Helpful tips
If I could do it all over again, I would start with these ten to do's
1. Understand Your Market
- Research your local market and online auction trends to determine what types of items are in demand (e.g., antiques, collectibles, furniture). Know your target audience and their preferences.
2. Build Knowledge of Valuations
- Educate yourself on appraising various items, such as antiques, jewelry, and artwork. Use valuation guides, attend local auctions, and consult experts to ensure accurate pricing.
3. Obtain Necessary Licenses and Insurance
- Check local regulations to acquire any required business licenses or permits. Get liability insurance to protect yourself against potential risks during sales and auctions.
4. Invest in Quality Photography and Descriptions
- Use high-quality images to showcase items from multiple angles. Write detailed, accurate descriptions, including dimensions, materials, condition, and any notable history.
5. Offer Competitive Starting Bids but KNOW YOUR WORTH!
- When bidding estates for signed contracts, bid fairly, but bid to where you don't work for free. What the specialist at Equip-bid recommends, put a retainer on your contract.
6. Market Effectively
- Promote your auctions via social media, local advertising, email newsletters, and estate sale directories like EstateSales.net. Build a strong online presence to grow your audience.
7. Streamline Logistics
- Organize items by category and label them clearly. Use inventory management software to track items and ensure a smooth auction process.
8. Develop Excellent Customer Service
- Be responsive to bidder inquiries and transparent about shipping, returns, and item conditions. Positive reviews can build trust and boost repeat business.
9. Analyze and Optimize
- After each sale, review your auction performance, including bidding activity, final sale prices, and feedback. Use this data to refine your process and improve future auctions.
10. Rinse and Repeat
- After each sale, review your auction performance, including bidding activity, final sale prices, and feedback. Use this data to refine your process and improve future auctions.
For Additional advice or questions
Abigail Unfred 816-905-2864 abigail@equip-bid.com