For the past couple decades online auctions have been a great way to liquidate assets and sell items that otherwise would not sell for much in the regular brick and mortar retail world. Whether you have decided to hold an online auction on your own or choose us to help you, here are 5 tips to ensure a successful sale:
1. Tell a story – People like stories, so if you have a story behind an item, make sure to let people know. Stories bring meaning, which increases the value of an item. You could have a nice-looking guitar you’d like to sell, and if that guitar was gifted to you from a famous rock band, that just took it to another level. Or maybe you have an antique that was part of the Boston Tea Party and was passed down to you. Also, it definitely helps if you have documentation or photos to prove that the item was actually part of the story.
2. Take detailed photos of each item – Unless you offer a preview day for your auction, people can’t physically see an item before bidding. This is why photos of each item are absolutely necessary. One photo isn’t enough, though. Take photos of the front, back, and bottom of each item.
3. Share the online auction on all social media platforms – As you are probably well aware, social media is here to stay and it is a highly effective way to market and advertise your auction items so that they reach target buyers. When done the right way, sites like Instagram, Facebook, and Pinterest can drive tons of traffic to your auction items.
4. List your auction in directories or classifieds – Depending on the type of auction, there are various directories, classified ad sites, and forums where you can share a sale. For example, if your auction is mostly antiques, perhaps you could find online groups or forums just for antique enthusiasts and begin to network with people.
Because we specialize in online estate sale auctions, We share our auctions on sites such as Mega Estate Sales and EstateSales.org.
5. Allow enough time for marketing the auction – Although we help many people with last-minute online auctions, it’s best if there is plenty of time for getting the word out and advertising. Keep in mind that in business, marketing is ultimately one of the keys to success. The more exposure you have for your auctions, the more potential there is to attract buyers. We recommend at the very least having your auction online for two weeks.
Online auctions are an effective way to sell just about anything. The industry is starting to grow, which means more opportunities to maximize your return on investment.