What tips and tricks can increase your chances of placing a winning bid at an auction in the Philippines?
- Research on the items
- Bid in odd increments
- Be confident and aggressive
- Observe the people in the room
Anyone can join an auction in the Philippines, but not many can get what they want at the ideal price. In fact, a select few can only do this – leave with the items they want while keeping their bank accounts in check. It takes a certain level of finesse and sometimes some restraint to walk away from an auction and feel satisfied and happy. A perfect balance between the two is the secret to successful bidding.
“But that’s too vague,” we hear you say. It is, and so is the way to win auctions. There isn’t one sure way to win an auction. Every single one is different from the other. Different bidders, different auctioneer, and different auction type. These factors can affect the outcome of an auction, so as much as we’d love to tell you the secrets to always winning a bidding war, we just can’t.
What we can do, however, is give you a few tips and tricks that are likely to increase your success rate. It may not be what you were looking for, but it’s the best we – and frankly anyone else – can give. If you’re still interested, then just keep on scrolling to find out what these top tips and tricks are:
Research on the Items
If you really want to win an auction, then you better be ready to start putting in work, way before you even get there. After obtaining a catalog from the auction house, research about the items that pique your interest. You can’t just rely on the information that the auctioneer has provided because those have already been filtered. They have chosen details that increase the value of items, which is a logical and tactical decision on their part.
Your part now is to see past this by conducting your own research. Know everything there is to know about the items you want. Original retail price, details, functions, and other similar stuff. Getting an item for a price that is way below its original value should be enough of a win and doing this helps you achieve that.
Bid on Odd Increments
Auctions are all about strategies and mind games. It may just look like a bunch of people shouting increasing prices, but it’s actually a psychological battlefield where only the keen and sharp-witted can survive. It’s intimidating, fast-paced, and suffocating and the inexperienced often succumb to the pressures early on.
However, there is one sneaky tactic you can employ to take command of the room and that is to bid in odd ways. You can do this by calling your bid and not the total price. Say the current bid is at PHP11,000 and you’d like to bid PHP13,525, then you call out PHP2,525 which is the amount you’d like to add to the existing bid.
Another way to do it is to bid in odd increments. Usually, people will bid in increments of tens, hundreds, or thousands, and not in odd numbers like the example given above. These set increments make it easy for the auctioneer to add up and continue the pace of the auction – something you don’t want to happen.
If you employ these tactics, the auctioneer will slow his pace and it will throw your competitors in a bout of confusion, further disrupting the momentum of the floor.
Be Confident and Aggressive
The only things you need with you at an auction are your knowledge, wits, manners, and confidence. And a little piece of humanity for when you interact with your peers. But everything else should be left at the foot of your house’s door. People are bound to notice any kind of reaction and expression you make during an auction and they will use these to their advantage.
With that said, don’t hesitate to exude as much confidence as you can and be aggressive, but smart, with your bidding. Don’t be afraid to go head-to-head with an expert, but also don’t get sucked into a pointless bidding war. If something you want comes up, then don’t be afraid to shout the first bid. After all, statistics have shown that often the first bidders end up winning.
Observe the People in the Room
Observing the people in the room is just as important as knowing how to present yourself. Think of it this way, if people can use your body language against you, then there’s no reason you can’t do it to them.
Watch your competition carefully. Oftentimes it tells you how far they are willing to go to get a specific item. It can also tell which items are worth it and which aren’t. Aside from your fellow bidders, it is also wise to keep an eye on the auctioneer. If you can, research about them beforehand and know about their habits.
These things help guarantee that you are bidding on the right items and with the right amounts.
It isn’t easy to win an auction in the Philippines especially if you’re new to the scene, but there are some things you can do to increase your chances.
The first and most crucial is doing your research on the items to find out their true worth. Second is to bid in odd increments to disrupt the momentum of the room and throw your competitors out on a loop. The third is to exude confidence and be aggressive so that people will treat you seriously and with respect. Finally, use your keen observation skills and look at how people react.
These tips may not always work, but they are sure to produce results more times than none!