realize aren’t practical for your company or budget. You can also stay the entire day of the auction. This can get tiring, but many bidders go home after a while because of that reason. This is when you will be able to find great deals with less people there to raise the price.
Have a Budget
This is told to everyone and anyone who has ever gone to an auction. It may seem simple to have your budget and say you’ll stick to it, however, when emotions run high and the item you want is on the line, it becomes very easy to surpass your budget. By letting go and taking yourself out of the bidding war when prices get too high, you will be able to continue bidding on other items you may want without throwing all of your money and more into one thing.
Pick Up/Delivery Options
Some auction houses have strict same day pick up rules. Be sure to know how your piece of equipment will be moved and when, along with making sure this fits with the auction’s rules as well. You don’t want to spend lots of money on something, only to find you are not able to move it in order to meet the auction house’s standards.
Accepted Forms of Payment
Just like the pick up/delivery options, many auction houses have different ways you can pay. Be sure to know what forms you can pay in and when payment is needed. Are there payment plans that they set up? Do they take a check for a pricey item? Be sure to prepare yourself in order to be able to pay for what you have bid on.
Don’t Be Picky About the Price
As a seller, you must understand that there is no set price for what you are selling. If something goes for less than what you think is fair, you can’t get upset about it. Just remember that other items may go for more than expected so it evens out.
We hope these tips help you to become an avid auction-goer and expert bidder. Backes Auctioneers caters to all types of businesses looking for auction services. Contact us today with questions about our upcoming auctions or what services we can provide you!