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1. You Can Enhance The Competition’s Enthusiasm
One of the critical things to keep in mind when it comes to bidding is that you don’t want your competition to get overzealous. If you make something look like a “can’t miss” property, you could ironically enhance the competition’s enthusiasm. This can increase their efforts and force you to pay more. It’s best to avoid getting too emotional. Try to play things “cool” and you can avoid driving the price up on yourself.
2. Don’t Bid First
One of the critical things you want to avoid doing is bidding first. While you may be tempted to bid first, it’s best to avoid doing it even if the item is something you want. There is no rush. Bidding first is only going to show your cards. The more active you are throughout the process, the more you can expect to pay.
If possible, you’ll want to submit a bid last. In an optimal set of events, you would submit the final bid and you will only bid once. Essentially, you want to come out of nowhere and submit a bid once a lot of the competition has dissipated. That’s when you come in and offer a bid that scares away the rest of them. You want to keep your bids to a minimum as it can put you in the best position to win.
3. Read Some Non-Verbal Cues
You want to look to read all of the non-verbal cues you can. There is a lot someone can tell you without ever saying a word. Check to see their body language. Are they sweating? Are they fidgeting? If they are showing signs of physical distress, they are likely emotionally invested in the auction.
You also want to watch for silence. If someone is asked for a bid and they hesitate, it can tell you a lot of information about them. Ideally, you want to keep an eye out for any signs of hesitation, breaks in eye contact and more. If these things occur, you can still view them as competition. It means they haven’t tapped out or exceeded their limits.
Looking for couples is a good way to give yourself the upper hand at an auction. You will likely find couples working in teams. One person is typically the one bidding and the other is the one giving the instructions. You want to watch them as they communicate in-between bids and while bidding. You will find that they will show their hand more often than not. If the bids exceed what they are willing to pay, they are likely to communicate it to the other party. You’ll find them become observers instead of an active bidder. If they are still in it, you’ll find them communicating with one another asking if they should continue going higher.
If you notice they are looking at one another and not saying anything, they’ve likely reached near their threshold and they are trying to telepathically communicate. This could be a good sign that you are about to have some competition walk away from the auction.
5. Smart Phones Can Be a Tell
You want to keep an eye out for any bidders that whip out their smartphones during an auction. If they hop on a phone call, it typically means they’ve exceeded their threshold or they are looking for permission to go higher. If someone hops on a call during the bidding process, you can bank on them being about ready to tap out. This could be a good time to go even more in and try to force them to walk away.