Don't get me wrong, we WANT you to spend money. We WANT you to bid big. We get paid on a commission. The more you spend the happier we are.
However, we want you to come back, and to become a regular buyer. You won't do that if you lose your shirt buying poorly. This short little blog is about making some good buying decisions. Hopefully you'll make some good purchases and decide you want to come again and again.
First rule... Set a limit! It's so very easy to get caught up in the bidding. It's exciting. It's competitive, and its very fast. It doesn't take much to be bidding well beyond what you want to spend. Look at the unit, decide what you are willing to spend, and stick to it. If you surpass your limit by one bid, no big deal. If you zoom past your limit by 50%, you'll likely be sorry.
When the bidding passes your limit, let it go. We'll have another 1600 units to sell you in the next year. Don't worry, there are others.
Next... look carefully, but look quickly. Look for the things that WON'T make you any money. Things like old mattresses that you will have to pay to dump. Look for food and trash that YOU will have to clean up. Remember that not everything will make you money. Some things will cost you money. Factor that information into your "bid limit".
Then, look at what you SEE not at what you DON'T see. If there's a tool box, don't assume it's filled with tools. In fact, assume it is empty. That way, you'll be sure to get a return on your investment. If it IS filled with tools, then you get a bonus. It's poor practice to bid on what you don't see.
Once you are an experienced buyer, you'll start to see certain clues and indicators of what MAY be in the unit, even if you don't see it. But even very experienced bidders get burned doing this. Guessing can make it more exciting and more rewarding, but it is risky.
Last tip for today: Don't bid on emotion. You may have loved that toy when you were a kid, or may think that headboard is a beautiful piece, but that doesn't matter. Bid on what you can SELL IT FOR! This is a business. Period. Make money or go home. Of course, we want you to make money. If you make money, you will buy more. If you buy more, we sell more, and that's how we pay the bills.
That's all for now, more to follow in future blogs. We're sorry it's been a while, and we have finally worked out some of the bugs that slowed us down.
As always, we're here to answer questions. We love to talk auctions and would be happy to spend a few minutes on the phone with you. You can check out our webpage or you can check out our Facebook page.
Our phone number is (866) 290-2243.