Live Auctions and Timed Auctions, which is Best for You?
Online auctions are becoming a well-liked option among online shoppers. However, not all auction offers are the same. Most of the leading online shopping sites, e.g. eBay have come up with “timed” auctions. These timed auctions are uncommon and give shoppers an utterly different bidding experience. But we can’t also ignore the live auctions at Equify, LLC which are often hyped up and fun.
Let’s go through the different auctioning equipment in the market.
Live auctions are those conducted in an onsite location or online with or without an audience. They take place in real-time just like the name suggests and are spearheaded, and monitored by the auctioneer. Live auctions proceed lot by lot, and every lot ends when the highest bidder wins.
But sometimes, your tight schedule may not allow you the time to attend the auction. So what do you do?
Consider Pre-bids if you can’t Make it to the Live Auction?
A bid placed on an item that hasn’t reached the auction block is referred to as a Pre-bid. They are particularly convenient for bidders may not have the chance to participate on the auction block. The pre-bid feature is straightforward. You need to enter the max amount you wish to place, and a new-age Auto-Bid feature will bid for you until the maximum amount is reached. Should you win, you will receive a notification from your auctioneer.
Live auction platforms allow bidders to take part in real-time and compete against onsite as well as online buyers. For web-based auctions, a real person operates the software and gives a constant stream of feedback to the bidders. You can also inquire about the items or the bid itself.
Plus, you get to enjoy the audio and video of a live auction from the comfort of your favorite couch at home.
A live auction without an onsite location or audience is known as a live virtual auction. For both types of auction, you can place bids in different ways; online, over the phone or onsite. Most sales usually take the ascending-bid format; also famous as English auction which requires the presence of not less than two bidders.
In a nutshell, the auctioneer states the opening price and prospects bid competitively one after the other, raising their bids often by equal increments. The auction closes and no more bidding goes on the auctioneer drops the hammer or calls “Sold!”
For timed auctions, the seller posts an item for sale over a pre-set period; say days or weeks.
Buyers can keep on placing bids all through the event and the topmost bidder at the pre-determined closing date and time carries the product home. If a buyer happens to put a request in the dying minutes of the auction, the auctioneer’s platform automatically stretches the bidding time always making sure that customer with the highest bid wins. What’s more, bidding has a distinct start and end dates.
Whether the items close for bidding at once or one-by-one is the auctioneer’s decision. Such bids are only possible on a web-based platform as they take place within some defined time span.
Now you know what each auction style entails; what’s best for you depends on your needs and schedule. Choose wisely.