Estate online auction sales are a way to sell estate items to a wider audience. But you may not want the hoi polloi of online buying to be bidding for all of your items. Casting a wider net may not capture wealthier or more selective buyers.
Fortunately, various online auction markets exist to sell higher valued items to a more select group of buyers. Following are ways to target your valuables to the right buyers and collectors.
Use Strategic Pricing in Public Auctions
The worst outcome of an online auction is watching your goods sell for significantly lower than their value. If the pawn shop offered you a better price, the message is clear. You need to convince your bidders of the value of your product.
The solution: set a higher reserve price. Your auction strategy should be different for high value and low value items. For low value items, a low reserve price is a way to attract lots of buyers. Once bidding, competitive dynamics will take over and the bids could surpass the value.
When selling high value items, if bids start at $100, you've set a market perception of the value of the product. If the bid starts at $200, buyers will more highly value the item, or at least start researching why the value is high. Your auction sales description should answer that question for them.
Target Collectors Through Private Auctions
Exclusivity sells. When holding an online auction, your first concern may be attracting a good crowd. More important than how many show up is who shows up for your estate online auction sales.
Private auctions restrict the number of bidders to a select group of buyers. Experts may be sticklers on fine details and pricing. Generally, though, they will pay the fair market price for your auctioned item. The buyer bids remain anonymous.
Negotiate a Higher Price Through Private Treaty Sales
If you placed a high value item in a public estate auction and the reserve was not met, your natural inclination is to lower the price. Alternatively, you can put your product before more knowledgeable buyers through a private treaty estate sale.
Collector's items and other high value items can attract a higher price in private estate sales. After setting a list price, the seller needs patience to attract the right buyers and give them time to make an offer and conduct an inspection. An online estate auctioneer with marketing lists of collectors of various assets is an invaluable marketing tool.