So you’re questing after the Holy Grail...the secret to winning all auctions that’ll stockpile your house with HDTVs in every bedroom, laptops hinging on desks that spring out in front of every toilet, and gift cards for everyone who comes over.
That might be a stretch, but admit it — your expectation once reached this high. We hate to throw a bucket of cold water on your dreamy-dream, but we feel obligated to: It’s fiction. It’s not real. There are no set-in-stone rules that’ll deliver untold consumer goods to your doorstep seven days a week.
HOWEVER, there are a few commandments we suggest you follow when entering an auction. A little strategy and savvy go a long way to sharpening your bidding skills. They go like this:
Know thy Self
This one’s not about self-searching or uncovering your hidden potential or discovering your inner chi. You must know that winning higher-value items will require a great deal of skill, patience and bids. Longer auctions require more of all three of these things, especially patience. It helps to think of an auction like a long-distance race. If you haven’t been training, then you’re walking up to the starting line at a severe disadvantage to other runners with more experience who are much better conditioned.
Knowing which auction you are most likely to win is valuable knowledge on our site
Know thy Limits
Nobody likes to hear the word ‘budgeting’. But everybody loves saving money. We’ll do our best to help prevent you from exceeding the retail price of the item by sending you warnings. However, you must exercise your best judgment and willingness to use the ‘Buy Now’ feature if those bids start adding up. Stay within your limits!
Know thy Competition
You've probably heard this before, possibly from other tip forums. Unfortunately, it's true: There are some bidders who refuse to let up, even if that means paying twice the retail price on an item.
For those people...Well, we’re sorry to see them waste those bids and money. The rest of you need to learn to recognize such users and avoid participating in the same auctions. It’s also usually wise to stay away from auctions with a large number of users participating.
Thou shall not be Cheap. While users regularly hit big with absurd deals on iBid, it’s a good rule of thumb to be willing to part with at least a 1/3 of the item's retail cost. We find that users willing to spend this much in bids are far more statistically likely to claim victory in any given auction. You have to give a little to get a lot.
Know thy ways to get the hookup
Remember that with every friend you refer, you earn 6.25% commission, if you invite them directly you will receive up to 46.25%. So, refer away! Please make sure before they sign up that they’re familiar with what an entertainment retail auction site is and have read through our iBid FAQ section, as well as our Terms & Conditions.
We would love for your friends and family to join in on the fun! We do want everybody to spend time familiarizing themselves with the site, so as to avoid 'The 3 Biggest Mistakes Beginners Make.' They're bound to lose if they don’t take the time to understand iBid, and that’s no fun for anybody. So please, inform them first! After that, refer away!
A recap - Think things through, know yourself, and what you'll commit to. Set a goal (or goals) when you start and don't stray from it (or them). Know when to stop bidding in an auction and mind the ‘Buy Now’ feature. Know your competition and mind the number of bidders in a particular auction. Then use this knowledge when deciding whether to continue bidding or not.