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Selling at auction should be an exciting and rewarding experience, whether you’re a beginner or an expert. To make sure your items attract the highest bids and reach their full potential, it’s important to have a solid strategy in place. From understanding your product to refining your sales techniques, here are some top tips to help you get the best possible price for your auction items!
Not sure what you should sell? Start by focusing on items you already know, are passionate about, or are excited to learn more about. Taking the time to thoroughly understand your product gives you an edge. You'll have a better grasp of its value, the market demand, and the type of buyer it appeals to. This knowledge will allow you to set the right price, write more accurate descriptions and understand what the audience wants.
If you have time and know what you’re doing, consider items that could use a bit of refurbishment. Sometimes, all it takes is a good clean-up or a simple repair to significantly boost an item's value. If you’re handy, products in need of a little TLC can result in big profits with minimal investment. For more complicated fixes, YouTube is your best friend - plenty of guides can help you master even the trickiest tasks.
Once you’ve determined your budget and the types of items you want to sell, check out bulk-buying options. Online auctions often offer large lots of goods at great prices, especially if you’re willing to buy by the pallet. Breaking these lots up and selling items individually can maximize your return. If you have the space to store your inventory, such as a garage, this could be the perfect opportunity to start or expand your auction business.
Online auctions are an ideal platform for selling valuable or rare items, especially historical pieces, antiques or collectables. These categories often attract passionate buyers, and the sky's the limit when the right collector comes across something they've been looking for. High-demand items like royal memorabilia, early Harry Potter books and fine jewellery consistently generate excitement and high bids. If you have these types of goods, now is the time to list them!
Understanding how VAT (Value-added tax) works can help you streamline your sales process and appeal to more buyers. Here’s a quick breakdown of VAT categories:
• Standard Rate (20%): Most goods and services.
• Reduced Rate (5%): Some specific goods.
• No VAT (0%): Zero-rated goods like most foods, some antiques, books and children’s items.
Knowing the VAT applicable to your items can make your listings more appealing to buyers and easier for you to manage financially.
Why let auction houses eat into your profits with listing fees? Do your homework and find a platform that lets you list your items for free. At William George, we prioritise your profits by offering free listings in collective auctions and we won’t take a penny in seller’s commission! This means your earnings stay in your pocket.
Your reserve price - the minimum amount you're willing to accept - can make or break your auction. Set it too high and bidders might be turned off; too low, and you risk selling for less than expected. Finding that sweet spot is crucial for encouraging competitive bids while ensuring you still get the return you’re looking for.
Tips for setting the right reserve price:
• Be realistic. The emotional value you place on an item may not match its market value. Trust appraisals and recent sales data for guidance.
• Consult with experts. Auctioneers can provide valuable insights based on current market conditions.
Delivery is often an afterthought, but it can influence the final sale price and buyer satisfaction. Consider these strategies to optimise the delivery process:
• Offer free delivery and incorporate the cost into your starting price. Free delivery can attract more bidders, giving you a broader audience and potentially higher bids.
• Discount delivery for multiple purchases. Offering reduced shipping for bulk purchases can encourage buyers to place higher bids or buy more items.
• Negotiate bulk shipping rates. Regular use of certain couriers may earn you discounts, which can reduce your costs significantly.
First impressions are everything, especially online. High-quality photos and detailed descriptions are essential for convincing potential buyers that your item is worth bidding on. Clear, well-lit images showcasing multiple angles of the item help build buyer confidence.
Tips for improving your listings:
• Use decent equipment for high-quality, detailed shots of your items.
• Write thorough descriptions that include dimensions, materials, age, condition, and any historical significance. If your item has any flaws, be upfront to avoid disputes later.
• Emphasise provenance. If your item has a notable history or was owned by a famous individual, make sure to highlight it in your listing.
The more eyes on your item, the better your chances of securing top dollar. While some marketing strategies require financial investment, it can pay off by attracting more bidders. At William George we offer low cost marketing services that can really boost results.
Online auctions offer a brilliant opportunity for those willing to put in the effort. Whether it’s time, research, or money, some level of investment is required to run a successful auction and maximise your profits. From carefully selecting your items to planning your marketing and delivery strategy, each step plays a role in ensuring you achieve the best possible outcome.
By taking these steps, you’ll be well on your way to getting the best price for your auction items. With a thoughtful approach and some careful preparation, your next auction could be a big success. Now check out our seller area to get cracking. Good luck!