Live and online auctions both have their advantages. Here’s a quick look at the benefits of choosing to go online for your sale.
In early 2020, many auctioneers were obliged to transition to online auctions because of the limitations on large gatherings during the COVID-19 pandemic. But, it was perhaps the catalyst in a necessary shift to best serve all buyers and sellers. Live and online auctions both have their advantages. Here’s a quick look at the benefits of choosing to go online for your sale.
- More buyers: Because of conflicts, distance and individual item marketing, there is a much larger audience willing to participate in an online auction. And those buyers are different. People who only want one item, younger buyers, stay at home buyers, etc., are more likely to bid online.
- Larger reach: Online auctions reach buyers from around the world. If you’re worried about your stuff being given away, online auctions provide the reach to find the right buyer for each and every item.
- Convenience: Buyers can bid when and where they want and bid on multiple auctions in the same day.
- Exposure: Buyers can search and find items of interest because every item is cataloged. Google does the work for you.
- Instant engagement from marketing: Bidders can go from an email to bidding in 10 seconds, so they won’t forget about the auction.
- Longer bidding window: Online bidding can stay open for as long as you want. Longer bidding means more chances for bidders to find what they want and engage. And, this allows for buyers to do their homework and make informed decisions, which they love to do.
- No moving: Items are pictured, sold and picked up from the same location. That’s more money in your pocket that you would have spent on moving costs.
- Provide more details: You, the seller, can review online item descriptions to ensure accuracy.
- More throughput: You are in control. You decide how many items to close in any amount of time. You can close 10 items in a minute or two.
- Less onsite activity: Your stuff will still be picked up, just not all at once. Pickup by appointment is a beautiful thing.
Russ Hilk, owner of Fram Fram, and Erik Rasmus, CAI, AMM, chief marketing officer of Rasmus Auctions, contributed to this article.
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