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

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You listed that Darth Maul action figure three days ago and your auction is still deader than the deep reaches of space. You were sure this item was going to draw a crowd. What happened? Well, we're here to help. Read on for several tips on how to increase bidding and make your auction look more enticing.

Listing Procedure
If you fancy yourself a serious seller, it's wise to list a set number of items continually or every other day instead of bulk listing a huge amount of items in one marathon session. The upside is that you will have more items in the auction site's "New Items" and "Ending Auctions" areas, which, as a rule, get the most exposure and bidding. In addition, all your items won't be confined exclusively to the no-man's land between a new and ending auction all at once.

Crowded Market
No matter how hot you think an item is, it's always wise to see what the market is like before listing. If you find that several other items like yours are available, you may want to wait for the other auctions to close before listing, or consider listing on a different auction site, where there might be fewer listings for that particular item. If you are competing with only one or two other items, you might want to compete on price. Set the minimum bid lower than your competitors, or opt against a reserve price to attract bidders to your auction.

Too Rich
Opinions vary on where to set your opening bid, but if you want to attract bidders, keep your minimum bid price low. Bidders, not surprisingly, enjoy the bidding process. They are looking for auctions that do not start at or above the item's market value. A low opening bid on an obviously valuable item will excite bidders and definitely draw a following. Don't worry--if your item is truly unique and popular, it will reach or surpass its market value.

The Curse of the Reserve
Not unlike high minimum bids, reserve prices discourage some people from bidding. Again, bidders want to take part in a competitive auction in which they beat out rival bidders or obtain the item below its market value. In essence, bidders are attracted to auctions in which the seller takes a gamble. Reserve prices, while undoubtedly safer, do not imply risk on the seller's part to bidders. In addition, reserves tend to discourage bids because bidders cannot judge if the reserve price is within reason.

In general, bidders do not like guessing games. They also hate bidding only to find out that the reserve was totally out of their ballpark. For this reason, bidders tend to prefer a high opening bid to a reserve price. If you are intent on using a reserve, do not set it at market value; set it at your cost or the lowest amount you're willing to sell your item for. This way, the reserve will be hit a few days into the auction, and not at the end, letting prospective bidders know that the reserve price is not outlandish. (See our Understanding Reserve Auctions tip.)

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