Sunday, February 08, 2009

5 Reasons Folks Fail At Auctions

Winning something at an auction is not just about toppling all your opponents and emerging as the highest bidder. It's also about bidding wisely and making the most out of every cent you pay. Sadly, not all bidders make correct decisions and fail miserably due to their own negligence. The reasons? Read on.

1. Bidding without planning. Participants without a plan on what to do and how to do things right will likely fail at any auction they go to. The auction process is a bit tricky and confusing so come prepared. Identify the auction goods you want to buy by looking at auction brochures provided before the auction date. Do some research on the items you are interested in. Know their current market value and set your budget. Not only will it set your priorities straight, it also gives you better chances of bringing home the items you really need.

2. Buying an item blindfolded. Not literally, of course. The point is, when you are trying to buy at an auction make sure that you have carefully inspected the particular item you are interested in. Doing this will ensure that you know what you are up to and what to expect in case you win the item. It also allows you to have a set budget.

3. Going to an auction with a vague goal. People go to an auction hoping to bring home something for a bargain. But if you ask some of these people what item they want to buy, they might just say "I have no idea" or "I just bid on everything and hope to win something". When you go to an auction, you should know what you want beforehand. Have a good idea on what's on sale and prepare for it.

4. Wrong perception on how the auction process goes. An auction house can become a battle ground and participants can transform into warriors fighting to win something. But that does not mean you have to fight in any way you can. Bidding is about strategy; knowing how and when to bid is essential. Do not engage in a bidding war if you are not prepared. Remember: even if you win an item, the final price is what matters.

5. Letting emotions take over. Emotions can run pretty high during the sale especially if two or more individuals battle over one item. Do not get carried away with the intensity of the moment or else, planning and strategizing will just become useless.

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