How can you be a successful buyer at an online auction?
- Start with a plan
- Always check the terms
- Investigate and inspect the item/s
Buying at an online auction in the Philippines can actually be quite easy as long as you know what you are doing. Unlike traditional methods of sales, buying at an auction does not require any fixed timescales in place. This means that as long as you are prepared and you know what you have to do, you can be picking up your new property in almost no time at all.
Online auctions might seem intimidating at first, but once you are familiarized with how the whole thing works, you might be surprised to find out that it is not all too different from other websites. Now, all that’s left is for you get the item you want, so here are a few tips on how to become a successful buyer in an online auction:
Start with a Plan
Once you have an auction you have in mind, make sure that you plan out all of the details of your purchase for that day. Most online auction websites readily provide the terms, conditions, and pictures of the items they are auctioning so take advantage of all this information.
Determine what kind of items you plan on buying. Take a look at their catalog and make a note of all the items you are interested in ahead of time. Check the condition of the item by looking at the pictures on their website.
If the items you plan on buying are fragile or easily breakable, you might want to bring some packing material just in case. Bring a larger vehicle such as a truck or a trailer if you plan on buying large items. Lastly, bring the necessary tools if the item you want to purchase need to be dismantled before it can be moved.
Always Check the Terms
Before you make your purchase, it is important that you understand what the terms of the sale are. Most auction companies post the terms on all of their advertising materials while others post it on their websites with every auction listing so you can take a look at them beforehand.
Once you have looked at their terms, read and understand them carefully and keep the following questions in mind as you review them:
- Do they offer a buyer’s premium? If so, how much do they offer?
- Do they provide any guarantees or warranties?
- When will the items be removed from the listings? When will they need to be picked up? Can you make arrangements if you need to come back and pick them up?
- What kind of payment methods do they take? Do they accept cash, credit and debit cards, or other forms?
- Does the listing mention anything about the items being absolute? If not, is it safe to assume that there are reserves of the item?
Investigate and Inspect the Item/s
This shouldn’t come as a surprise, but always make sure that you know what you are buying. Look at the pictures posted, call and ask the auctioneer for more information, and if offered, go and take a preview of the item.
Before even making a bid, you need to make sure and thoroughly check out the items you are interested in. Unfortunately, there are still a lot of people who have bought items at an auction without doing thorough inspections, only to end up bringing the item to their home and that it was already damaged or something was broken without them noticing.
Always keep in mind that a lot of the items you are bidding on in an online auction website are most likely already used, so take your time to check out the full condition of the product you are interested in.
If possible, you also want to verify the authenticity of the object, especially if you are going to spend a lot of money on it. Bring a magnet and a jeweler’s loop if you are buying jewelry for example, and always be ready to investigate.
Gather any information that you can about the object. Look it up beforehand online and read what you can find out. Doing the right research almost always pays off in the end. Don’t always assume that the items are in perfect shape or in good working condition. Investigate and inspect the items as best as you can.
A fun and successful online auction in the Philippines not only benefits the buyers but the staff of the auction company as well. Doing the necessary research and being prepared makes buying through an online auction company a little easier for everyone involved.
Hopefully, these tips have prepared you for most of the things that you might not yet have considered. The next time you find yourself needing to buy an item through an online auction, remember to start with a plan, know the terms, and be meticulous with your product.