(806) 244-4453 Fax

Why Host a Benefit Auction

Thursday, August 24th, 2023
Why Host a Benefit Auction

You will usually find two different types of auctions: a collective or a disposal. Collective auctions create lots—or auction items—from several suppliers or vendors. Disposal auctions usually come from a single person or estate to pay debts, finalize foreclosure, or to simply clear space. 

A benefit auction could be either type, but the goal is always the same: to raise funds for a non-profit organization. With other types of donation methods falling short in recent years, a motivational benefit auction could help. 

What Is Good About a Benefit Auction? 

Giving without expecting tangible gifts in return, while noted to be a part of good moral practice, doesn’t encourage everyone. Due to their circumstances, people you reach out to may be reluctant to help. In such cases, you can instead motivate people using human nature. 

Many people have a competitive spirit and want to sate the urge to improve or be better. Success can look like praise and recognition, prizes, or satisfaction from coming first. A benefit auction can meet the expectations of all three types of success. 

Obtaining the Auction Goods 

Unlike regular auctions, a benefit auction should increase funds for a charitable or non-profit good or service. Therefore, spending large sums of money on auction lots would be counterproductive. Instead, you can choose rewards wisely by considering a few factors. 

The Target Audience 

Who do you intend to invite to your benefit auction? You can learn about their goals and interests if you have a target audience. Once you know that, you can center the auction lots after objects they’re more likely to pursue. 

Getting What People Want 

Once you’ve determined what people want and can afford, write a list of potential prizes that meet the requirements. We recommend having one to two showstopper lots, a few of mild interest, and several of lower interest. You can create competition for the higher-level items this way.

Procurement Team 

You may need the help of several people to get the items on your list. A procurement team can help the organization by asking friends, family, or local businesses for the goods. You may need to exchange something with the sponsor, like having an ad read or advertisement at the auction. 

Make the Auction Known 

Don’t underestimate the benefits of high-quality marketing. You can let bits and pieces of information out about the auction and what will be there. Curiosity from interested parties often leads them to attend the event. 

How to Present Your Auction 

Three popular ways to format an auction include live, silent, and virtual. A live auction features live auctioneers who assist with the proceedings. You may have to pay them a small commission from the earnings, so remember to ask for their rates. 

A silent auction does not require an auctioneer. Instead, participants can view the lots and write their information and bid amount in ways others can’t see it. You can keep the benefit auction results secret or announce the winner at the end, though many may prefer to stay private. 

Virtual events became more popular during the bulk of the COVID-19 pandemic and have grown exponentially. More advanced technology allows you to run an entire auction from a digital platform, from displaying lots to receiving payment. 

You Can Make Your Auction a Success 

At High Plains Auctioneers, we help auction off fine art, farming supplies, automobiles, and more. We have many upcoming auctions coming up in and around Dalhart, TX, if you are interested in seeing how well we work. Either visit our upcoming auctions page or call us at (806) 244-6776 to see how we can help your benefit auction today.