While penny auctions are a very different kind of beast from standard auction sites (like eBay) they’re still a form of auction. Whether you’re standing in line for a real estate auction, car auction or you’re bidding online there are certain strategies you can use to help you avoid losing out your bids. You may think it’s just a bunch of other Average Joe’s out there bidding on items but there are skilled bidders who know how to game the system through experience.
If you want those coveted items at low prices then you know have to know how to tango. Try these tips to help you find success and win those penny auctions and start rolling in deep discounts:
Above all else, you need to know the rules. There are a lot of auction sites out there and they all operate differently. Some have very subtle nuances to their rule and TOS structure that can throw you for a loop when it comes time to bid. You don’t need to be an expert on every site but it pays to know your playground.
Watch and learn
Don’t rush into bidding just because you spot an item that you like. If it’s a sought after item it will likely appear again. Take time to observe the auction site as well as the bidders. If you’re attentive you can likely pick out the style of bidders and users throughout the site. You’ll start to see the average price for most of the items you want (or those similar). This can help you plan your bidding strategy, such as setting a max price for an item.
One of the ways that professional bidders take advantage of new users is that they help them get caught up in the moment. As the bids rush in at the last few moments of an auction, or if an aggressive bidder comes in it can be tempting to jump in and get into a bid war. This is exactly how they knock new bidders out of the game; drive up the price then walk away. You’re left holding the bag, overpaying for the item in the end. Be patient, stick to your bid plan and control your emotions. Sometimes it’s better to just walk away from a particular auction even if you’ve already invested some bids in the penny auction.
Embrace the Small Sites
The big sites have a lot of big players. That means there are seasoned bids who like to stick to their “fishing hole. When you shoot for smaller sites like Exceet.com you have the benefit of similar item listings without all the direct competition. You might just find the perfect penny auction site that will turn into your best kept secret ‘” especially when it comes time for holiday shopping. Another major benefit is that these smaller sites often provide more incentives to draw traffic such as bonus bids.
Keep Your Bidding Small
That means sticking to your bid plan and only bidding on one auction at a time. If you’re not used to working with penny auctions then the last thing you want to do is muck up your progress by trying to multitask. Split your attention and you’re dramatically boosting your chance to lose on an auction. Remember that penny auctions go quick, and if you’re trying to keep track of multiple count-down timers you’ll more than likely cost yourself some lost bids in the end.
Do your homework when you find a penny auction site that interests you. They’re a great source of discount goods, which is especially helpful for holiday or special occasion shopping ‘” just make sure you apply these tips and others you obtain by diligent and careful research.
