SETTING MAX BIDS In A Online Auction
Entering a maximum bid (max bid) can save you the hassle of incrementally bidding in a online auction.
You set the ceiling for the price you’re willing to pay. Your bid is automatically advanced until your maximum bid is reached. You are only outbid if someone bids higher than you.
You can enter your absolute maximum price by entering the figure. The online software will place your bids at the next available increment to place and keep you in the lead, but only up to your max price and never any further. If the bidding passes your maximum amount, then you may miss out on winning the item. Typically you will get an email to let you know, so you can increase your max bid if you so wish.
The best feature of max bidding is you can set your maximum bid and not have to worry about forgetting to check back in on its status. You don’t have to worry about getting caught up in the excitement and action of the auction, letting your emotions take control and bid more than you intended.
While Max Bidding is a safe option, Lots of buyers like to watch items close and bid live in the last few moments. If that’s your style, here is one strategy that may work for you:
“If a buyer wants a competitive advantage understand- ing bidding strategies will give them an advantage. As the auction begins to close a bidder should bid over the minimum bid amount in order to deflate the competition. In other words every time the competitor bids if they are outbid automatically they will get frustrated and potentially give up” Jason Deel • JD’S REALTY & AUCTION LLC • KNOXVILLE, TN