Auctions by JimHawkin


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									                 Discover 101 Ebay Tips and Tricks To Increase Your Profits


The rules of an auction
        Whether online or offline, auctions are quite popular and have been a major attraction
for businessmen as well as common folks and it existed as far as one can trace back in
history. Auctions have existed since the dawn of time, and they simply continued evolving
alongside its society. In case you are new to auctioning or if you want to skim through the
basic rules, here are the basic steps that can be seen at a regular auction.

1) Person X wants to sell an object.
There is an object in which you wish to sell, but do not know how much it could go for; in that
case, it may be better to have it shown to everyone. (It is also quite possible that you know the
value of the object, but simply want to fetch the highest price possible.)

2) Person X brings the object to an auctioneer
After setting a base price for your object, it is then given to an auctioneer. This so-called
auctioneer can either be a real person or a website that acts as a virtual mediator.

3) The auction opens; war rages on
The auction is shown to the public (which does not apply to a silent auction) people then bid on
the object; if Person A bets $5, then any other individual wishing to acquire the object must bid
$5 plus an increment.

4) The auction ends
The auction will end under at least three circumstance: if the auctioneer deems the current bid
so impressive that he closes the auction, if the time allotted for the object has finished and
finally, if one person bid and no other person decided to outbid him.

Offline versus Online
        When the digital age came, it brought with it some very important auction-like websites
that specialize in having items presented and sold exactly like offline auctions. Evidently,
offline auctions end much quicker than online ones, since the later can actually last for days
with bids flying left and right. As well, it is normally easier to navigate and get information about
items up for auction on a nicely organized website. Where the offline auctions get the higher
hand is when it is time to finalize the transaction with the exchange of good and money. In an
online auction, you need to place trust in the seller to actually send you the item as they will
normally wait until they received the money before sending the object to you; such problem
does not occur in offline auctions

         Being Patient
         Being patient is a key strategy in both type of auctions, but is probably more prominent
in offline auctions, as everyone came with a set amount of money. It is quite possible that
inexperienced buyers will be eager to participate in bid wars; waiting is actually quite a good
option, if you are patient, you may see a clearer picture.
Sniping is a legitimate and quite popular technique used in online auctions. Since online

© Copyright: All Rights Reserved'                Discover 101 Ebay Tips To Increase Your Profits
                Discover 101 Ebay Tips and Tricks To Increase Your Profits

auctions are timed, an eager buyer will be constantly watching over the item. If you bid an
amount of money an hour before it ends, the eager buyer will definitely notice and bid higher.
Sniping consists of bidding as close to the end as possible; although very frustrating, this
technique allows you to bid higher than other buyers and blocks them from outbidding you as
by the time the higher bid is noticed, the auction will have ended. Obviously if you are out-
snipped, then you will have learned the risks of sniping.

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