Fundraising Auction Do's and Don'ts

Organizing a fundraising auction is a big task, nonetheless it is possible. But before start, take these do's and don'ts as your guide to a better and more successful auction.

Do's

Do the planning carefully. Set your goal. Gather your team. Draw your plan. Delegate tasks. Prepare everything you need. Execute perfectly.

Get a corporate sponsor. Not only will it reduce your expenses, getting a corporate sponsor will also help you attract more people through corporate contacts or employees. Companies are less likely to refuse since it gives them exposure for a small amount. The thing is: You need them and they need you. Everyone benefits.

Define what auction you will use. You have 3 choices. You can use a regular auction, silent auction, or both. Each has its own pros and cons. It is up to you to decide what approach to take to make the most out of these types of auctions.

Do Estate Auctions Interest You?

Estate auctions seem to be the top-rated places for scouring items that may fit your house. If you are out to seek an odd chair, an old designer side table that could be turned into a center piece for your house or an antique cabinet that could be refurbished for your stylish home, estate auctions may offer you better deals than antique furniture shops.

You never know what you are going to find for sale during an estate auction and what adds to the thrill of joining such. If you are someone who makes the most out of anything you see, you may find that an estate auction is more satisfying than you first expected.

But what will assure you of a great deal with an estate auction?

Boost Your Sales and Make Money at Auctions

Whether you are planning to make a living on selling items at an auction or just want to maximize your profit from an item you have entered, take note of the following tips on how to boost your sales and make money at auctions.

1.         List item(s) on auction houses that sell similar products as yours in similar price ranges. There are auction companies that accept and sell anything. This is okay but your first choice should always be the ones that are selling similar products as yours.

Why? Bidders and shoppers look for a particular item to buy and they want to buy it where they have several choices. The more choices the auction offers, the more people they attract. The same reason people go to a department store rather than a small outlet. Placing your item among other similar items at similar price range increases its chance of selling.

Benefits of Auctions for Sellers

Many sellers, property owners and brokers often prefer to sell items through auctions due to the following reasons:

An item is considered sold once auctioned

Chances are the items will be bought once listed at an auction. The fact that it is being auctioned means that it has some good market value and this value could increase depending on the bidders. The buyers will always find good reasons to buy the item presented to them even if they may have no intention of doing so.

All buyers are willing to bid

There is no other way for potential buyers to get the item they want but to bid at an auction. Thus the seller has the assurance that his items and properties will be sold at the end of the day.

Quick disposal of items

Auction Guide for First Time Bidders

When you are going to an auction for the first time, there are specific things that you should know :

1. Obtain an auction brochure or catalogue. Do this at least a day before the auction date. This ensures that the goods for sale are what you need.

2. From the auction catalogue, identify what you want. If it's a car, do your research on its current market value online. Once you know its value on the market, you can set your budget.

3. At the day of the sale, phone in the auction house and confirm if the auction is going as scheduled as certain auctions can be subjected to last minute cancellations or rescheduling. Phoning in to confirm if the property or an item you are interested in is still on sale is something you should do before going to the auction house as well.

4. Once you arrive at the auction house, register to obtain a bidding number. You will be asked for your name, address, and contact number and will be asked to pay a deposit or pay a certain amount for the registration fee.

5. Come early. This allows you to inspect the auction goods properly before the bidding starts. An auction brochure may be helpful in providing information of the goods for sale; but physically inspecting the items before the sale allows you to determine if the goods are really worth any amount of your money. Do an ocular inspection, days before the scheduled auction if it is a piece of property.

6. Each item is designated with a lot number for easy reference. Take note of these numbers when you are inspecting the goods. The same number will be called during the actual auction.

7. Before the auction starts, the auctioneer will explain the rules. Listen attentively and keep your ears open for additional information on the goods up for bid.

8. Once the auctioneer calls for the starting bid, the bidding process begins. Each item may be sold within seconds. Once the lot number you are interested in is called, be alert and stay focus. Do not bid an amount you cannot afford. Stay within your set budget. Most first time bidders get carried away and bid higher than what they have originally planned.

9. If you have won an item, you will be asked to pay in partial or in full and to give your personal details the day of the auction.

Once it is all settled, you will be asked to sign an auction memorandum. The deal is done!

An Effective Fundraising Tool

Charity auction are widely used as a tool to effectively raise funds for a cause. A charity auction works the same as other types of auctions. The main difference is that this auction is a non-profit event and the proceeds of all the items that are sold goes to a common cause.

There are two types of auctions used on a fundraising event: Silent auction and regular auction.

Advantages of Auctions for the Buyers

Why is there such hype regarding auctions? What's so good about them and what do people get from them that they don't normally get from other forms of buying?

Half of Americans, according to the study conducted by the National Auctioneers Association, have seen or attended an auction. This means that auctions are fairly popular among Americans and that the majority of people often prefer to trade through auctions, like in EBay and other live auctions rather than in the actual market.

Why? Because first, it is one of the most exciting ways to get the best deals (according to the 83% of all the people surveyed), second, great value for items is often offered to the buyers (this according to more than half of the respondents), and third, buyers are satisfied with the prices they pay at the auctions. Apart from these reasons, there are several others including the following:

A Quick Guide in Hosting a Fundraising Auction

Any successful event needs careful planning. If you are hosting a fundraising auction, you should sit down, talk with your team, and plan for the event.

Gather the Auction Goods

Items that will be put on sale may not be expensive and of the same kind. They can be things like handicrafts, trips, commemorative items, sports or concert tickets, and gift certificates among others.

5 Reasons Folks Fail at Auctions

Winning something at an auction is not just about toppling all your opponents and emerging as the highest bidder. It's also about bidding wisely and making the most out of every cent you pay. Sadly, not all bidders make correct decisions and fail miserably due to their own negligence. The reasons? Read on :