A How-To Guideline for Silent Auctions to Raise More Money
For many years, silent auctions have been a pillar of event fundraising—and for good reason. They are extremely entertaining events that invite active audience engagement and have the potential to raise a significant sum of money for the groups involved. By using a few crucial tactics and tools throughout the silent auction preparation phase, you may boost that fundraising potential.
We'll go through some of these tactics in this post to help you succeed at your silent auction.
How Can You Raise Money Through Silent Auctions?
Raising money through silent auctions largely depends on the items for bidding. Before bidding starts, you need to put a minimum bid amount for every item and the minimum bid increment. In that way, you can anticipate the least amount of money you can get from the auction.
If the items are procured by the organisation as donations, then a silent auction will turn these donations into a good sum of money. If the items are purchased, you need to make sure that the minimum bid is more than what you have paid to ensure that you will gain profits from the items.
How Do Silent Auctions Work?
A silent auction is a type of auction wherein the bidders can privately submit their bids for the items they desire. All items for bidding are displayed throughout the room and interested buyers or bidders bid their prices directly to the items, either by writing on a piece of paper or through electronics, such as phones or computers.
Each participant in a silent auction has a bidding number assigned to them by the organisers. They use their numbers to anonymously bid on the item they want.
All items for bidding are introduced to the participant when the auction starts. The bidders then find which of these items they want and put the amount they are willing to spend on these items.
The process goes on throughout the duration set for the bidding. Bidders may look around over the items to see if someone else bid higher and they can raise the bid even higher. When the bidding ends, whoever bids the highest for each item is considered the official buyer amounting to their final bid.
The money raised from the silent auction can then be used according to the purpose specified by the organisation.
The modern-day silent auctions can also be in a digital form. With the use of an online bidding platform, participants can privately bid through their phones or computers wherever they want. They get notifications whenever someone else outbids them. This kind of silent auction typically lasts for two days or more.
How to Organise Silent Auctions
Your organisation, with the help of a trusted and professional
charity auctioneer, can hold a successful silent auction by following the steps below:
• Procure the Most Desirable Items
Rare and prized items can attract more bidders and raise more money. Look for donors or sponsors to procure desirable items that you can have for bidding in your silent auction.
• Promote Items in Advance
As a teaser for your silent auction, promote your items in advance to stir up the public interest and get people excited for your fundraising event.
• Secure Corporate Sponsorships
Corporate sponsorship helps you afford to hold a silent auction with limited finances.
• Choose the Right Bidding Method
Choose which bidding method is feasible and best for your organisation. You can select whether the bidding is in the form of pen and paper or digital, physical or online method.
• Invite the Right People to Join the Auction
You have to remember that not all silent auctions are for everyone. Choose the right people to participate in your silent auction. For instance, if your items are valuable, antique or rare, you need to invite the people who will be interested in them, probably collectors.
What Are the Rules in Silent Auctions?
When holding a silent auction, there are several general rules that you may or may not adopt for your event.
- Rules and regulations for your auction shall be clear. You need to inform the participants about the rules and regulations they need to follow. If possible, have them printed and posted around the area.
- Include whether the items in your auction can be changed or withdrawn or exchanged. Also, indicate if you accept refunds from purchased items.
- Specify the duration of the bidding, the minimum bid increment and your rule about bid withdrawals.
- Follow legal restrictions, such as age restrictions, and the legal requirements of the items for bidding.
- Establish how the bidding closes and who is qualified to take the items.
- Let the buyers know how to check out their purchased items from your silent auction.
Is Silent Auction Right for Your Organisation?
If your organisation is looking for a way to raise money either for your group's use or for charity, a silent auction is only one of your options. Here is a short checklist you can answer to determine if a silent auction is right for your organisation:
- Can you procure desirable items?
- Do you have sponsors?
- Do you have enough volunteers?
- Can you connect to people who are prospective bidders for your items?
If you answer yes to all of these questions, then a silent auction is right for your organisation.
If you have no experience in organising a silent auction, you can partner with a trusted professional auctioneer, such as Charity Auctioneer.
Charity Auctioneer: Your Partner in Fundraising
Silent auctions are one of the best fundraising events for organisations, whether as a charity auction or for the organisation's needs. You can hold a successful silent auction if you have desirable items, interested bidders, clear rules and regulations and if you partner with a reliable auctioneer.
Charity Auctioneer is one of the most reliable groups of professional auctioneers in Australia. We aim to help groups and organisations raise funds through several auction events, including silent auctions. We can help you conduct the best silent auction that your participants will be looking forward to.
Contact us today to discuss your charity event.
