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eBay Auction Bidding Strategies--Overcoming the most
Frustrating Situation on eBay
The Problem...
It's happened to the best of us.
You've been watching the auction all week, and finally you're
about to claim your prize--a rare bronze statue from the Qing
Dynasty. Or something just as tantalizing.
You log on a few minutes before the auction closes, and
confirm that you're still the top bidder -- no one has challenged
you in several days. You're already picturing "your" statue
prominently displayed on the living room mantelpiece, your
friends green with envy as you tell them about the great deal you
got on eBay. You refresh the page a few times, to make sure
you're still number 1. You even up your bid a little just to make
sure no body tries to outbid you at the last minute.
50 seconds to go...30...10...the auction has ended and the
statue is yours!! You refresh the page for the last time so you
can see your eBay ID announced as the winning bidder. And that's
when your heart drops to your toes. It's not your eBay ID at all,
but some joker who calls themselves "SpeedyFingers123".
How could this have happened?
You were the winning bidder with only 10 seconds to go!!
Speedy or not, it just doesn't seem humanly possible.
Well, you're right. No one is that fast. SpeedyFingers123 (I
made that one up, so if it's your actual eBay ID, please don't
sue me!) won the auction in the final 4 seconds. It isn't humanly
possible because "speedy" didn't actually place the bid. The bid
was place on his or her behalf, from a remote server, using
something called Bidding Software.
You've Been Sniped!
The act of placing a bid during the final seconds of an online
auction is called "Sniping" and it's perfectly legal on eBay.
Bidding wars and sniping are an eBay sellers dream and a buyer's
nightmare. Why, you're asking yourself, don't these people just
use eBay's trusty proxy bidding process? Why not just discreetly
enter the maximum they're willing to pay at the beginning of the
auction, then let the cards fall where they may? Well, for a
couple of reasons. First, it's not human nature. If all you have
to do is outbid the next guy by fifty cents or even five dollars
to win, wouldn't you?
Second, it doesn't make economic or strategic sense to place a
bid anytime before the last five minutes of an auction.
Think about it. eBay encourages bidders to use the proxy
system and place bids early. What this means is that an
inexperienced bidder who wants an item will want to be the
highest bidder right away, and will keep upping their bid to hold
that winning position. They'll only stop when the bidding exceeds
their budget. Then the next guy comes along and continues the
process. If this starts at the beginning of a seven or ten day
auction, and ends with a bidding war in the last 10 minutes, the
final price for the item can spiral out of control. Many items
sell for far more than fair market value because people get
caught up in "bidding fever" -- all they want is to WIN, they're
not even thinking about whether the price is realistic.
What to Do?
A better strategy would be for everyone to "watch" the auction
until the very end. Again, there's two good reasons. One, the
price doesn't spiral up as just illustrated. Two, the auction has
zero bids, so it attracts fewer bidders-- less competition. It's
a fact that once an auction has at least 1 bid, it becomes a
magnet for additional bidders. Shoppers scanning an auction page
tend to jump to the ones with bids, figuring there must be
something that attracted other bidders. The more bids, the more
interesting the item looks.
Wouldn't it be great if a seller started a two carat diamond
ring at $0.99 and no one bid until the last five minutes, and
they all bid in fifty cent increments? Someone might win the ring
for just a few bucks!! Of course, that never happens, but it
would be the ideal situation for a buyer-- and it would put eBay
out of business in a hurry. eBay encourages early bidding and
smiles upon the snipers of the world. eBay makes their profits on
listing fees and "final value" fees. The more the item sells for
the higher the "final value". This makes eBay very happy. That's
why you'll never find any tutorials anywhere on eBay telling you
to wait until the end of an auction to bid.
The Solution...
OK, so now that we understand the benefits of sniping, lets
get back to our friend "SpeedyFingers123". Speedy probably
started out in life just like I did. She learned everything she
knew about eBay from eBay and never realized there was such a
thing as bidding software. Never knew a computer could do your
sniping automatically, bid on your behalf in the last 2 to 8
seconds of an auction, and do it while you're asleep. With
sniping software, you tell the software program which auctions
you're interested in and how much you're willing to pay. eBay
never knows you've seen the auction until your friendly sniping
service swoops in and places your bid with only seconds to spare.
Neither does your competition. They never see you coming. The
only way you can lose is if someone else uses the same program
sets their maximum bid higher than yours.
(Yes, my friend, you can still lose. There's no guarantee of
winning an auction no matter what system you use, if someone else
is willing to pay more. If you set your maximum bid at a million
dollars for a hunk of Elvis' belly button lint and some nut is
willing to pay a million ten, you're still going to lose!)
"Bidding Fever" Cured
Let's face it, there IS a positive side to losing an auction.
It's the satisfaction of knowing that you didn't lose your head
and spend more than you could afford!! Trust me, I've been there,
done that, and come to regret it. With sniping programs, you can
"set it and forget it" and walk away knowing that if you don't
win, you couldn't have afforded it anyway.
What's that I hear you saying? "But I could have had it if I'd
just upped my bid by another fifty cents!" Hey, did you listen to
anything I just said? Do you want to drive yourself nuts? It's
only stuff, after all. You can't take it with you, and there will
always be more. The beauty of eBay is that there will probably be
another just like it, or at least something just as fabulous.
You're in Control
There's another big advantage to using bidding software. Two
things, actually. First, sniping programs allow you to do
something called "contingency bidding". Suppose you're interested
in several very similar items and you want to win at least one of
them but not all. Provided they're not all ending at the same
time, you can create a contingency plan telling the bidding
software to cancel your bids on the other items as soon as you
win one of them.
Second, you can change your mind about an item you're bidding
on at any time (except in approximately the last 15 minutes). On
eBay, it's a huge "no-no" to retract a bid. You can only do this
under the most dire of circumstances. Do it too many times you'll
be politely asked to leave. Permanently. But, because eBay
doesn't register your bid until the Sniping program enters it for
you, (at the very end of the auction) you can cancel your "snipe"
with no penalty. You're canceling what you've programmed into the
sniping software, not an actual bid on eBay. Isn't that nice? No
more "watching" an auction you're unsure about, and then
forgetting to bid on it. No more babysitting your computer so you
can be there for the final moments of the auction. No more
finding out you've read the description wrong and you're bidding
on an item you don't want. Or finding something you like better
after you've already committed yourself to another item, and
having to pass on it. (Or worse, spending way too much on both!)
And, finally, you have the satisfaction of knowing that winning
doesn't depend on the speed of your fingers or your internet
connection.
Believe me, the first time you snatch an item away from
SpeedyFingers123-- or anyone else for that matter-- you'll be
hooked.
© 2004 NetBrainer LLC. An eBay Power Seller and rabid
eBay shopper, Carolyn Schweitzer is the owner and editor of
"NetBrainer", a site dedicated to improving the performance of
buyers and sellers on eBay. (You can learn more about sniping
programs at NetBrainer.com
). Carolyn also provides weekly recorded tips on eBay for "Third
Mind USA Small-Biz radio".
 MORE RESOURCES updated Thu. March / 18 / 2010
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