Online auctions are pretty simple once you know the ropes.
Find something you want. Place your bid. Win. Pick it up.
But when you're new to auctions, there are a few details that are easy to overlook. And nothing takes the shine off a great deal faster than realizing you forgot about pickup, didn't read the condition or bid more than you planned.
The good news?
Most beginner mistakes are easy to avoid.
Here are 10 common mistakes new online auction bidders make and what to do instead.
1. Bidding without reading the entire description
We get it.
You see the pictures. You see the price. You want it.
Bid.
Not so fast.
The item description can contain important details about exactly what you're bidding on. That could include information about condition, included components, known damage or other details that aren't obvious from the first photo.
Don't bid based on the title and thumbnail alone.
2. Ignoring the product condition
Not every auction item is in the same condition.
At Equip-Bid, you'll generally see five product conditions: Factory Sealed, Appears New, Open Box, Damaged, and Partial/Incomplete.
And those labels matter.
For example, Factory Sealed means the box hasn't been opened, which also means the contents inside haven't been verified.
Open Box is much broader. An item could be like new, incomplete, untested or nonfunctioning, and its condition or functionality hasn't been verified either way.
Damaged means there's a known issue, which can range from cosmetic or shipping damage to something that's fully broken.
Partial or Incomplete means the product originally shipped in more than one box, and not every box may be there.
3. Forgetting about the buyer's premium
Your winning bid isn't necessarily your final purchase total.
Equip-Bid has an 18% buyer's premium that's added to your winning bid.
So if you win an item for $100:
It's easy for a new bidder to focus entirely on the number showing on the auction page.
Experienced bidders think about the total cost.
4. Getting caught up in the competition
This one's human nature.
You decided you'd bid $150.
Someone bids $155.
Well, $160 isn't that much more.
They bid again.
Now you're at $175.
Suddenly, finding a deal has turned into beating that other bidder.
Auctions are exciting. That's part of the fun.
But winning only feels like winning when you're comfortable with what you paid.
There will always be another deal.
5. Skipping inspection when condition really matters
Photos and descriptions are important.
Sometimes you want to see something for yourself.
That's why some auctions offer inspection hours.
Inspection can be especially useful when you're considering Open Box or Damaged merchandise, equipment or a higher-dollar purchase.
Equip-Bid specifically encourages bidders considering Open Box merchandise to use available inspection opportunities because of how widely the condition of those items can vary.
See it. Evaluate it. Then decide what it's worth to you.
6. Bidding before checking the pickup location
You found an incredible deal.
There's just one problem.
It's nowhere near where you thought it was.
Equip-Bid auctions can take place at different locations, and winning bidders are responsible for following the pickup requirements of the specific auction.
That's why location should be one of the first things you check, not something you discover after winning.
7. Winning something you have no way to transport
This mistake usually starts with optimism.
"I'm sure it'll fit."
Then pickup day arrives.
It does not fit.
Before bidding on furniture, appliances, commercial equipment, pallets or other large items, think about how you're actually going to get your purchase home.
You may need a truck, trailer, straps, moving blankets, dollies, tools or additional people.
And don't automatically assume auction staff will be available to load your purchases. Loading assistance and requirements can vary by auction.
Measure twice. Bid once.
8. Assuming every auction has the same rules
You had a great experience at your last Equip-Bid auction.
So the next one must work exactly the same way, right?
Not necessarily.
Equip-Bid is a marketplace used by independent sellers, and auction-specific terms can differ.
Payment procedures may vary.
Pickup requirements may vary.
Loading assistance may vary.
Inspection opportunities may vary.
Shipping availability may vary.
Knowing the rules is part of knowing what you're bidding on.
9. Missing your pickup
This is a big one.
Winning the auction doesn't mean the item can sit indefinitely waiting for you.
Each auction has a designated removal or pickup schedule. Depending on the auction's terms, missing that window can lead to additional fees or other consequences.
Repeated failure to pay for or retrieve purchases can also affect your ability to bid on Equip-Bid.
If something unexpected happens after you've won, contact the seller running the auction as soon as possible rather than simply missing the pickup window.
Don't let forgetting the final step ruin a great deal.
10. Leaving pickup without checking your merchandise
You're excited.
You load everything.
You head home.
Then you realize you should have taken a closer look before leaving.
Take a moment at pickup to make sure you're leaving with the correct merchandise and inspect your purchase when appropriate.
That's especially important with Factory Sealed items. Since the package hasn't been opened, nobody has checked what's inside. That's why we recommend inspecting Factory Sealed items before you leave pickup.
The same principle applies throughout the auction experience: use the information available to you.
The description, photos and inspection are all there for a reason.
The best bidders aren't lucky. They're prepared.
You don't need years of auction experience to bid like you've done this before.
The habits are pretty simple:
- Read everything.
- Understand the condition.
- Know your total cost.
- Set your limit.
- Check the pickup details.
- Have a transportation plan.
- Use inspection when it matters.
- Inspect your purchase before leaving.
Do those things and you're already ahead of most first-time mistakes.
We built Equip-Bid to make buying and selling simple, safe and full of opportunity.
We'll provide the marketplace. You bring your best bidding game.