How to Buy Business Items From Online Auction Sites - 10 Things You Should Know Before You Bid

How to Buy Business Items From Online Auction Sites - 10 Things You Should Know Before You Bid


So you have decided to enter the domain of Online Auctions to supplement your business supplies or there are items that are just too unique to find them in the local strip mall. Well the good news is that Online Auction Sites have matured enough as marketplaces that one can find business items along side the consumer products that made them famous. To protect yourself there is a few things that you need to know so you don't end up a victim of scammers, or overpay for items.

Here are your 10 Tips to help you have a pleasant successful auction experience:

1. Know the going price and value of the item before you bid. If the item is new to you or brand new, check to see what price others are charging for it. This can be done online by a quick check of your favorite search engine, look into catalogs, and/or a visit to your favorite store/merchant if convenient. If the product is used or reconditioned, of course you will want, and expect to pay way less than the retail value. This will give you a leg up and make sure you don't overpay, a common malady on these sites.


2. If the item's description or picture isn't detailed enough for you, contact the seller to get more
information or a better picture before you bid. You don't want to take a chance to waste your hard earned money on the wrong item, or something different than what you wanted. Yes this does happen often where bids are placed and items won, only to have the buyer realize that what they got wasn't what they thought they were getting. Ask before you bid.


3. Know the highest price you will bid for the item and stick with it. Don't get caught up in a bidding war; you may end up paying more than the item's worth. Don't forget to add in the shipping price when determining how much you are going to bid. Of course if you are looking at other Online sites to compare prices, you need to consider their rates for shipping and handling as well. Naturally if comparing prices from offline sites, factor in your travel time fuel costs, and if the item needs to be delivered or you can carry it out yourself.


4. Visit a few online auctions before bidding because some sellers auction the same or similar items in many auctions. Also if the seller has more than one of the items in stock, they might have more than one listing. Look at all the listings you might find a better price from the same seller if you are patient and do your homework. You usually can purchase the item for a lower price in a unpopular auction because there are less bidders.


5. Be knowledgeable about the time the auction ends. You also want to know how long it will take to ship the item to you. A lot of times sellers will specify that they may take a certain number of days before the can ship the item. If you need the item by a certain date, you'll want to estimate the time it will take to receive it. Of course you can always contact the seller during the auction to see if they offer different shipping rates for overnight service. The worse they can say is no, but many times they will accommodate you.


6. Read the payment options the seller accepts before you bid on their item. If they only accept
checks or money orders, it may take even longer to get the item because the payment has to clear. Steer clear if the only payment option is International Money Order and the seller is overseas. This is usually an indication of a possible scam. Try to protect yourself with either credit card orders through secure servers or other online payment services like PayPal. This way you are protected against fraud.


7. Look to see if the seller offers a warranty or money back guarantee before bidding on a product. You don't want to get stuck with a item that does not work, is broken or you're not satisfied with for other reasons (the old bait and switch is not as common, but does happen from time to time). Most have time frames for returns, and other conditions, but generally most will allow returns for legitimate reasons.


8. Online auctions will, sometimes, allow you to check the sellers' auction history. Check to see what other people's experience has been with the seller. Have other people complained about the their items, services or business practices? How have the complaints been resolved? You do have a right to know before you decide to bid. Also of those that have complained, what is their history, are they chronic whiners?


9. It's important to place a bid early in the auction to show other bidders you are interested in the item. If someone does out bid you, don't be afraid to out bid them. Remember not to go over your maximum
bid price. Of course almost all the auction sites do allow for what they call “Proxy Bids” which allow you to place your maximum bid up front, then the bid is incremented up as others join in the bidding. It is a tool that allows you to set your max bid, but sees that you pay the lowest possible winning bid. This way you don't have to continuously look at the auctions to see how you are doing.


10.Another reason to know when the auction ends; you can place a last minute bid. There is software that allows you to place last minute bids. This is discouraged, but not illegal. It is a process called “Sniping”. So if the item has more watchers than bidders, then perhaps a few “snipers” are lurking to come in at the last minute and grab the item. There may however be other bidders that may not be keeping track of when the auction ends or may not have the time to bid again. These are the best type of competition if you must have any.

Following these tips will help ease you through the process and hopefully keep you from being a victim of overpaying or worse. It is amazing how many items are actually up for auction, and who knows maybe you will start putting your products or services up for bis as well (yes it is being done, but that is the subject for another article).

Mahalo.