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Bidding Strategies: How to Bid to Win an Online Auction

2 Min Read

Do you keep missing out on that coveted item or getting outbid by a small amount at the last minute? It’s not you, it’s us…actually, maybe it is you. There is a little bit of skill involved in online auction bidding but we are happy to teach you the tricks.

Research the item

Do your reading. Look at prices online. Ask your friends what they paid for theirs. A lot of the items you see in Gregsons’ online auction catalogues have details that impact how much you should be willing to pay. If you are looking for a computer, do you know how much processing power you need and what to look for in the item description? Have you checked reviews for that couch you like? Proper research is essential before purchasing in an online auction, whether it’s a second-hand phone or a piece of civil earthmoving equipment.

Know what your item is worth to you: how much are you willing to pay?

Market value is important but so is personal value. We are assuming you have been following along and you have done thorough research to find out what the market price is for that computer, or car, or piece of furniture you are watching in our online auction. Before you start bidding you should know the highest price you are willing (and able) to pay. Our smart online bidding system lets you set the maximum bid straight up. It will incrementally increase your bid when someone outbids you until you hit that ceiling.

Stake out the competition

In our Perth live auctions you can scope out your competition and use strategies to outbid them without overspending. Watch how others are bidding, and how many people are bidding against each other. Is one person leading the charge? Stay confident, ask intelligent questions, and bid high to psyche out others vying for your item. We have seen lots of auctions won with easy psychological tricks.

Save your high bids for later

Bidding high just before the online auction closes is a good way to stamp out the competition who are upping their bids by just a little bit in the hope of catching their competition off guard. With hundreds of people, and not just from Perth, bidding in our auctions you can’t stare down the competition so you should try showing them who is boss with a high bid late in the game.

Try putting one or more of these in to practice next time you scope out Gregsons online or Perth live auctions, and remember we simulcast our live auctions so they are online as they happen. Do you have more tips to win auctions online? Send them through, we want to hear how you do it!

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