Best Practices For Hosting a Timed Online Auction
NextLot Inc., a family owned online auction software company with over 35 years of experience in the auction industry, has perfected the best strategies for hosting timed-online auctions. Auctions take a great deal of time and money to host, and auctioneers have been looking for ways to more efficiently sell assets for their sellers. NextLot’s timed auctions provide the answer with an auction platform which makes hosting online auctions simple, cost-effective, and stress-free.
When setting up an timed-online auction, auctioneers first create their auction by simply naming the auction, advertising the location and buyers’ premium, uploading terms and conditions and finally setting the dates for the auction. Auctioneers are advised to upload the auction ten to fifteen days prior to the start of the auction to guarantee ample time for advertising.
Once the auction is created, auctioneers upload the inventory and corresponding images. It is recommended that auctioneers catalog and upload the inventory as soon as possible to allow bidders the opportunity to preview the inventory before the auction begins. NextLot’s timed-online auction software gives auctioneers the flexibility to add reserves, starting bids and bid extension to avoid bid sniping.
We also advise auctioneers to take advantage of the lot staggering feature. This feature staggers lots to close in groups every few minutes to avoid closing a large auction at one time. NextLot is committed to improving the auction industry and pledges its time and energy to make sure every client has a stress free, successful auction.