Question: How Does An Online Silent Auction Work?

How does a silent auction work?

At a silent auction, each item has its own specific bid sheet where guests can write down their bids.

Guests are allowed to bid on as many silent auction items as they want.

Once the auction is closed, the items go to the individual that made the highest bid..

How does an online auction work?

In theory, online auctions run much like local auctions, but behind the scenes, there is ongoing data collection. Just like local auctions, there are sellers and bidders — and winners and losers. Winners are expected to pay for what they bid on at the conclusion of the auction.

How do you win a silent auction?

Here are a few tips to winning must-have items during a silent auction:View the prizes carefully. Your first step at an online silent auction will be to review all items on display and find which items are enticing to you. … Bid early. Bid early and often, don’t hold back! … Bid late.

Do you put value on silent auction items?

Many auctions have “win it now” prices stated on their bid sheets for those guests who want to ensure they become the immediate “winner” of the item. The “win it now” price should be a premium price equal to about 150% of the item’s fair market value.

What are disadvantages of online auctions?

Disadvantages of online auctionsShopping online is fun and addictive. … You don’t get to inspect the item you are bidding for. … If you are bidding for a self-storage unit, there might be a lack of information about what it contains.More items…

What is currently the largest auction site?

eBay is undoubtedly the largest auction site on the internet and prides itself as the biggest online shopping mall with over 100 million registered users. eBay is also the best-known online auction site because they offer the safest marketplace platform for both buyers and sellers alike.

How do you win an online auction?

How to win an online auction? Strategies and tipsSet a maximum bid in your Mind. There is a common misconception that to get an item, one must start with the lowest bidding. … Remain active throughout. It is necessary to place a matching bid as soon as potential buyers place their bids to win an online auction. … Capitalize on time frame strategy.

What are the best online auction sites?

Top online auction sitesAuctionmaxx. … AuctionZip. … Bonanza. … eBid. … uBid. … Webstore.com. … LiveAuctioneers. LiveAuctioneers hosts live auctions from all around the world, using mobile auctions, streaming video and online payments. … The SaleRoom. The SaleRoom works with auctioneers to bring their auctions online.More items…•

How long should an online auction run?

between 7 and 14 daysYou need to engage your guests by giving them enough time to view all your items on display, and encourage pre-event bidding. However, if you leave it too long bidders will begin to lose interest. In our experience the optimal period for your auction to be open is between 7 and 14 days.

How long should an online silent auction last?

7-10 daysBuyers can place their bids from anywhere in the world via their mobile device or computer, which can increase participation, encourage competition and drive up selling prices. A lack of time restrictions: Unlike an in-person auction, an online silent auction can last indefinitely (though we recommend 7-10 days).

How do I do an online silent auction?

Here are the basic steps to holding an online auction:Choose a vendor. … Solicit goods. … Decide when enough is enough. … Collect or take photos. … Determine fair market values. … Set starting bid amounts. … Let people know about the auction. … Present goods in an attractive light to bidders.More items…

Do bidders see the reserve price?

A reserve price is the lowest price you’re willing to sell an item for. Bidders can’t see the reserve price, but they’ll see whether it has been met.

What are some good silent auction items?

Top Auction Item CategoriesTravel. Travel-related silent auction items are always a huge hit. … Outings and Experiences. … Sports Tickets, Memorabilia, and Activities. … Music. … Food.

How many silent auction items should I have?

A rule of thumb is to offer 1 to 1.5 items per bidder. This is the amount of product that provides enough scarcity to drive up bidding. To determine how many bidders to expect, analyze your audience.

What are good items for a silent auction?

Charity Auction Item IdeasTravel Package. Ease. ✓ ✓ Bid Amount. … Signed Memorabilia. Ease. ✓ Bid Amount. … City Bar Crawl. Ease. ✓ ✓ ✓ ✓ Bid Amount. … Best Pizza In Town. Ease. ✓ ✓ ✓ Bid Amount. … Gift Baskets. Ease. ✓ ✓ ✓ ✓ ✓ Bid Amount. … Custom Artwork. Ease. ✓ ✓ … Reading from a Popular Children’s Author. Ease. ✓ … 20 Hours with a Personal Assistant. Ease. ✓ ✓ ✓ ✓More items…