Auctions can be a wonderful place to find good prices on everything from real estate to things for the home and sometimes even amazing antiques or rarities.
Attending your first auction can be a little overwhelming, especially if you’re not sure of the process. Follow these six tips and you’ll be ready for your first auction experience and hopefully take home exactly what you’re looking for.
Get There Early
By arriving to the auction early, you can get the lay of the land, register and find a good seat. It will also help with some of the anxiety as you’ll not feel rushed and can watch the whole process unfold.
Do Your Homework
This goes without saying, but research the type of auction you are attending and what will be sold so you have an idea of what items to expect and gauge how much you’re willing to pay as items come on the block.
There are no rules about having help, so if you are looking to purchase something pricey, like real estate, or large, heavy items like machinery or furniture, then bring an extra person with you who can provide information or help you as the auction unfolds.
Be Prepared to Bid
It may be intimidating to bid, but you went to the auction for a reason, so mentally prepare yourself to go after what you want. It’s simple: raise your hand or bidder’s card when the item you had your eye on comes up for bidding.
Make Eye Contact
When you do bid, make sure the auctioneer sees and hears you. Making eye contact with the auctioneer is the best way to do this and ensures that you both see one another and your intentions to bid are clear.
Listen Closely to the Auctioneer
The auctioneer determines the increases in bidding, so be 100 percent sure of the amount called out and make sure that amount is what you are prepared to pay. The last thing you want to do is mishear the bidding price and end up making a costly mistake.
Now that you know the basics, it’s on to the auction. Check out Wilson Auction & Realty’s website to find an upcoming auction to attend!