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Live Auction Bidding Strategies

Monday, July 20th, 2015

Attending a live auction is a great way to get an affordable price on everything from real estate to farm equipment. However, if you are a beginning bidder, you may be overwhelmed by the speed of the auction process. Prep yourself with some savvy strategies to ensure you are the highest bidder. Research the items and the live auction process. Then, create a bidding budget. Also, make sure you arrive early to the live auction. Arriving early gives you the chance to register to bid, ask questions before and get a good seat.

Research the items and the live auction process

Browse the online auction catalog to determine which items you are interested in bidding on. Once you have narrowed it down to the items that pique your interest, you will need to do some research to figure out just how much those items are worth. Sometimes bidding can get out of control and the bid can escalate into a range you are unprepared for. You also don’t want to pay too much for something that’s not worth the price, for instance, a piece of real estate with excessive liens.

Still nervous about attending your first live auction? Check the auction schedule and attend an event as an observer. This observance takes the pressure off since you are not actually bidding. You can simply watch so you will know what to expect when you attend your first live auction as a bidder. Consider this observance part of the researching process!

Create a bidding budget for the live auction

Next, prepare your budget and get financially ready for the live auction. Only bid what you are prepared to spend and try not to bid in excess of that. Other items will come along that fall into your price range. Don’t feel pressured to keep bidding if you know the price is out of your budget.

A paper catalog with items can be a great reference piece. If there are numerous items you are interested in, you can make notes to yourself in the catalog and refer to them during the event. These notes can include things you may have found out about the item or how high you are willing to bid on the item. Having prices and budget ranges written down can be an easy way to keep track of what you are willing to spend on each item.

Remember that the price will not include taxes. You will need to pay on the item. You will need to be prepared to pay for the items you win directly after the live auction. Also, check to see what type of payment methods the auction house accepts. Not all auction houses accept credit cards.

Arrive early to the live auction

The day of the live auction, get there early. Arriving ahead of time will give you the chance to ask any last-minute questions you have, since you won’t be able to ask questions during the event.

Arriving early also allows you to get a good seat and catch all of the action. If you are sneaking in late, you may miss something crucial, such as the auctioneer explaining the terms and conditions of the event.

For more information

If you want to find out about attending a live auction or scheduling your own to sell items, contact High Plains Auctioneers at (806) 244-6776. You can also contact us via email with your comments, questions, or concerns. Check our site regularly for updates about upcoming auctions.