AW Daily - Tips & Tactics - During the Auction: Timing Bids

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While browsing your favorite online auction site, you come across an item that catches your eye. After checking out the seller's feedback and carefully examining the auction description and photo, you decide to place a bid. But wait--should you bid right away or wait it out? Is it better to bid on a weekday or the weekend? Here we explore how to time your bids.

Now or Later
In essence, there are two main bidding strategies: bidding your maximum early or sniping late in the game. When considering a bid, decide which approach works best for you. The advantage of immediately bidding the maximum amount you want to spend is that you no longer need to worry about keeping track of the auction--that is, if you are 100 percent certain that you don't want to pay any more than what you bid. Of course, bidding right away can lead to losing the auction if you are outbid.

The advantage of waiting, of following the auction as it winds down and striking with a last-minute snipe, is that you potentially can beat out the current high bidder who might have placed a low maximum (there's also the thrill of sniping, which some refer to as a "sniper's high"). And if you've timed it right, the auction will end before the outbid buyer has time to respond. On the other hand, there's no guarantee that your snipe will stand. Moreover, even a snipe can get sniped.

Of course, you can opt to bypass the bidding now or bidding later strategies by waiting for the auction to progress a little further before you bid. But again, so-called sentry bidding entails taking the time to monitor the auction and you still might end up on the losing side of a well-timed snipe.

Closing Time
When deliberating about whether to bid on an item, note the time the auction is closing, both the specific day as well as the time of day. Is it Sunday evening, when lots of auctions are ending? Or is it early Tuesday morning, when most bidders are still in bed? Savvy bidders know that an auction's closing time can significantly affect its outcome.

If you're looking for getting the best deal, avoid auctions that end during the most heavily trafficked times (such as Sunday evenings) when bidders are crawling the auction sites. Instead, seek out auctions that close during the week at odd times when there's less competition. Sure, this takes more time and work on your part, but you did say you wanted a deal, right?

One other consideration: The time of year. For example, if it's the holiday season there will be a lot more bidding competition than usual. If you're seeking a bargain and not a must-have Christmas gift, it might be better to wait.

And if you're not happy with the way the bidding is going for a particular auction, exercise your right to not bid. With millions upon millions of items available at online auction at any given time, you have a very good chance at scoring the same (or similar) item later for a better price. Patience, gentle bidder.

Automate It
Lastly, you can eliminate the timing factor altogether by preprogramming your bids using sniping software. Additionally, you can track auctions via Vendio's Auction Manager. Just remember: The tired old maxim that timing is everything holds true with online auctions too.

Bidding Strategies
Beating Out a Snipe
Spotting a Shill