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4 Bidding Tactics That Can Save You Money

Monday, June 19th, 2017
bidding strategies

For the inexperienced, an auction can be a high-pressure event. You must prepare yourself beforehand in order to stay levelheaded and bid wisely. The following bidding tactics can save you thousands at a car auction, property auction, or other type of live auction. These tips will not guarantee you will win every time, but they will give you a better understanding of the process and help you save money.

Remember that each auction is different

No two auctions are precisely the same. Although you will have a similar playing field, the other bidders and auctioneer are different each time. There are several factors that influence the event, including the number of bidders, external conditions, the location, and how motivated the vendor is to sell. Most people rely on their expertise and intuition when bidding at auction. You should decide what tactics are most suitable for the auction you are attending. For instance, do you want to set the tone and bid competitively or sit back and wait to bid at the last minute?

Establish a budget and stick to it

The most important thing you should do before attending an auction is to set a budget. This is the only rule that applies for all types of auctions. You may deal with buyer’s remorse after an auction if you go over your limit in the heat of the moment. Set your limit after doing research on fair market values and always stick to it.

Control your emotions

You must keep your emotions in check, because they could cost you money if you are not careful. One common mistake you can make at an auction is getting carried away and paying more for something than it is worth. Depending on the price of the item, this is a mistake you could end up regretting for some time. If you are at an auction that sells higher priced items like cars, farm equipment, or homes, remember to stay calm and avoid overbidding.

Never bid against yourself

It may sound obvious, but you should never bid against yourself. You would be surprised how often this happens. If you have placed the highest bid and everyone else has stopped bidding, never increase your bid. Don’t allow yourself to feel pressured into raising your bid, unless someone else jumps in at the last moment.

To learn more about how to bid at auction, contact the experts at High Plains Auctioneers today. You can call us at (806) 244-6776 or Contact Us by email for more information about buying items at auction. You can also check out our Upcoming Auctions to see what we have available!