A Basic Guide to Sell Items in Online Auctions

One of the most effective ways to raise funds in these trying times of lockdown and social distancing is to take part in online auctions to sell items.

Here are a few tips to follow.

Take inventory of all items

Take stock of everything that will go into the online auctions to sell items. The advantage is that you can sell a single item or a hundred over time. To start, select around 20 items and then go back and add more when you are ready or the items are available. Stagger the closing times of the auction to keep your bidders on edge and to make them coming back for more.

Be precise in starting bids

Set the precise take-off value or the starting bids at 35% of the proposed value with the target to get between 80% to 100% of market value. Keep provision for about 12 to 16 bids per item but this can change depending on the price point you want to sell the items for.



Keep the rules clear

Define the rules of the auction. In regular in-house gala events and auctions, people go to the checkout table to pick up the items bid and won. On the other hand, when you bank on online auctions to sell items, you have to make it very clear to the bidders how they will receive the items and the shipping and moving logistics. You can inform them over phone and email about delivery options and whether shipping charges will be passed on to the winners.

These are some of the ground rules to hold online auctions to sell items.

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