Internet Bidding Strategies

Due to the nature of doing business on the Internet there are certain strategies Internet bidders may use to insure their bids are executed in the most efficient ways. Although most Internet bidders use the Live Internet Bidding method to successfully bid, there are factors that could benefit or hinder your ability against other online bidders or the onsite bidders.

The auction clerk monitors Internet bids during the auction event. The clerk is almost always located at the auction site and always communicates directly with the auctioneer. As real property comes up for bid the Internet audience, as well as the live on site audience, have an opportunity to bid. Internet bids are executed in the order they are received. For example if the bid is at $100.00 and seven Internet bidders click the bid button the exact same time, the auction clerk will execute the first $100.00 bid received. The speed and location of your Internet connection could affect your bid. Although the time frame from when an Internet bidder clicks their bid button to when it arrives to the auction manager only takes about a second on the average, a bidder with a slower Internet connection or a more remote location could equate to a live event auction participant sitting in the front row or in the last row in the live audience at the auction gallery.

Absentee bids are recorded before the auction item goes on the block for bids. These bids are recorded and appear on the auction manager's clerking screen instantaneously when the item is brought up to the auction block. Absentee bids allow registered Internet bidders to submit a confidential bid on real property that will be executed on their behalf. The bidding may start at your absentee bid or from a floor bidder. Absentee bids can be submitted on any real property any time before it goes to the auction block for live bidding. To leave an absentee bid you must select an auction under the "Live Auction" heading, click on the real property you wish to bid on, and enter your bid. You then will be prompted to enter your logon ID and password. Your bid will be confirmed via email. Absentee bids may be placed in the lower section of the live bidder’s applet when the Auction is in progress. Please insure that you are bidding on the correct property, as you are responsible for your bids. Absentee bids will not be valid until you complete the Internet Bidder’s Registration Package, deliver it to our office and that Internet Bidder’s Registration Package has been approved by our staff.  Additionally, the New York State, Department of State, who licenses Real Estate Brokers and Salespersons, requires that we must execute absentee bids on real property at their full amount.  The New York Sate, Department of State considers all bids as offers on real property.

Regarding personal property auctions, absentee bids reflect the maximum bid a bidder will bid on an item. It is not necessarily the amount an item will sell for if the absentee bidder is successful. Bids are executed in a fair manner, for example if three absentee bids are placed for the same item and the values of the bids are $100, $200, $300 and the auctioneer uses $25 increments for these price ranges, the auctioneer would start the bidding at $225 on behalf of the $300 bidder. If the absentee bidder is outbid, the auctioneer will bid again on his/her behalf until the bidding stops or the absentee bidder’s maximum bid has been outbid. If the bidding should stop before the maximum absentee bid is reached the absentee bidder will be successful at the price where the bidding stopped even though their maximum bid was greater. The dilemma with many absentee bidders is to determine the maximum bid, many times bidders are willing to go one more bid for personal property they desire.

The NYSAuctions.com Live Bidding tools incorporate safety measures that will prevent an Internet bidder from bidding against themselves regardless of how many times an Internet bidder presses their bid button. When an Internet bidders live bid or absentee bid is the current high bid that bidders bid buttons are turned to a disabled state until they have been outbid and the bid button becomes active again.

Most bidders enjoy the excitement of live internet bidding. Others with a busy schedule or conflicting functions optimize absentee bids. And of course there are those that want to enjoy the live entertainment, inherent to the live event.

Our goal is for our audience to participate using one or a combination of methods best suited for them. Bidders may leave absentee bids and monitor the live event to see how their bid made out or maybe even increase their bid again with live Internet bids if they have been outbid. Others may want to attend the preview and get a close up view of the real property or personal property, then go home, do their research, and bid online or leave absentee bids. Regardless of your strategy, the excitement, convenience, and efficiency of internet bidding will certainly enhance your auction experience.