auctions

How to Buy Like a Pro at Country Auctions

Kentin Waits — Fri, 10 Jun 2011 10:24:06 +0000

To the uninitiated, auctions can be intimidating. When you combine big crowds, a fast-talking auctioneer, a jumble of items, and a competitive atmosphere, it’s easy to lose your cool. Country auctions, in particular, have a more informal feel and dynamic pace than the auctions we typically see portrayed on TV or in the movies. Forget the high-brow auctioneer with his gavel presenting one item at a time to a somber crowd seated in padded chairs. Country and small-town auctions are loud, social, fast-paced, competitive, and — once you get used to them — a lot of fun. (See also: Police Auctions: How to Buy All the Stuff Police Seize)

Here are a few tips and tricks to help first-timers get their bearings in the auction world and score some great deals in the process.

Go for It

Don’t be intimidated by the maddening crowd or fast pace of the auction; dive right in. Once you have your bidder number, don’t be afraid to use it. Hold you number high and clear when you’re ready to bid, and if the auction staff doesn’t notice you at first, give a little shout.

Be Committed

Don’t bid if you aren’t serious about scoring the item. Bidding just for the fun of it only drives up the final price for someone else.

Keep Your Cool

Don’t jump the gun and bid at the first figure the auctioneer throws out. Auctioneers often start out high to see if there’s interest. If not, the price of the item goes down until there’s an active bid. Don’t be the guy or gal who bids immediately — you’ll never know how low the price would have gone.

Ditch Your Ego

The benefits of the auction process (for the seller, anyway) are its speed, its ability to liquidate everything completely, and the way it taps into the psychology of buyers. Bidding is competitive, and it’s in our natures to want to win. Often buyers get caught up in this desire for victory and end up paying much more for an item than intended. Sideline your ego, have a maximum price in mind for each item you bid on, and realize you can’t win ‘em all.

Be Aware

When registering at an auction, you’ll be given a bidder’s card or paddle that reflects your unique bidder number. Be careful with it. Fanning yourself with your bidder paddle during a hot summer auction is the fastest way to accidentally end up with a set of Strawberry Shortcake curtains or VCR circa 1989.

Get Comfortable

Depending on the volume of what’s being liquidated and the speed of the auctioneer, an auction might take awhile. Large household or antique liquidations are sometimes spread over two days. It’s easy to lose patience as you wait for the auctioneer to get to your item. I’ve seen many a diehard buyer fold at the eleventh hour. Bring a strong cup of coffee, take a walk, grab a snack, or set up a rotating “auction watch” with friends or family.

Be Fair

Household auctions can be jumble of miscellaneous "stuff" that camouflages a few real gems. I’ve see less-than-scrupulous buyers take a valuable item and bury it in a box of junk. These folks hope their treasure isn’t noticed by other bidders and that they can score the box for a minimal price. Don’t be one of these people. Auctions are competitive, but dirty tactics just bring down the entire process.

Enjoy Yourself

Where else in our modern world are prices not set in stone and controlled by a bar code? Where else can buying be so interactive and social? Auctions let us peer into someone else’s world for awhile — to be archeologists exploring the material histories of other families and previous generations. The whole process is so much richer than shopping from a catalog or big-box store. Enjoy yourself — but don’t forget the coffee.

This article is from Kentin Waits of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

Will Guns Change the Way eBay Auctions Operate?

Paul Michael — Mon, 11 Aug 2008 20:16:29 +0000

The more I talk to people about eBay, the more they are annoyed by one simple fact; the auctions are not, well, auctions any more. Auction sniping and the ensuing last-second bidding frenzies have turned the auctions into something many people deem unfair. But, an auction site for firearms may just change all that.

If you know eBay, you know there are several ways to get your hands on the good. There are the usual auctions, which give you several days to bid on an item, the winner being the highest bidder. There is the Buy It Now button, which is a time-saver; bid a lower price and hope you don’t get outbid or see the price go higher, or But It Now for speed. And there’s the Make An Offer button, which is a hybrid of the two.

The trouble is, regular auctions have been hijacked by sniping (I should know, I have used sniping a lot in the past). This method, when first introduced, was designed to stop a bidding war. There was speculation that some sellers were even raising the price of the item artificially by bidding on their own items, and sniping put an end to that.

But now sniping has taken such a hold on eBay that people are just getting sick of being outbid at the last second. It’s not worth their time, and trouble, to bid on a regular auction. Instead, they are resorting to the more favorable But It Now button, which basically turns eBay into a giant storefront. No bidding, no fun, right? Like their own ads say, it’s more fun when you win something, especially when you know you got the item at a great price.

Well, a site called Gunbroker.com has found a way around that sniping issue with something called “the 15 minute rule;” and it could breathe new life back into eBay auctions.

A friend of mine recently told me of “the 15 minute” rule after he purchased a replica gun from the site, and I was fascinated. To sum it up, it basically puts no hard stop on the auction. If there is a frenzy of bids in the last 15 minutes (something that happens often on eBay auctions) then the end time of the auction is postponed until all the bids have been taken. In effect, the “going, going, gone” aspect of live auctions is reintroduced on the web. Here’s the write-up from Gun Broker explaining it:

All of our auctions use something known as the '15 minute rule'.
In a typical auction setting, there is always a called out counting that happens to allow buyers time to decide to place higher bids. This 'final call' is reset each time someone places a bid. "Going Once, Going Twice, Going Three times" - someone places a bid - "Going Once, Going twice" - another bid placed - "Going once, going twice".. and on and on until the auctioneer completes the entire phrase "Going Once, Going Twice, Going Three times, SOLD to the highest bidder"

So this rule is no different, but because of delay caused by the internet and other possible technological speed bumps, we have a 15 minute final call time.

When the seller lists an item, he specifies the number of days the auction will run. The auction listings display the scheduled closing time for the auction. If there is bidding activity on the auction within fifteen (15) minutes of when the auction is scheduled to close, the auction automatically switches into a special mode analogous to the 'going, going, gone' period of a live auction. In this mode, the auction is automatically extended until there have been no bids placed within fifteen (15) minutes. When fifteen (15) minutes have passed with no bidding activity, the auction closes.

The 15 minute rule makes auctions more fair, by allowing all bidders an equal opportunity to place their best bid. In other online auctions where an auction ends exactly at a given time, some bidders will hold their bids until the last minute or so, in the hope of winning an item on the cheap. This is referred to as 'sniping'. The 15 minute rule gives all bidders an equal opportunity to place their best bid on an item before the item closes. This way, no bidder loses an item to sniping, and the seller can be assured that he has gotten maximum value for the item.

Our auctions are more like a live auction. In a live auction, bidding continues until no one wishes to place another bid. The auctioneer does the 'going once, going twice' routine, and if someone places a bid the bidding resumes. Since all persons bidding on an auction are connected by the Internet, which can be slow and cranky at times, we picked 15 minutes as a reasonable amount of time to overcome any slowness or technical problems.

In a 'live' auction, the person who is willing to pay the most wins the item. Why should it be different on the Web? We certainly don't hide the fact we do this - you will find the 15 minute rule described in our Help Center, User Agreement, etc. It is also why our auction listings say "Ends On or After".

In a recent survey, a feature similar to our '15 minute rule' was the #1 most-requested feature addition that eBay users would like to see added to the eBay site.

So what does this mean to you? Well, if eBay redesigned the auctions to have a 15-minute rule (or something similar), sniping would disappear completely, at least in its current form. There’s not much point in putting a bid in at the last three seconds if it then extends the end time of the auction and opens it up to more bidding.

It may mean prices will go up in the auctions, which is much better for sellers but not so good for buyers. Now, the possibility of getting into a real bidding war is back on the table. Hopefully, the ability for sellers to artificially inflate prices and then ‘drop out’ of the auction can be combated.

Conversely, it could sometimes mean better deals. The auction snipers looking for last-minute deals won’t be as interested in getting into the bidding wars, so they may just forget the whole process and opt for the Buy It Now or Make An Offer features when they’re available. Less people in the fray for products means more chance that you’ll get it a little cheaper.

Either way, this could invigorate eBay auctions, which have been sadly declining over recent years. Will I miss sniping if this happens? You bet, I have got some killer deals through auction snipers. But everything must run its course, and a small part of me does relish the idea of seeing the real auctions return. There’s nothing quite like winning an item and getting a deal at the same time.

This article is from Paul Michael of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

How to Buy All That Stuff the Police Seize. And It's Cheap.

Paul Michael — Sat, 29 Dec 2007 07:04:37 +0000

Ever wondered what happens to all that stuff the good folks of law enforcement have stashed away? You know, anything from car stereos to bags of diamond necklaces, watches and gold rings. Well, when it's no longer required as evidence several things can happen to it. If the police can find the original owners, they'll get it back. If they can't, they'll often sell it off at auctions. And I've just found a terrific site that lets you bid on all sorts of great stuff like this at silly prices. (See also: How to Buy Like a Pro at Country Auctions)

The site is called PropertyRoom.com and it's a veritable goldmine of cool gear. It works in the same way as eBay, except most of the items come directly from law enforcement agencies. From the site:

The vast majority of items auctioned by PropertyRoom.com derive from law enforcement agencies and other public municipalities. With few exceptions, we physically pick-up the goods and transport them into our facilities. We then inspect the goods and make them ready for auction. Lastly, we tightly control the listing content, auction process and fulfillment of each item.

The types of items you can buy vary just like any other auction site, but the main categories are just as you'd expect:

Apparel
Automotive
Bicycles
Buy Now Deals
Coins & Currency
Computer
Electronics
Jewelry
Photography
Real Estate
Tools
Watches
Everything Else

However, my personal favorite is the 1-Hour Quick Wins section. This is constantly updated with new stuff, and the auction is only up for one hour. We recently got pipped to the post by someone for a sapphire ring, retail value $399 — it went for just over $50. There are tools, watches, iPods, laptops, well, you name it and it appears in the quick wins section, as well as on the rest of the site. Sure, it's all used but at these prices who cares?!

Former law enforecment cars

PropertyRoom.com also gives you the chance to buy ex-police cars at a fraction of the price you'd pay at a dealership. Remember, the mileage on these cars is very high for the age of the vehicle, but don't let that fool you. A '99 Crown Victoria with 200,000 miles may have done some serious driving but it's also been given some incredible maintenance. These cars have to be in A1 condition all the time, and $800-$1000 on one of these beauties is well worth it.

See something that's yours? Steal it back!

Another fabulous feature of this site is its promise to help victims of crime, namely by making sure that if you see something that was yours, you can get it back free. It's called the Steal It Back Registry.

Largest Stolen Property Repository

PropertyRoom.com is the leading Internet Auction Services Company serving law enforcement in the United States. In addition to our auction site at www.propertyroom.com, we maintain the only nationwide registry available to the general public for recovering lost or stolen goods, and it is absolutely FREE.

Get Your Stolen Property Back

We record the serial number of each item that we receive and check these numbers against your Stolen Property Registry. If there is a match, we will contact you and return the item. Using this service, you can register information about property that has been stolen from you. You may also register the serial numbers of items you currently own in case they should ever be lost or stolen.

I've found myself glued to this site for at least an hour each time I visit. It's a bargain-hunter's paradise, and a fun way to get hold of some very nice stuff at a fraction of the price you may even find it on eBay. As this site is virtually unknown, you're not competing with the millions of eBayers around the world. Best of all, you're helping out the law in the process. Makes you feel good to be a concerned citizen, right?

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This article is from Paul Michael of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

Everything You Need to Know About Unclaimed Property

Linsey Knerl — Thu, 18 Oct 2007 22:09:33 +0000

Unclaimed Property consists of cash and other personal assets that are considered lost or abandoned after an owner cannot be located within a specified period of time. This property may be cash, bonds, stocks, gift certificates, and contents of safety deposit boxes (jewelry, documents, etc.) The amazing thing about unclaimed property is that it is just that – unclaimed. It still belongs to the rightful owner, and by law, all they need to do is ask for it to regain possession. But how does one go about finding out about it in the first place?

Where to Look? Most state treasurer’s offices in the United States each maintain their own websites, where users can look up any unclaimed funds by last name. The trouble with this method is that you need to go to a separate site for each state you may have property in. And who wants to Google search for many different states that may potentially hold an unclaimed treasure? Websites such as Missingmoney.com and Unclaimed.org (both maintained by the National Association of Unclaimed Property Administrators (NAUPA), can help you in your search by listing contact info for each state office and providing a search tool for several treasuries at one time.

What to Do? Once you have found what might be unclaimed property that should be in your possession, there will be a form and some simple verification steps to follow to prove to the state that you are the rightful owner. Once this has been established, you can arrange for your property to be returned to you.

(NOTE: Please don’t ever pay anyone to “find” property for you. This is a service that your state treasury will gladly provide you for free. It is their job, and since most unclaimed property has a value of less than $100, it does you no good to pay someone to do what you and your state treasury can accomplish on your own.)

No property? Even if you don’t have any property, you can still take advantage of the billions of dollars of unclaimed items left abandoned in the possession of state treasuries. Many of them are now selling this property on Ebay and other online auction sites. To see a quick view of some of the items that the state of Maryland has up for auction, for example, view their seller’s item list. All proceeds from these auctions are held for the rightful owner or their heirs, and can be claimed at any time. It just may be a great way to get a good buy on that 1978 Krugerrand you’ve always wanted!

Unclaimed property is the coolest lost and found out there. Check it out today, and see if you don’t have a little unknown treasure waiting for you!

This article is from Linsey Knerl of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

Know Your Markets and Earn Some Cash: Ebay vs. Amazon

Linsey Knerl — Wed, 25 Jul 2007 14:21:02 +0000

Most online shoppers I know are very familiar with Ebay and Amazon. The problem is that the hardcore Ebayers are not very familiar with the Amazon Marketplace. Those faithful to Amazon third-party sellers are put off by Ebay. By carefully studying the markets of both retailers, it is possibly to not only get the best deal, but make some money in the process!

I have been homeschooling my children for 2 years now. Those that aren’t familiar probably aren’t aware of the cost of textbooks for just one year of curriculum. My daughter’s 2nd grade books would have cost over $500 from the publisher, and that is just not something we could afford. In my quest for a better deal, I hit Ebay pretty hard. I was able to get most of what I needed for about $80 during the off-season (buying in the middle of the school year for the next year.) There were, however, a few items that just weren’t being listed reasonably on Ebay.

I headed over to Amazon, and what did I discover? Various copies of the books I needed were being sold for a steal by third-party sellers. Items that I had won on Ebay auctions for $10-12 were being sold for a couple of bucks on Amazon. A static shipping rate on Amazon also ensured that I wasn’t being extorted for having it mailed to me. Stiff competition among Marketplace sellers and incentive to have the lowest price by offering best placement on the site kept prices in check. Sellers were literally dumping their product.

This really got me thinking: What would stop a person from buying low on Amazon during the off-season and selling high during back-to-school time on Ebay? Nothing, and I did just that.

While Amazon certainly has its drawbacks (no photos of individual books, vague descriptions of item conditions, an unreliable volunteer feedback system), I was able to find many copies of the books months before they hit their peak demand on Ebay auctions. Books I paid $3.00 for were resold at 500% profit and more! After shipping, Ebay fees, and Paypal fees, I was seeing some serious cash. To further sweeten the deal, I was quick to use my Amazon card for my Marketplace purchases to earn 3% back and my Paypal card for the shipping labels on my Ebay sales to get 1% back. While some items without detailed condition descriptions came to me in less-than-great condition, I was able to throw those undesirable items in with a nice lot to keep them moving at a profit.

Textbooks are just one of many specialty markets that this method could work for. Any product with a seasonal peak, mass production, and a niche consumer group would work well to buy low and sell high. Take time to learn the market, and you can save a bundle or even make some extra cash!

This article is from Linsey Knerl of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

Snipe an Ebay auction, save a fortune.

Paul Michael — Mon, 08 Jan 2007 16:34:48 +0000

eBay is a fabulous resource for so many people. Not only can you find almost anything, but you can usually get it a whole lot cheaper. Usually.
There are, of course, many ways for the savvy shopper to turn that "usually" into an "always" and in the case of eBay, it’s sniping an auction using BidNip.

So, what is sniping? Well, it’s a nasty word but the explanation is simple. In a regular eBay auction you place a bid (up to your max) and eBay will bid on your behalf up to that amount. If other parties are interested in that item, you get into something called a bidding war. And for the frugal shopper, that’s your basic nightmare. The price rockets, and before you know it, you’re almost paying the cost of retail. Ouch.

With sniping, you place a bid on a proxy client, like BidNip, stating the maximum amount you want to pay and the time you’d like the bid to be placed. I usually choose three seconds before the close of the auction. Then, you sit back and relax. As far as eBay is concerned, you haven’t yet placed a bid. You bid doesn’t appear in the system. Thus, no bidding war. And three seconds before the close of the auction, your bid sneaks in at the last second and you pay a whole lot less for it than on a regular eBay auction. The opposing bidder has no time to place a new bid on the item and bingo, it’s all yours.

Sneaky? Well, yes. But this technology is out there for everyone, so I’m certainly not the only one using it. I recently won an auction for 99 cents, on an item that usually goes for $20–$25. How much does it cost to snipe an auction? Just 25 cents per snipe, and ONLY if you win the auction. If you lose (and it can happen, but it’s very rare) then you don’t use a snipe credit. And on average, you’ll save around 25–35% on every auction.

BidNip gives everyone five free snipes when they open an account, and it’s free to sign up and use. No credit card details, none of that hassle at the start. Once you’re happy with the service, you just buy extra snipes and add them to your account. Easy.

Do yourself a big favor, and learn the art of sniping. It’ll save you a ton of money, and you can avoid the bidding wars forever. Happy sniping.

This article is from Paul Michael of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread: