Get There Early!
Arrive at least 30 minutes early to the auction site. This will allow you to get the best vantage point and to scope out your competition.
Never Reveal Your Cards
Never let the auctioneer or other bidders know how much you’re willing to bid on an item. Knowledge is power when it comes to auctions!
Fake Your Confidence
Perhaps the most important aspect of participating in auctions is to have plenty of confidence when bidding. The more confident you are in your bids, the less likely that other bidders will want to go up against your bids. For those who are naturally introverted, this can feel like a daunting task. However, you can still fake confidence by dressing in your best casual clothes while also affirmatively and loudly proclaiming your bids. Always maintain eye contact and take deep breaths when making your bids.
Set Limits For Yourself
One of the biggest pitfalls when it comes to participating in an auction is getting carried away in the heat of the moment. It’s easy to bid more money than you intended to, but this can have negative consequences on your finances. Draw a line for yourself in terms of budget, and stick to it! Never let yourself get persuaded to bid higher than what you can reasonably afford. Know that nothing is irreplaceable and walking away is sometimes the best thing to do.
Bring Moral Support
If you tend to get stressed out easily, bringing someone to an auction for moral support is a good idea. A friend or a family member can help you stay level-headed during the entire time.
Participate In Bidding Early
Get a good position in the middle of the room where you’re easily seen and heard by the auctioneer. Get involved in bidding early and don’t reserve your bids until the last minute. Bidding this way will show your competition that you’re a force to be reckoned with!
Step Back If You Can!
It’s okay if you want to participate in an auction but don’t think you’re cut out for bidding. In fact, you can hire a selling agent who will bid for you, or simply entrust a friend or a family member to voice your bids.
After The Auction
If you’ve won with any of your bids for industrial surplus, then congratulations are in order! If you haven’t won any of the items you bid on, don’t feel too discouraged as you will just simply get them next time. Think of your first time at auction as a learning experience that you can hone to become an expert.
Many people participating in auctions tend to make a day of it and plan for some fun afterwards to either celebrate or commiserate. Have a nice drink at the bar or get some dinner with friends and family to relax after a stressful outing!