At Gregsons, a large part of our business is online auctions. From auction house to eBay, online auctions are a great way to save money and get high quality items. Since it’s launch in 2012, our virtual auction house has brought a wide range of products and bidders across every industry. We have learned a lot from watching some pretty intense bidding wars and, like live auctions, bidding online has its own element of strategy. Our in-house experts give you the top 5 tips to online bidding:
- Begin with a max bid
Go big or go home. If you start out with a much higher bid, you mean business. Work out your max price limit for an item before the bidding begins and use that to gauge how big that first bid can be.
You know what item you want and the starting price, but how do you set your own max bid and strategy? Research. Make sure to take a look at what the item costs off the shelf and where else you could buy it. When calculating price always take into account the GST fees like credit card transactions, shipping and the buyer’s premium. Online bidding websites like eBay do not include this upfront on all their items.
- Do not get into a bidding war
Do not get sucked into a bidding war, trying to trick or outbid your opponent usually will end up in you paying more. Stick to your budget. Have a strategy and most importantly stay calm. Unlike eBay, Gregsons has policies in place that give you a fair go when bidding on items. We have anti-sniping software that automatically extends the auction time if a last-minute bid is placed. Time zones are also taken into consideration, so there is no need to stay up all hours of the night making sure no one outbids you. We want you to have an enjoyable auction experience and not a battle.
- Understand when it’s over
You can’t win them all – even if you have followed your strategy sometimes you can get outbid. Make sure you have a plan and clear budget so you never overpay for an item. Do not be afraid to walk away when the price is too high. The majority of our competitors do not show the resulting prices after the bidding has finished. This allows you to make an educated decision on your budget and when to walk away. If you do get outbid, be sure to check out our future auctions. If you are looking at items that are common to Gregsons like white goods, tools, and equipment you will most likely get a second chance at winning!
When buying pre-owned items online, sometimes you can find yourself on some dodgy websites. If the deal seems too good to be true, it probably is. Make sure you check that the website has a secure check-out method for credit card transactions or it has PayPal. When dealing in cash or direct debit, be even more cautious as there are no refunds possible. Make sure there is a security policy and padlocks when it comes to handling your personal information. Another good step before your hand over your details is to look up reviews of the website or seller. This step paired with checking the physical location of the seller or warehouse can prevent you from fraud. At Gregsons we take securing your information very seriously, and even if you are not buying from us we want to make sure you are safe and secure online.Sign Up For Upcoming Auctions