Great Tips to Win at Penny Auctions
Are you wondering about what penny auctions are and how they work? You might have heard about the low prices on costly items and are tempted to take part in the auctions. So, let’s discuss here some basic things and also know about how to find the best penny auction site.
Unlike with other auction sites, on penny auction websites you have to buy bids. When you sign up for a site, you will be charged for a beginner user package of bids, normally 60 cents. You can also bid on “bid packs” with which you are likely to win bids for as less as 10 cents per bid. However, you have to remember one important thing:
Every auction has ONLY ONE winner!
Yes, you might have just won a bid pack at 10 cents per bid, but for each winner there are more than 10 people who would have spent a huge amount on bidding and didn’t win anything.
Penny auction websites will show you that you should have a system that will benefit you, some technique with which you will be the last bidder, because the last bidder is the winner of the auction. But all those whom you are bidding against are pondering on the same line.
In essence, you should learn to apply certain strategy to win at a penny auction. Many people keep losing money on these auctions because they keep bidding just randomly without any strategy. The correct thing is to have a good plan and stick to it. The plan should be based on the bidding patterns. Here are some tips:
- Decide which bidding style would you prefer – conservative, aggressive or a combination of the two. Aggressive bidding works when you stick to it and gives an impression to other bidders that you are persistent and won’t leave the item. Conservative bidding also works, but you cannot make big savings with it. A conservative bidder depends largely upon the “buy it now” feature which is used by several penny auction sites.
- Try to get up early (very early) so as to avoid “peak times”. At peak times more users are active online, so it becomes difficult to get your hands on the items due to increased competition.
- Find an item, but wait till the bids on it slow down.
- Begin your bidding pretty conservatively to make other bidders know about your presence.
- Quicken your bids suddenly when you see that the auction is about to close.
- Choose the buy it now option or pay for your item, if you lose the bid.
Visit BestPennyAuctionSite.net which reviews various penny auction sites and enables you to find the best one amongst them. Finding a good penny auction site is important. So, if you are eager to participate in a penny auction, first read its review and then proceed.