Auction Guide for First Time

Bidders

By Gugum Indra Firdaus

auctions guide

When you are going to an auction for the first time, there are specific things that you should know :

1.         Obtain an auction brochure or catalogue. Do this at least a day before the auction date. This ensures that the goods for sale are what you need.

2.         From the auction catalogue, identify what you want. If it’s a car, do your research on its current market value online. Once you know its value on the market, you can set your budget.

3.         At the day of the sale, phone in the auction house and confirm if the auction is going as scheduled as certain auctions can be subjected to last minute cancellations or rescheduling. Phoning in to confirm if the property or an item you are interested in is still on sale is something you should do before going to the auction house as well.

4.         Once you arrive at the auction house, register to obtain a bidding number. You will be asked for your name, address, and contact number and will be asked to pay a deposit or pay a certain amount for the registration fee.

5.         Come early. This allows you to inspect the auction goods properly before the bidding starts. An auction brochure may be helpful in providing information of the goods for sale; but physically inspecting the items before the sale allows you to determine if the goods are really worth any amount of your money. Do an ocular inspection, days before the scheduled auction if it is a piece of property.

6.         Each item is designated with a lot number for easy reference. Take note of these numbers when you are inspecting the goods. The same number will be called during the actual auction.

7.         Before the auction starts, the auctioneer will explain the rules. Listen attentively and keep your ears open for additional information on the goods up for bid.

8.         Once the auctioneer calls for the starting bid, the bidding process begins. Each item may be sold within seconds. Once the lot number you are interested in is called, be alert and stay focus. Do not bid an amount you cannot afford. Stay within your set budget. Most first time bidders get carried away and bid higher than what they have originally planned.

9.         If you have won an item, you will be asked to pay in partial or in full and to give your personal details the day of the auction.

Once it is all settled, you will be asked to sign an auction memorandum. The deal is done!

Check out my other guide on : Home Loan Mortgage Company and Auction types.

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Tips on How to Bid Auction Safely

By Gugum Indra Firdaus

auction tips

Every movement on the bidding floor- even the slightest nod- could mean a bid to the auctioneer. Some people accidentally win items being auctioned because of some gestures that were natural for them, say waving at a friend during the auction. This could happen to anyone and it could happen to you.

Here are some bidding auction safety tips:

Eye Contact

You may be sitting far from the auctioneer but whenever you have the chance, catch his attention. Maintain eye contact afterwards. Keep your eye contact whenever possible, this will establish your identity to him. Thus, when it is time for you to bid on an item you intend to buy, you will have no problem in communicating this to the auctioneer.

Establishing Connection

Once you start bidding see to it that you don’t lose the connection with the auctioneer. You could start by making a determined hand gesture or unabashed bidding using your card. From this point on, he will come back to you whenever your bid is upped. A simple nod or a slight gesture will tell him that you willing to raise the price a bit higher.

Dropping Out

Sometimes people feel pressured if the auctioneer keeps on coming back to them. If you want to quit from the bidding, a polite shaking of the head will signal the auctioneer that you are backing out.

Entering The Bid

You should always know when to enter the bidding. Some people come in too early, some are too late. Both positions have low chances of getting the item or property being auctioned at a price they want. If you want to set the price, try to enter midway into the bidding.

This way you are giving yourself a fair chance of getting out of the bid if you want to quit or pursue your bid if you are serious with the item. If you are doubtful on whether or not you should buy the item, never enter the bid when you feel that there are fewer people participating on it.

If, however, you intentionally entered the bidding game late, there is a chance that you could be overlooked by the auctioneer. If this happens, try to get his attention by politely saying a word to signal your interest.

Quick Decisions

Bidding often happen fast and sometimes it leaves you no room for analyzing whether you should place the next highest bid. In this case, try to think as fast as you can because the bidding will never stop for you.

My articles you may be interest : Auction Types, Home Loan Mortgage Company and Charity Auction.

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