For a good product, there could be hundreds of online bidders other than you who are bidding to win the product. Even if there are many powerful tools which automatically put bids on bidder’s behalf so that he can win bid at lowest price possible. Some of them are: EZ Sniper for eBay Auctions, Godaddy Auction Sniper for domain names etc.
Even for online betting, there are tools like Betfair racing app which is Grey Horse Bot. The tool provides five different ways to control what your bot does with your Betfair bank – with the ‘Stop at profit/ Loss = feature’. You can set your bot to bet on real-time ranked odds filters or simply add filters to a specific bet on Automatic or Manual mode operation. It has become so much important for online betting that the tool can only be described as the “Swiss army Knife” of betting tools.
These factors increase competition and make it very tough for ideal bidders to win bid for a popular product. So, here are few tips for those onilne bidders who are struggling for winning bids on eBay, Webidz, Auction Warehouse, Godaddy or any other online auction portals:
1. Do Research First
Research task becomes very important if you are a newbie in online bidding. Always go for legitimate sources (who are serving bidding from years to thousands of users) to place your bids. Find at least 2-3 reputable sites which are providing auction for similar products, take a look to earlier sold products, their popularity (number of bids), winning price, etc.
2. Set A Limit
For a desired product that is available for bidding, make a clear idea about how valuable the product is for you. Bound yourself with the limit of “what maximum price you can pay for the product!”. It will prevent you from getting caught up in excitement of auction and spending more money than your profit margin.
3. Take Advantage of Mistakes
If a product’s category is popular then for every product listed in that category in auction will have lots of bidders who can pay more price than you can afford to bid for the product. So, the tricky way is to take advantage of sellers’ mistakes. Search for misspellings for search keywords (for example, Domain name vs. Doiman name, Spanish vs. Spainish, etc).
Sellers often misspell keywords in their auction titles and those auctions may not appear in typical buyer searches hence giving you chance to win similar products at low bidding price. If you search for compound keywords such as candleholder or backpack, try to break it into two separate words like candle holders and back pack.
Not-so-popular (but trusted) auction sites can also be used to take advantage of less exposed bidding. You will have less competition at those places and you can win a bid for similar product at considerably low price.
4. Take Advantage of Time
All international bidding sites provide 24×7 bidding service. So, people can bid at any time but not all people worldwide are interested in your product category, there will be only some specific countries. Know them, find out their less active hours/days for bidding (by observing sold products’ bid history), find the product having its bid ending at that time.
These products will have less competitors and hence, you can win a similar product from auction at very low-cost.
5. Bid at Perfect Time
Don’t put early bid for any product hours before its ending time. It will increase competition for the product, make other bidders to place even more high bids and increase winning price for your bidding. Wait, and bid at the last moment. It will not increase any competition and other bidders will not get chance to put any high bid.
Auction software are configured to bid even at last 5 seconds. So try to bid at the last moment in which you can complete placing your bids.
6. Does the site have proxy bidding system?
Auction sites like eBay, Sedo, etc. provide “Proxy Bidding” software to make it very easy for bidders to place bids. Just set the highest bidding amount for any product and sit back. Now, the tool will automatically place lowest possible bid for the product on your behalf while making sure that you’re the winning bidder and the bid is in range of your highest bidding amount.
Even if any bidder puts higher bid, this tool will overbid him at the lowest possible bidding amount. No one knows your highest bidding amount for the product so there is not any danger of seller to sell the product in higher amount than your budget.
7. Use Automated Software
For any auction site you’ve selected, its best to have an auction sniper software. Even if the auction site doesn’t offer Proxy Bidding feature, this software will provide you that service. Just enter your login details for your auction account, configure the software with constraints (like maximum bidding amount, maximum number of bids to do, when to stop, etc.)
8. Purchasing at “Buy It Now” Amount
Many auction sites like eBay, Godaddy, Flippa, etc. provide sellers to put a Buy-It-Now or BIN price on which bidder can buy the product instantly without going through bidding competition. If you find any lucrative BIN amount for your desired product, go for it. It will prevent you from bidding war and also make the product available to you instantly.
9. Bid Nibbling
Bid Nibbling is a powerful tactics to eliminate all the non-serious buyers for any product. You know a product have $$$ market value and its bidding starts from $$. You also know that it will reach that $$$ target. Still, as it starts from $$, both serious and non-serious buyers will put bid in a hope that they might will get that product for $$ but you know that’s not going to happen.
So, if you’re serious about winning bid for that product, put a higher bidding amount of $$$ (which still is under market value). It will eliminate all non-serious (and many serious) buyers to try their luck in getting that product at few $$ and hence increasing your chance to win the bid.
10. Try ‘Other than Mainstream’ Sites
You know Flippa, Sedo, Godaddy are mainstream websites for domain names auction. Not only you even hundreds of thousands or people know that. So, these sites will have serious buyers available who can bid at big amount for a good domain name. So, bidding and winning here can be expensive. But if you’ll see eBay domain auctions, it has very low bidding + buy it now prices for very good domain.
Article appears courtesy of techdyg.com. http://www.techgyd.com/win-online-auction-bidding-top-tricks-explained/14182/