2 Minutes With: Online Auction Bidding Tips
Online auction bidding is becoming the new normal and there are some considerations specific to online auctions.
It’s critical you’ve had the contract reviewed and your requested changes agreed. Make sure your broker knows you’re bidding and you’re clear on your limits.
Pre register to bid the day before. You’ll need to identify yourself by uploading ID and the rego process can be a little fiddly, so get it done well in advance. Ensure you have the deposit funds ready in an account that can BPAY. You may need to call your bank to increase daily transfer limits. Again best done well in advance.
On auction day charge your device to 100%. Online auctions take more time than a standard auction, and video streaming really burns through battery life. You don’t want to be dealing with the stress of a fading battery right at the pointy end of your bidding!
Do write down all the bid amounts & bidder numbers as the auction progresses. It can help you to see patterns in your competitors bidding strategy and adjust your increments and pace accordingly.
Finally, be prepared to ‘grind it out’. Wearing your competitors down is a strategy in itself.
if you’re uncertain you can hire me to bid for you- I’m bidding at online auctions weekly and can give you the winning edge. Please get in touch!