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Online Auction Hints And Tips
Online auctions can be fun, exciting and offer you endless possibilities. These auctions are open 24/7 and have unique and one-of-a-kind items. However, there are a few things that you should know beforehand, so that you will have a positive experience.
The most popular online auction sites on the Internet today include Ebay, uBid Online, Yahoo! Auctions, and Amazon Auctions. Using a well-known site and a viable one can help reassure you that there are rule and regulations for both buyers and sellers that are enforced. So stick with a viable site.
You should check out the privacy policy when using an online auction site. Make sure that the site will not give out your details to others. Check especially that your email address will not be given or sold to anybody. This will help prevent you from getting spammed. Also, check to make sure that you are provided with a secure connection when you are entering your credit card information or bank account numbers. Generally a small padlock icon will appear on your screen signifying a secure connection.
Check to see that there are clear guidelines established for dealing with any problems with a transaction. Should there be a dispute on a transaction, then you are assured that proper steps would be taken and that the situation will be handled.
Most of the online auction sites provide opportunities to rate sellers and buyesr. You should check out the references for the seller you plan to purchase from to see how reliable the person has been in the past. Also, sellers have the opportunity to check remarks and review on past buyers.
No matter what online auction you use, check the stated commissions and fee structures upfront. Most online auctions do not have any hidden fees for the buyer but the seller has a small fee for listing the item and has a commission when the item sells.
Look for online auction sites that have an escrow service. PayPal is one such service, for example. The way an escrow service works is that when an agreement is made to buy a product, the buyer deposits the payment and a small fee to the escrow service. The escrow service informs the seller that the item purchased can be shipped. When the buyer receives the items and it is in good condition and as advertised, the escrow service releases the money to the seller. If it is not, the buyer has some recourse as far as getting a refund. Without this sort of service, it can be difficult at times to get your money back.
Check to see if the auction site provides international payments and shipping options. You should be aware if the items can or cannot be shipped internationally.
Know ballpark retail prices when bidding on merchandise. Be careful that you are not offering to pay more than the price in the stores. There are some companies that sell overstocks or left over merchandise on online auctions and actually get more for it than what they offer it for in the stores. Sometimes, you can do much better waiting for sales in stores, so know your prices before bidding.
Also know your budget when bidding online. Remember there could be shipping charges and if buying products internationally there could be a fee for converting currency. Remember that if you use an escrow service, there is a small fee for the service, and all of this should be counted as part of the purchase price.
Read the descriptions carefully so you understand what you are bidding on. Make sure for instance when you are bidding on electronics that the appliance is compatible with the power supply in the US. (US has 110 volts while in Europe it is 220 volts). Know whether the items are new, used, or refurbished. Make sure manuals are included when they are necessary. Know what you are buying.
On auction sites they sometimes have a minimum bid stated. Some have reserve prices stated. Know the different between the two. A minimum bid is the first price to open the auction. A reserve price, which is usually not stated, is the price at which the seller will not sell under.
Remember that when you win a bid that it is a financial commitment. Once you win then you can’t back out of the sale. Just because you are doing this online, doesn’t mean that the deal is not binding.
The best tip one can give when bidding on an online auction is to set the maximum you are willing to spend on the item and stick to it. There is a thrill to bidding and it can become emotional, so just stick to the maximum price you set. Remember that it is not a competition, and that you don’t get a prize for the winning bid. You only get the goods at the price you specified. And do that before you start bidding.
So, start bidding and have fun. There at least one of everything you can imagine from new merchandise, to one-of-a-kind, antiques, collectables and personal treasures out there on the auction sites.
Article By Karla Soule, June 2004.
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