Online Estate Sales & Auctions | EstateSales.org (2024)

FAQs

Are online auctions a good idea? ›

Auction sites can be a great way to fundraise and sell items online. However, there are some things to be careful of when selling merchandise on an auction site. Some sites are more reputable and have been around for longer; they tend to be safer than newer or less well-known sites.

Specifically when you have an auction website you want to monetise it in one way, or even multiple ways. The main way to generate revenue out of an auction site is to charge the people that post the auctions. Charge just a percent commission of each product that sells on your marketplace platform.

However, there are also some drawbacks to online auctions. One of the biggest drawbacks is the lack of personal interaction between buyers and sellers. Buyers are unable to inspect items in person, which can make it difficult to assess their condition and value.

Antiques, fine artwork, and classic jewelry see the best returns at an auction most of the time.

You're liable for the deposit on auction day and the rest of the purchase price, plus fees, by the completion deadline (typically 28 days after the auction). If you can't pay the deposit, you may face legal consequences. The auction house and seller can demand that you pay the amount specified in your contract.

If you bid several days before the end of the auction that gives other bidders all the remaining time to find the listing and bid one or more times against your current showing bid. If you bid in the last seconds of the auction, it's much less likely that other bidders will be able to bid after you.

The Risks of Online Auction Sites

Whether you're buying or selling, here are some potential issues you may encounter: Identity theft. Lack of payment. Lack of delivery of goods.

How to avoid getting scammed when using online auction sites? ›

Either a Thursday or Friday evening is the best day for the auction to begin, as this means the auction will be viewed over the weekend, which is peak time for activity. Targeting commuters on their way home creates a viewing window, thus creating interest and optimal viewing over the weekend.

Ebay is a fine example where all three types of auctions are used. Apart from eBay, website, OnlineAuction, and Overstock are some examples of online auctions platforms.

Most online auctions have between 20 and 40 items, though an auction with 12 or so great items can be very successful. It is better to have fewer items that are all high quality vs. many items of varying quality. At an absolute maximum, include no more than one item for every two bidders.

Some of the ways they receive payment include: Commission: Auctioneers often charge a commission, representing a percentage of the auction's gross sales. A 10% to 15% commission is typical for this profession. Depending on the deal, they may also receive bonuses.

Well-managed and ethical auction companies will list all the conditions and terms related to the auction. They will also welcome and answer any questions before someone places a bid. Be sure to look for this, and if it is not available, ask about it. This will help ensure a quality company is found and used.

Potential for Higher Sale Prices: Auctions often lead to higher sale prices because they create a competitive atmosphere where bidders aim to outdo each other, driving up the value of your item. Competitive Bidding and Excitement: Auctions can be thrilling for both sellers and buyers.