Penny Auction List recently interviewed Mark, a penny auction bidder from Salt Lake, Utah. Mark had some great tips for new penny auction bidders.
Here’s what he had to say:
Penny Auction List: How did you first hear about penny auctions?
Mark: I first heard about penny auctions from a TV commercial I saw for Snaglo.
Penny Auction List: What penny auction sites do you like the most and why?
Mark: My current favorite is Wavee, and here are some reasons why: Bid to buy is always a plus, I love the layout of the site, the 20 second timer, the random bonus credits is a great feature, and recently they have added “Wavee dollars” With Wavee dollars, the site matches the bid credits you purchase dollar for dollar. Those “dollars” can be applied in the Wavee store, which basically allows you to save a certain percentage on a retail purchase.
I also like to use Quibids. Once again, the “buy it now” feature is what I look for on all penny auction sites. I also like the layout – it’s very user-friendly. However, as with most sites that offer buy it now programs, there is alot of competition.
I still play at Snaglo, this is where I first started bidding on penny auctions. This site has a great layout and offers a buy it now feature as well. Recently they have revamped the timers; a max of 30 seconds is added no matter how many bids get placed.
Penny Auction List: Do you think there are there real strategies for winning penny auctions, or is it mostly luck of the draw?
Mark: I definitely believe a good strategy will either make you or break you in penny auctions. Luck will win some auctions, but to be successful you must develop a good strategy.
Penny Auction List: What do you do with the items you win?
Mark: When I originally started bidding on penny auctions everything was 100% for personal use. Now I play for both personal use and some re-sale. I do not look to make “big profit margins.” I price things to sell quickly and move on.
Penny Auction List: As a penny auction veteran, what advice do you have for new bidders?
Mark: The best advice I can give is DO YOUR HOMEWORK! Know who you are bidding against. Most auction sites have a closed auction page. Study those closely. Watch the auctions on the site that you are interested in bidding on for a week or so before you actually bid.
For a beginner, start small. I suggest that you bid on items from $10.00 – $25.00 or maybe try some gift cards. Stay away from the big ticket items until you are totally comfortable. Bid smart, do not get emotionally involved in an auction. Only bid on one item at a time, and don’t spread your bids too thin. Be prepared to lose some money. The reality is that nobody can win every time. Winning auctions is certainly not as easy as it appears. Set spending limits and only play the amount you are willing to lose.
The Penny Auction List would like to thank Mark for graciously donating his time to our penny auction bidder community. Mark recently became a grandpa for a second time, so be sure to congratulate him!
Thanks again Mark. New bidders will really benefit from some of your tips.