Kamis, 31 Desember 2009

Boost Your Sales and Make Money at Auctions






Whether you are planning to make a living on selling items at an auction or just want to maximize your profit from an item you have entered, take note of the following tips on how to boost your sales and make money at auctions.

1. List item(s) on auction houses that sell similar products as yours in similar price ranges. There are auction companies that accept and sell anything. This is okay but your first choice should always be the ones that are selling similar products as yours.
Why? Bidders and shoppers look for a particular item to buy and they want to buy it where they have several choices. The more choices the auction offers, the more people they attract. The same reason people go to a department store rather than a small outlet. Placing your item among other similar items at similar price range increases its chance of selling.

2. Make your item stand out. Buying the rights to become a feature auction can cost you money. Unless you are selling something that can yield to a big sale, refrain from paying for extra exposure. What is meant a good advertisement is by making sure that the item you are selling attracts positive impression and interest.
If it is property you are selling, do some improvements. Refaced kitchen doors, newly painted walls, and a clean front porch may not boost the cost of your house significantly but they can be the factors that will help potential buyers decide to buy your house. This also applies to any products you want to sell at an auction.

3. Answer to the buyers' wants and needs. Bidders want to buy something worth their money. So the item(s) you sell should be well in the range of the buyer's budget. If you follow #1, you're doing it right. Bidders need to buy items that they can take home as simple and as quickly as possible. Your shipping and handling terms must coincide with their requirements.

4. Be realistic in setting your 'reserve' price. Most bidders do their homework and search for the current market value of the items they see on auction listings. Try not to take this for granted as you will likely not get any sale if plan to rip off your buyers by setting unreasonable prices. Take note, most people go to auctions because they want to save. Don't attempt to sell your item(s) higher than what they are worth.


 






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Where to Find the Best Deal






Police Auctions
Police confiscate items and impounds vehicles. But if the items are left unclaimed for a definite period of time or there is no possible way to trace the owners and return the items, they become auction goods. Police also seize properties and items associated to crimes people commit.The police seized properties will then go to an auction. Police auctions are often held at local police agencies, federal law enforcement agencies, police departments, and county sheriff departments at specific time and date.

Government-Seized Auctions.
Due to foreclosure and seizure laws, the government accumulates properties from private owners who were unable to pay their mortgages or loans.
The Customs and Border Protection, US Department of Homeland Security, U.S. Postal Service, U.S. Marshals Service, U.S. Bankruptcy Court, Internal Revenue Service, and State Tax Department are some of the government agencies that hold government-seized property auctions.

Bank and Loan Companies
Bank and loan companies often repossess properties from owners who are unable to make loan payments. These repossessed properties range from real estate, vehicles to home furniture, become bank or loan company properties.
Since the cost of storage is high, bank and loan companies want to convert the repossessed properties into liquid assets right away. Bank and loan companies often announce auction schedules online, in office bulletins and in newspapers.

New and Used Car Dealers.
In order to make a sale, new car dealers allow their costumers to trade-in their old cars for new ones. The old vehicle that was traded-in will then go to an auction. Used car dealers also employ the same system as other auction houses to generate sales.

Auction Companies.
Auction companies sell a wide array of auction goods. Check newspaper ads, auction brochures, and the yellow pages.



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Going to an Auction in 5 Easy Steps







The process of buying at an auction can be confusing to first timers.


1. Go to an auction preview
If you want to increase your chances of success, this is the most important step you should focus on. Auction previews are an opportunity to know the different auction goods on sale and the only time to inspect personally the items you are interested in bidding on. Turn it on, plug it in, try it out and examine all the features of the item when possible.Auction previews are held days before the actual auction day. It is your chance to take notes, bring a camera, and screen the items through your personal quality check list.

2. Do your Research
Once you have seen the items on sale, go home and do your research. Go online and check the market value of the items. Consider the repair costs if necessary.

3. Set your budget
Once you have done your research on the items you are interested in bidding on, determine the highest amount you are willing to pay for each item. Take note, knowing the amount of your highest bid should be based on the current market value of each item, the possible repair costs, and the additional charges the auction company will impose on the sale.

4. Prepare Your money
Winning at an auction is legally binding so you cannot simply pull yourself out after you win an item. Prepare your money that you have set to cover your bids and the extra fee.

5. Bid
When the auction opens and the auctioneer calls for the bids be ready. A second of hesitation may cost you to lose the item you are eyeing. Stay within your set budget. The auction process is fast-paced; things can get ugly, and emotions can run high



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The Advantages of Buying from an Auction





Positive responses among those who have visited them and won items have been received by public auctions. Let us look at the advantages of going to and buying items from an auction.

The bidding process enables bidders to dictate the cost of the item they want to buy. While most items are often appraised to determine its minimum price or starting bid, the bidders are still the ones who will decide on the final price of the every item at the auction house.

Purchasing an item from an auction is often faster than the conventional way of buying. Believe it or not, one item can be sold within 30 seconds at an auction. Generally, any item being sold at an auction is relatively cheaper compared to its actual market value. This does not mean though that you can steal a deal at a dirt cheap price all the time but auction items are usually sold 10% to 15% lower that their actual market value which is a pretty good deal if you want to save on cash.

Before the auction starts, the auction house or the auction companies will allow you to inspect the items. Items vary depending on what is available at the auction. From cars to boats to properties to office furniture to sports memorabilia to personal gadgets; the possibility of owning an item is endless. Some auction houses only focus on specific items such as cars or property. Good quality items can be bought from an auction. This is contrary to the common notion that items that are sold there are used and poorly maintained. Designer clothes, jewelry, antiques, household goods and even cars, boats and motorcycles are well-kept before it is being sold at an auction. At the end of the auction, the item(s) you've won you can pay in cash, check or with a credit card. Partial or full payment is accepted to ensure that you get the item(s) you've won.



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Advantages of Auctions for the Buyers






Why is there such hype regarding auctions? What's so good about them and what do people get from them that they don't normally get from other forms of buying?

Half of Americans, according to the study conducted by the National Auctioneers Association, have seen or attended an auction. This means that auctions are fairly popular among Americans and that the majority of people often prefer to trade through auctions, like in EBay and other live auctions rather than in the actual market.

Why? Because first, it is one of the most exciting ways to get the best deals (according to the 83% of all the people surveyed), second, great value for items is often offered to the buyers (this according to more than half of the respondents), and third, buyers are satisfied with the prices they pay at the auctions. Apart from these reasons, there are several others including the following:

Speed of Buying
Most types of auctions are timed so the buyers are pressured to bid their price before the time runs out. This alone gives the excitement for both observers and bidders. Also, buying at an auction offers a fast transaction. Its core rule: give the highest bid and you win the item.

Chance for the buyer to establish his own price
While items at auction usually have reserve prices, auctions still let the bidders decide the highest and lowest value of the items. Thus, the control for pricing is given to the bidders and the real market value of the merchandise is evaluated.

Getting the fair market value
Fair market value comes from the transactions between a willing buyer and a willing seller. In the structure of auction, it is obvious that people participating in it, the sellers and the buyers, get the fair market value of the property or the item they are buying.

Guaranteed sale for both the buyer and the seller
Bidders come to auction with the intent of buying an item and sellers go to auctions to make money off their property. Thus, both parties have the assurance that they will have their intentions satisfied. So it is rare, if not impossible, to have cases where any of the two individuals back out from the transaction since an agreement at auction is legally binding.

It eliminates tedious negotiations
Auctions do not need negotiations between buyers and sellers. If the bidder wins the highest bid, he gets the item whether the seller agrees to the price or not.



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Fundraising Auction Do's and Don'ts





It is a big task to organize a fundraising auction, however it is possible. Here are some guides these do`s and don`ts to run better and more successful auction.


Do's
Plan it carefully. Set your goal together with your team. Draw your plan and delegate tasks. Prepare everything you need. Execute perfectly.

Get a corporate sponsor. Getting a corporate sponsor will help you attract more people through corporate contacts or employees and reduce your expenses. You all need each other for benefits.
Definition of auction you will use. You have 3 choices. You can use a regular auction, silent auction, or both. Do hire a professional charity auctioneer. Take note: "professional charity auctioneer". Regular auctioneers have a great skill of their own but a charity auctioneer knows how to execute a non-profit event very well.

Integrate the auction into a charity event. Often, an event used to be inserted in a fundraising activity. This helps draw invites and keep the guests entertained.


Don'ts
Don't limit on the type of auction goods to sell. If you want to collect enough funds for a cause, be ready to sell as many items as you can.

Don't ever guess that your guests know what to do. Not everyone has been to an auction or experienced bidding for an item at an auction. So give your guest information about what they should expect during the actual event. The last thing you want is to host an event that requires big money. Any amount you collect is added to the money you earn.

Don't make yourself stressfull. While so many things going on when preparing the fundraising event and during the auction itself, you don't have to stress yourself over the details too much. Cooperate with your teammates.

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Benefits of Auctions for Sellers



Many sellers, property owners and brokers often prefer to sell items through auctions due to the following reasons:

An item is considered sold once auctioned
Chances are the items will be bought once listed at an auction. The buyers will always find good reasons to buy the item presented to them even if they may have no intention of doing so.

All buyers are willing to bid
There is no other way for potential buyers to get the item they want but to bid at an auction.

Quick disposal of items
Probably one of the fastest ways to sell things, auction gives the sellers the advantage of fast disposal of the merchandise. This then will cut the expenses on maintenance, taxes, and even inventory costs.
Assurance of true market value
The market value is the price that is both competitive and acceptable to the buyers. If the price is bid, this means that the true market value of the item is being given therefore; there is no way for the auctioneer or the seller not to get the price that is fair for the item.

Accelerated sale
Unlike when a car is sold individually or a foreclosed home is negotiated between the owner of the property, the broker and the willing buyer, items being auctioned only need a moderator to announce the item and the buyers will bid on it. The process eliminates the negotiation or the waiting process.

Accurate information
Unlike with the conventional way of selling on the open market, auctions give the seller the assurance that his property will be sold at a certain time.

Buyers are qualified
Registration is a typical part of any auction. The potential buyer has to first register an account that would enable him to bid on the auction and would give the seller the assurance that the potential buyers have the capacity to pay.

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