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The Do’s And Don’ts For Buyer

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Discovering a marvelous treasure by itself is a great paragon. Buying of antiques at online auctions continue to be a fervor for many. But there are a lot of fringes attached when it comes to buying at online auctions. A few factors that come in handy while buying during an online auction include determining the monetary estimate. It is a suggestion of how much the auction material is worth for. When there is a huge demand for the item among the people, the price may escalate and when only few are interested the price can be pinned down.

Conduct a vast research and source as much facts possible about the auction material before the commencement of the auction. All information must be interpreted judiciously in advance. Getting the queries answered from the auction house and collecting pictures of the item are most vital steps. The other mandatory checks include the origin of the item, its artist, dimensions of the item and most imperatively the quality or condition of the item. Make a pick on the maximum limit before the commencement of bidding. Do not get emotionally attached with the item and endure bidding to the previously set limits.

The Do’s And Don’ts For Buyer

Make an estimate of the additional charges before the bidding begins. 15 to 25 per cent commission is usually charged by the auction houses and 3 to 5 per cent is charged by the online bidding platforms. At further higher costs, bidding via telephone might prove to be a reasonable option. The process of bidding at certain online platforms continues to run over several days. This might increase the prices at a massive level as the bidding approaches its deadline. By the last few hours of the last day the prices soar high. Make the payments quickly and arrange for safe transportation of the item.

Read also Online Auctions – A Deeper Insight

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Online Auctions – A Deeper Insight

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An innovation that came through with leaps and bounds of technological boom is the execution of online auction with the help of specialized auction software. Each one becomes a bidder provided they have an access to web. Highest bid price for a chosen item wins the online auction. Online auctions are conducted for days together. Hence, the time of placing the bid does not matter whereas the highest amount placed as a bid wins the auction. Online auction sites are only referred to as middlemen and they are not the original seller of goods. They act as a facilitator for the transaction to take place.

The sequential process involved in an online auction includes the registration of either the buyer or seller with the online auctioning website. The seller builds a listing for a specific product and inaugurates the auction. The seller also stipulates the duration of the auction and the minimum bid price. A buyer who looks out for a particular item through the listing states the maximum amount as a bid. This amount has to be comparatively higher when compared to the previously existing bids. The software begins bidding by taking into account the lowest amount necessary to put up the highest bid and the software never reveals the maximum amount mentioned by the bidder.

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At the completion of an auction, the highest bidder and his winning bid is informed and requested for payment. The winner of the auction pays for the product. On receiving the payment, the seller transports the product to the buyer. The auctioning website precedes the payment to the seller and collects a small percentage as processing fee. Thus on the close of the auction, the buyer obtains the product of his choice, the seller receives the payment in return, the website receives a processing fee and both the buyer and seller provide a feedback about the auction.

Read also Specialized Online Auction Software – You Can Make Use Of

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Specialized Online Auction Software – You Can Make Use Of

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Like any other distinctive event, an online auction also involves concrete preparation and a reasonable amount of operation time. Numerous worthy online platforms will conduct and accomplish the online auction in a sequential manner. Proxy bidding is the most common method that is being followed by many online auctions. It serves the purpose of a confidential representative in a live auction. This method works on behalf of the bidder. When a bidder enters the maximum price for a chosen product in the auction website, the proxy bidding tool starts bidding for the bidder. It increases the price by small margins essential to win the product keeping in mind the bidder’s maximum price.

Silent Auction Pro, a multiple user web based auction set up, is often used to conduct online auctions for benevolent fundraising organization. It is also used at schools, churches and service clubs to conduct auctions in order to raise the revenue generated. This software manages, organizes and has access to the event data with protective real-time features. Merkeleon on the other hand offers an online dealing platform with multiple sellers. It facilitates trade and stock market auctions and provides unique solutions. It also allows the conduct of penny and unique bid auction.

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Rain Worx, a universal dealer for online auctioning software offer vending businesses to unite and serve their own market. This software enables both regional auctions and charity based auctions. It allows third party merchandisers to publicize their items. It helps with the management of bidding options, invoicing and buy now option. On gaining a deeper insight, make relevant choices about buying or selling at online auction. A good online auction is created through meticulous planning, cautious operating procedures and with the use of great tools.

So make use of these online auction tools discussed above and choose one that perfectly meets your requirements.

Read also The Do’s And Don’ts For Seller

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The Do’s And Don’ts For Seller

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Being a seller, you must take maximum care while choosing categories for sale. Conduct a thorough study of the auction site and list down the product categories that would perfectly suit the situation. From the list of many, narrow down choices to the most appropriate item. Choose items that serve to be the need of the hour. Expand the research process by several folds about the auction site, its terms and policies, availability of similar products and their prices. Then decide up on a lowest starting price as they are more probable to be bid foremost.

The success depends on the time and the day chosen. It’s always preferred to finish an auction during peak periods of the day when individuals stay at home like on a Saturday or Sunday between 5 to 10 P.M. Identifying a niche would make huge profits for the seller. Unique selling products have to be focused on for the bidding. Make sure information about product shipping, handling measures and payment methods are disclosed honestly. Keep shipping charges to the lowest limit to lure individuals. Varied payment methods guarantee more bidding. In case of payment through a bank cheque, make sure to ship the product after the clearance of cheque.

Include several photographs of the auction material to make the buyers feel secure. Photographs speak volumes about the material than a comprehensive description. Continue to bold and highlight the titles of the auction material in the features column to enable a distinguished status to the item. With the goal being selling the item, choice of words should sound convincing. Use of influential words for advertisements like rare, designer, easy to use, wallet friendly will do the magic. Make sure the right descriptions about the product are spelt out fittingly. Sell products with a personal touch. Don’t forget to answer to emails and questions quickly and politely.

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Discussing The Merits Of An Online Auction

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Online auction has altered the routine by which the buyers purchase the merchandise. Amidst the several advantages of online auctions, removal of the location barrier is the foremost. Individuals take part in the online auction from different locations and at flexible times through an internet connection. These online auctions also feature an exhaustive list of information about each product. It saves a lot of time by allowing the buyer to participate in the auction by the click of a mouse. It saves money by elimination of the travel cost that occurs in case of reaching an auction spot.

The auction website offers ample product choices for the buyer through different categories and subcategories. This enables a quick search and identifies the appropriate product of interest. Online media allows to instantly declaring the results devoid of any time delay. It continues to update the bid amount as and when new bids are placed. The time for bidding count down is amplified by 30 seconds after every new bid is placed. This provides an equal opportunity to all bidders. The bidder has the opportunity to compare and contrast the product price and its value with its competitors. So an online auction provides a win-win situation for both the seller as well as the buyer.

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Winning At An Online Auction

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As the notion of bidding is accelerated across the web the online auctions have shown tremendous success within the past few years. Auctions are generally conducted for limited edition products and antiques. Customers have the power to bid from anywhere by staying at home through online bidding. A classy product will have millions of online bidders who would want to win the product. There are several tools and apps available to win an online auction. These apps provide features like “stop at profit or loss” where one can set the limits for the betting process. Such factors intensify competition and makes online bidding a tougher platform.

Being a new entrant to online bidding research becomes the foremost step. Make a list of trustworthy and genuine online sites. Prepare an exhaustive list of the products sold by them, their popularity and winning price. Further determine a best price for the product desired and stick on to it to prevent getting trapped in the enthusiasm of auction and bidding high. Win products at lower bidding price by capitalizing on the mistakes of sellers. Misspelt words of the products do not find its position in the key auction hence it would feature in less exposed bidding. This enhances the buyer’s potential to win at a lowest bid.

Make the most of the time that is available. Most online bidding sites operate 24X7 making it convenient to bid at any time of the day. Less active hours are best suited time for bidding as there will be fewer competitors. Bidding early increases the rivalry for the product and raises the winning price too. Bidding at the final moment within the last ten seconds would be the right time. Make use of software that simplifies the process of bidding. “Proxy bidding” software automatically places the lowermost bid for the item within the prescribed limits and increases the winning edge.

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Stay Wary Of A Few Demerits Of An Online Auction

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Amidst the several advantages, a small number of disadvantages also set in through the process of online auction. Anonymous bidders are created as these online auctions do not take place in the person to person format. The true identity of the bidder is not revealed to anybody. The sellers do not have a control on the bidders who participate in the auction. Several options are available for auto bidding with the latest automated auction software. When prerequisite criteria are fixed by the bidder such software instantly start a false bidding process which deceives the auction.

Genuineness of the product, its quality and usability cannot be inspected in an online auction. Only photographs of the product are available on the website. Many auction websites do not provide refund options. In case of a regular auction, the time remains fixed and cannot be changed. But with online auctions, the time can be reset to 20 to 30 seconds whenever a new bid is placed. This can sometimes lead to fraudulent bidding practices. Similarly auction websites that are not trustworthy sell forged products that would never be delivered. Most of the times the product that arrives differs from the photograph that leads to commotion.

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