8 Killer Live Auction Tips
The Best Tips for Buyers & Sellers
Live auctions are a fantastic way to buy and sell equipment, machinery, and even real estate. There is little hassle involved and you don’t have to worry about negotiating with either the buyer or the seller. Plus, live auctions are a lot of fun to attend and participate in! Regardless if you are the buyer or the seller, you are going to want to do everything you can to make sure you leave the auction with the results you hoped for. We’ve come up with a list of four tips for buyers and four tips for sellers to make sure that you get the most out of your live auction experience.
1. Arrive Early
Make sure that you get to an auction before the bidding is technically scheduled to start. This will give you time to register (if you haven’t already) and inspect the items you plan to bid on. Having another chance to look at them will confirm your decision to bid and will help you gage how much you want to pay for them. Getting there early will also let you watch a few lots and get a good idea of the process before you jump into the bidding yourself.
2. Know What You Are Looking For
Before you jump into a live auction it’s a good idea to know what you are looking to buy. Read through the auction catalog to find the specific items that you plan to bid on so that you aren’t overwhelmed walking into the full auction. There will be a lot going on and it can be extremely difficult to decide
what items you want if you don’t know everything that is up for auction. This will also help you from feeling like you missed out bidding on a great item that you didn’t realize was available. Of course, you can always change your mind and bid on a lot you weren’t planning for, but planning ahead will help you make sure that you bid on all of the items that you want.
3. Be Fast and Confident
When you decide that you want to bid on an item, you must be fast and confident. It’s essential to understand that once you have placed a bid you can’t back out. Of course, if you are outbid on an item, you don’t have to bid again unless you want to win that lot. You also want to be fast during the bidding process. Certain auction lots can be sold extremely fast so be sure that you take the chance to counterbid as soon as you can.
4. Have Fun
Auctions are a blast to participate in! You want to make sure that you enjoy yourself and have fun throughout the whole process. You can get some awesome equipment for a great price, engage in competitive banter, and feel a huge adrenaline rush when you finally win the item you’ve been fighting for. Check out some of our upcoming auctions here.
1. Present You Items Well
One of the best things you can do for your auction is present your items in their best condition. You want your items to look the best that they can be both in person and in the auction catalog photos that we take so that bidders can see the equipment’s true value when they are deciding how much they want to bid. For example, your equipment is probably pretty dirty from being used in the field or on the road. While you know that it works great, bidders won’t know that and could place a lower value on your assets. We would also recommend performing general maintenance on your items to fix up and small things that might deter bidders. Even a few small fixes on an item can drastically increase its selling price.
2. Promote Your Auction
The best way for you to have a successful auction is to reach a lot of people
The best way for you to have a successful auction is to reach a lot of people who are likely to want the items that you are selling. Once you know when your auction will be, do everything that you can to market your live auction. Contact your clients or send out a newsletter to inform people of your upcoming event. Create a social media campaign and post about all the items that are up for auction, information about your event, and share any posts that we put out in our marketing campaigns. You can also create an event to invite your friends to on Facebook that will let people RSVP and give you a good idea of how many people will be coming. You can also reach out to other individuals or companies in your industry to let them know you will be auctioning off items that they might be interested in. The more people that attend, the more likely your final bidding prices will be higher.
3. Plan the Flow of Your Auction
In order for your auction to be both entertaining and successful you will want to make sure that there is a schedule to your event. This will be something that your auctioneer will be able to help you with (see point 4.). You want to make sure that you sell your items in the right order so that you can bring in the highest profits possible and keep your event entertaining. Starting off your event with some lowball items will get your bidders warmed up and will build anticipation for the larger assets. This will help you put your bidders at ease and will make them comfortable to start bidding higher amounts.