Online Auctions: How to Score Good Deals for Less

online-auctionsAuctions, in their traditional form, have existed for more than 2, 000 years, and they have always been a great chance to get a good and more affordable deal for otherwise expensive objects. Just as any aspect of life, auctions have evolved from the traditional “going once, going twice, hammer slam, sold”, and they’ve adapted to the hastiness of today’s lifestyle. Online auctions offer the possibility of buying from the comfort of your armchair, and bidding for objects that are being sold all around the world. Here are some tips that should help you get the most out of these commodities.

There Are No Borders in the Online Realm

In the past people had to go to the auction site and sit in a small room with a limited number of objects to bid for. Well, guess what? Now, you don’t have to go anywhere to get a good deal and you can expand your bids to the entire continent, and even the entire world if you want to. The only thing you need, in order to participate in an online auction, is to register on the website and have a valid credit card. Because you have so many options in front of you, and so many different websites from various parts of the globe, you can easily find the most affordable deals.

Start Small

Don’t rush into any major purchases until you gain the necessary experience. Online auctions can be tricky and lead you to spend much more than you have planned. First, start with lower amounts of money, especially because with “long-distance” purchases you are denied the possibility of examining the item until it is delivered at your doorstep. There are many frauds in the online auction business, so you should be very careful. Protect yourself from such schemes, by conducting a thorough research on the auction websites. Read reviews and gather all the information you can get before engaging in the bidding process.

Know Your Main Focus

onlineauctions2When you are preparing to place a bid, it is crucial to determine what exactly you want. This is especially important if you are working with a limited budget, or buying items for your business. First, determine what object you want to buy, then try to write down what features it should have in order to make the purchase. After that, browse the web for promising online auctions where you can find your desired item. When you find the item you wish to bid for, make sure it is properly tested and that it is not a scam.

Understand the Difference between Live Bidding and Absentee Bids

Online auctions offer two kinds of bidding: live and absentee. Of course, you have to be acquainted with both of them before you place any kind of bid, because one might suit you better than other at some occasions. So, let’s check out how they actually work.

  • Live bidding means that you are making offers real-time. Because of the adrenaline boost that comes with it, we can easily claim that it is very similar to live gambling. It is not the best choice for first-time bidders, since it does require some experience and expertise.
  • Absentee bidding is great for first-time auction participants. With this way of bidding, you are not risking to spend more money than you want. Here, the bidders leave their offers and then wait for the seller to conclude the auction. So, maybe absentee bidding doesn’t provide the same excitement as live bidding does, but it is a good way to start.

Sure, nothing can beat being in an auction saleroom raising your hand with a better offer, but the advantages of online auctions are so great they can’t be ignored.

Lillian Connors
Co-editor, BizzMarkBlog

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