Live Auctions: Creating the Ideal Setting to Raise Bids

Live auctions are a great way to auction off precious items. However, you need to create the ideal setting and put in place bidding procedures that will attract bidders and result in an acceptable final sale price for you. 

Too many variables can throw you off course in setting up live auctions. But this article will provide insights to boost your live auction sales. With these tips, you’ll be well on your way to success!

What Are Live Auctions?

A live auction is a type of auction in which the merchandise is sold to the highest bidder by an auctioneer who calls out the bids in real-time. These are typically used for high-value items, such as real estate, vehicles, unique memorabilia, high-end gadgets and artwork. 

Why choose live auctions?

With the fast pace and pure excitement in live auctions, they have become increasingly popular entertainment events, drawing crowds of spectators, as well as bidders. For example, many companies now hold live auctions as part of their marketing campaigns and use them to generate buzz and build customer loyalty. In addition, live auctions are often used to raise funds for charitable causes. 

Why Host a Live Auction?

Live auctions can bring in more money than you would through a silent auction or online auction. This is because people are more likely to spend more when they are bidding against others in real time.

A live auction also allows you to connect with potential donors in a more personal way. You can tell them about the cause and why their donation is so important.

Live auctions are also a great way to build community involvement and support for your cause. When people see others bidding on items, they are more likely to become interested and want to get involved. 

Overall, hosting a live auction is an effective way to raise money and awareness for a cause or charity.

Here are more reasons to conduct a live auction. 

• You can auction off donated items, items from a recent successful campaign or even excess inventory from your store. 
  
  
• It can bring in new customers and encourage word-of-mouth referrals. 
  
  
• It helps you build your brand through social media by sharing photos and videos. 
  
  
• It serves as an opportunity to raise awareness about causes that you care about.

How to Setup the Ideal Setting for a Live Auction

Live auctions present a unique opportunity to interact face-to-face with the people who have a stake in your purchase. However, there’s no denying that it can be a stressful time.

The benefits of live auctions are clear, but there are also some considerations you need to keep in mind before you go ahead with one:

• Have a plan in place before the auction begins. This includes knowing how much time will be allocated for each item, how much the starting bid should be and how much the winning bidder should pay.
  
  
• Consider how many items you will be selling, how many people will attend and what kind of space is needed to accommodate the event.
  
  
• Make sure that potential bidders are aware of any rules that apply when they purchase items at live auctions, such as venue policies banning outside food or drinks, or rules regarding photography or recording devices (for example, at certain shopping centres).

Choose the Right Auction Format

Many auction organisations sell similar products. What sets them apart from one another is the way their auctions are structured.

Why some auctions are more popular than others probably because different formats offer unique advantages. And if you’re holding a live auction that is similar to other high-end events like car shows, then an auction with sealed bids could work better.

There are three main auction formats available: fixed price, fixed quantity and reserve price. Each has its benefits and drawbacks that should be considered before making a decision.

1. Fixed price: The item is sold to the highest bidder at a predetermined price. This is the most straightforward type of auction and is often used for items that are not unique or in high demand.
    
2. Fixed quantity: The number of items available for sale is fixed, and the price is determined by the highest bidder. This type of auction is often used for items that are unique or in high demand.
   
   
3. Reserve price: The item is sold to the highest bidder at a price that is above the reserve price set by the seller. This type of auction is often used for items that are unique or in high demand. 
   
   

The format you choose should be based on your goals for the auction. If you want to ensure that you sell the item, then a fixed-price auction is likely the best option. If you want to get the highest possible price for the item, then a reserve price auction is likely the best option. Ultimately, the format you choose should depend on what you think will best suit your needs.

Create the Ideal Setting

Whilst setting up an auction is probably the most straightforward part of the process, there are a few things you can do to make it as comfortable as possible for all involved.

• Find a public place that’s well-lit and free of distractions. This will help ensure that everyone can see what’s going on at all times. 
  
  
• Some people prefer a large venue where there are plenty of spaces for cars to park. Consider having a larger venue so you can accommodate more people at once.
  
  
• Another option is to hold your live auction at a local restaurant or bar. Make sure there is enough space for an appropriate size for the number of people attending.
  
  
• The venue should have enough power outlets so that all of your digital devices can work properly.
  
  
• Finally, make sure that the space is clean and comfortable.

Conduct an Effective Bidding Process

There is no simple answer to how to conduct an effective bidding process. Each organisation will have different needs, and bidding processes should be tailored to address those needs. But there are a few things all successful bidding processes have in common:

1. A transparent process allows bidders to see exactly what is being asked of them, and it helps ensure that everyone is on the same page.
   
   
2. A flexible bidding process also helps ensure that the right bidder wins the contract. By keeping the bidding process flexible, bidders can tailor their approach based on their current situation.
   
   

Hire a reliable partner in charity fundraising. Whilst there are many businesses out there that claim to be experts in charity fundraising, the reality is that few have the experience or resources required to successfully run such an operation.

Charity Auctioneer: Your Partner in Fundraising

A live auction is a complex process that requires special expertise. If you are looking to take the lead in this area, it is important to select a company that is both experienced and trustworthy. 

Charity Auctioneer has been successfully organising charity fundraising over the years. Maximising funds raised during the auction is our top priority. If you need to know more, our team will be happy to assist with any request or questions.

Contact us and let us be your partner in your successful fundraising event.