Auctions are great places to pick up items that are as good as those you might find at your local Wal-Mart brand new. In addition, the excitement and different types of people will lead you to other interesting finds and deals in other locations if you’re willing to make friends and network. That being said, auctions such as those held at flea markets or a designated auction building can be fraught with many financial and psychological traps. In this post, we’ll take a look at some of the things you should do if you’d like to beat the competition as well as get a fair price on the things that you’re looking to bid on.
Dress Conservatively and Appropriately
Auction events attract different types of people. However, it’s not uncommon for the head auctioneer to start high or suddenly increase the price if he sees someone he perceives to be well-off bidding on an item. You want to dress in a simple manner to throw people off so they don’t see you as a threat.
Do Your Research Beforehand
If you have a list of the items that are going to be bid on, your first port of call should be the internet. If, for example, there’s going to be a ’75 Chevy up for sale at the auction, you should check out various valuation and price comparison websites so you can get a good average price. Get to know the features that come with the item so you can negotiate and bid from a place of strength.
Do Not Show Excitement or Desire
A lot of auctions usually go by the mood in the air at the time of the auctioning. Auctioneers who have been doing this kind of work for years know how to read this mood and then determine their starting bid by this mood. You should try as much as possible to remain unemotional if you would like to throw off anyone’s scent, including fellow bidders.
Willpower is Key
It’s so easy to lose yourself to the excitement of bidding and go over what you had intended on spending for that particular day. This can only create a vicious cycle as well as an addiction to all things auctions. Know and write down the amount you are looking to spend that day and stick to it. If you think that you’re going to break and overdo it, bring along a friend who can help keep you in check.
Competition Doesn’t Help
No matter how much you want what’s up for bidding, don’t be tempted to compete with the other bidders. This will start a bidding war which will eventually involve your ego and that of others, creating a situation where all self-control goes out the window just so you can outdo everyone else. Pace yourself, and choose the best time to hone in on you kill with regard to your maximum price.
Auctions usually prefer instant payment as well as collection of goods, so be prepared to take your items to your waiting car as soon as possible in order to avoid any extra charges such as storage fees. Happy bidding!