Re: Re: Auction techniques? Novice needs help.
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Posted by Ed on August 04, 1998 at 13:33:38:
In Reply to: Re: Auction techniques? Novice needs help. posted by Steamer on August 04, 1998 at 10:13:30:
: : On about three occasions now I have passed up some very good deals on tractors having been hesitant at auctions. Are there techniques the experts use at these things when bidding? : I don't know about experts. I'm not really one. I do have some rules I stick to at an auction. First, I evaluate the item. Then, I set a top price that I'm willing to pay for it. I write down notes of my observations and the price I set. If there's multiple items I sort them out in order of preference. If a lower preference item comes up before a higher preference one, I don't bid on it unless I have enough money to buy it along with the other items(s). When bidding, I don't exceed my written high amount. Ever. It's far too easy to go up $10-20 more, over and over, until the price is way above reason. I have no fear about getting into a bid war, but I won't go over my price. If junior bids $1 over my limit, he can have it! Otherwise it's too easy to wind up in the poor house. : Many times there's a minimum bid that never gets reached. I never exceed my limit to meet the minimum bid. Many times the item can be negotiated for AFTER the auction is over, for a price acceptable to both parties. It's usually frowned upon to do such negotiation BEFORE the auction, however! : Hope it helps you! Some of the best advice I've heard. A number of years ago I bid on a rake for behind
one of my garden tractors, it was in new condition
and I got it for $75. My dad thought I was crazy, I over bid, but told
him it was over $100 new. The moral is know what you are buying and what it
is worth. I've seen a number of people (or their friends)
selling their stuff put in fake bids to up the
price. Auctioneers usually give a break
on the commission if a person buy's back his
stuff. So take the above advice and know what the fair
price is and what you are willing to bid before
you start bidding. Finally, buy a hotdog and have fun. it may be
the best deal at the auction.
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