How to Spot a Good Deal at an Auction in the Philippines

How to Spot a Good Deal at an Auction in the Philippines

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How can you spot a good deal at an auction in the Philippines?

  1. Check the catalog
  2. Compare other prices
  3. Personally check the quality
  4. Can it be improved?
  5. Reliable auctioneer
  6. Other bidders
  7. History of the item
  8. Does it fit into your bid limit?

 

A good deal at an auction in the Philippines is a quality item being sold for a reasonable price. To find the right item for you, make sure you do your research and are only doing business with experienced and reliable auctioneers. It is important to be aware of the product you will be bidding on, as well as your limitations in terms of cost. Here are factors you can check to find a good deal at all kinds of auctions.

 

Check The Catalog

Before an auction, auctioneers give out a catalog listing or inventory of items up for bid. Ask for a copy for your own personal research. Carefully read the details given for each item and take note of those that you are interested in bidding on. To learn more about the item, feel free to ask the auctioneer for more information or to search for the item online.

 

Compare Other Prices

Compare Other Prices

Before setting your bid limit, take a look at the local listings of the item you are interested in. Search the item on different shops locally and online to compare the difference of its worth. Draft the maximum amount you are going to bid depending on the results of your research.

 

Personally Check the Quality

If the auction has the option, go to viewing days to thoroughly inspect the item you are interested in. These are days set for interested parties to come and inspect the item. If it is an auction that buys and sells cars, check out the exterior look of the car and look under the hood for any signs of repairs or damage. For real estate auctions, go to the location to take a look at the surroundings and the condition of the property itself. It is important to do a thorough examination of these items to ensure that your bid will not go to waste.

 

Can It Be Improved?

Can It Be Improved

If the item or property has been worn from years of use, try to estimate how much the cost of its restoration would be. Some bidders for auctions that buy and sell cars make it a hobby to restore vintage automobiles. If you are interested in properties, you can bring along your architect or interior designer to viewing days in order to estimate a cost for its renovation or furnishing.

 

Reliable Auctioneer

Conduct a background check on the auctioneers in charge of the bidding. Ensure that it is a trusted organization that has experience in multiple auctions. Certain companies specialize in trading certain kinds of items. If you are looking for something specific, do your research well on which auctions would be the best place for you to bid on. This would ensure that all the items you are bidding on are high-quality deals that you are interested in.

There are also two main kinds of auctions to choose from: live auctions and online auctions. Here is a comparison of its positive and negative aspects.

  • Live Auction
    • PROS: can physically see the product, knows how many others are bidding, good for networking
    • CONS: auctions are area specific, can overspend when emotions are high
  • Online Auction
    • PROS: can be done from anywhere, payment is done online, easy to use
    • CONS: online sniping, could be against more international bidders

 

Other Bidders

Other Bidders

Good deals attract a lot of bidders. Try to go to other auctions to take a look at items that get a lot of offers. Take note of where other bidders are from and how much they are willing to spend. Try to observe what items have a lot of bids as it shows what are considered good deals. Try to see what makes the item special and what makes them want to place their bids on it.

 

History of the Item

It is important to do your research on the history of the item you want to bid on. Take note of its previous owner and any repairs or enhancements they may have done to the item. This is to ensure that you are placing your bid on a legitimate product. If you are looking into auctions that buy and sell cars, it is important to check its Vehicle Identification Number (VIN) to ensure its legality and history.

 

Does It Fit into Your Bid Limit?

Does It Fit into Your Bid Limit

Auctions can be a place where your emotions can get the best of you. You may feel the inclination to bid above your set limit – it’s always best not to. The best deal is one that fits within your budget. If you get outbid for a certain item, you can easily look through other auctions to find it: live or online.

 

Key Takeaway

Choose only the best deals at auctions in the Philippines by keeping these factors in mind. Do your research, inspect the item, and do not go past your limits. Be ensured to get the best deals that your money can buy by only bidding on items from professional auctioneers.