eBay auctions: proof that shopping is a sport. Okay, so that might be kind of a stretch, but it turns out that auctions can thrill and excite you, according to a new study in the International Journal of Electronic Commerce. Plus, the competition can be pretty fierce.
As exhilarating as bidding on—and actually winning—an auction may be, missing out on a coveted item can be a huge bummer. In fact, the study shows you have a stronger reaction when you lose an auction than when you win. So the next time you sit down in front of your computer, hoping to beat out your competition for a much-desired item, use these tricks from Terry Gehrke, certified eBay business consultant and founder of MyAuctionExpert.com.
Glue yourself to your computer
“The number one way to ensure winning an auction is to monitor it carefully,” says Gehrke. “Be on the site, know when the auction ends, and have your finger posed over the refresh button.” The “serious” bidders come out during the last minute, or even the last 30 seconds, he says. At that point, they’ll put in a max bid, and your earlier bid might be out of running.
Consider using sniping software
While it’s frowned upon by many eBay users, using sniping software will give you an added, almost-foolproof advantage over the other bidders—and is completely legal, according to Gehrke. “It holds off submitting a bid so that it doesn’t raise the price up and won’t show you as a potential watcher or potential bidder,” he says. “Then it submits your bid during the last 5 seconds of the auction. No one will beat it just by hitting refresh on their computer.” Just know that it won’t score you etiquette points on eBay, but as Gherke says, “All’s fair in love, war, and buying on eBay.” Gehrke recommends Myibidder.com. “It’s inexpensive and it’s a $ 15 one-time fee and you own it.”
Put in a max bid
“Put a big maximum on the auction to drive away people who don’t want it as badly,” says Gehrke. A max bid—the highest amount you’re willing to pay for a certain item—can deter the competition. When you put in a max bid, eBay will bid only as much as it has to to make sure that you remain the high bidder. But be sure that you’re 100% willing to pay the amount of your max bid (should you win). If you win the auction, you’re obligated to fulfill the bid, according to Gehrke. If you don’t, eBay can actually take your buying privileges away, he says. Also, know that this isn’t a foolproof plan: If someone outbids your max bid amount, you’re out of luck if you don’t catch it in time to outbid them.
Choose your auctions wisely
Gehrke looks for items that are misspelled. “Instead of thousands of people finding it, maybe one or two people will find it,” he says. “Your chances of winning the item are greater.” Another of Gehrke’s strategies: Look to see how many people are bidding on a particular item. The more bidders there are, the more competition you have, and the higher risk you run of losing the auction. Your plan: Check to see if there are multiple listings of the same item, and choose to bid on the one with the least amount of bidders.
More from WH:
The Health Benefits of Shopping
How Your Mood Impacts Your Wallet
Financial Advice: How to Save Money
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