Many penny auction users are reading articles to get tips and strategies on how to win. They want a full proof method of coming home with an amazing prize at a crazy price. Has it happened? Sure, but it's very rare. The bidder who makes a profit winning at penny auctions knows there's one strategy and that is to never stop bidding. They know they won't swoop in and win an iPad with 10 bids. They treat they the penny auction like a business.
In many ways it is like a business. Sometimes you have expenses that don't pay off immediately. You have to put in the time and effort to be successful. You need to monitor every aspect of your business. You have to be willing to take a chance.
There are users who are winning in excess of $100k in goods per year. These bidders will win auctions and resell their prizes on eBay, other online marketplaces or the old fashioned way, at the flea market. You don't think they're sitting around with 10 flat screen tvs in their house do you? Nope. They're selling them at a profit. They understand the costs and research sell prices prior to bidding on an item. They know what items will sell and which will not. Some users make a living doing this.
They gain reputations on smaller sites by bidding until they win even if it comes at a financial loss. They will spend $100 in bids to win a $50 gift card. Other users will not want to bid against them. Even other big bidders will refuse to get into an auction bidding war with them. The other big or regular bidders are running their business too and it doesn't make sense to keep overpaying for goods. I would like to mention this strategy will not work on the larger penny auction sites.
With any penny auction advice I feel the need to mention that no strategy is foolproof and there's risk associated with every penny auction.
Penny Auction Paul
In many ways it is like a business. Sometimes you have expenses that don't pay off immediately. You have to put in the time and effort to be successful. You need to monitor every aspect of your business. You have to be willing to take a chance.
There are users who are winning in excess of $100k in goods per year. These bidders will win auctions and resell their prizes on eBay, other online marketplaces or the old fashioned way, at the flea market. You don't think they're sitting around with 10 flat screen tvs in their house do you? Nope. They're selling them at a profit. They understand the costs and research sell prices prior to bidding on an item. They know what items will sell and which will not. Some users make a living doing this.
They gain reputations on smaller sites by bidding until they win even if it comes at a financial loss. They will spend $100 in bids to win a $50 gift card. Other users will not want to bid against them. Even other big bidders will refuse to get into an auction bidding war with them. The other big or regular bidders are running their business too and it doesn't make sense to keep overpaying for goods. I would like to mention this strategy will not work on the larger penny auction sites.
With any penny auction advice I feel the need to mention that no strategy is foolproof and there's risk associated with every penny auction.
Penny Auction Paul
About the Author:
View some live penny auctions and do your research. Watch some auctions play out to get an idea of what to expect when you bid for real.
No comments:
Post a Comment