Top 5 tips on buying at an online O’Maras auction
02 June 2016
O’Maras Valuers & Auctioneers has an extraordinary array of products up for auction on any day of the week. From assorted home & beauty and fine wines, right through to hospitality equipment, office furniture & IT equipment, as well as plant and machinery equipment.
To ensure you secure your product for the best price at an O’Maras online auction, follow these tips:
1. Do Your Research
Get as much information about the item before you start. What are the exact proportions? Are there any damaged parts? Most auction items are available for inspection so if you can take the time, inspect your item before making a bid. Each auction will list when and where you can inspect. It is also a good idea to go through the terms and conditions before attempting to bid on the item. These include payment and shipping arrangements.
2. Decide on a Limit
Before bidding starts, decide how high you’re willing to go, and set a cap. What is the item worth to you? Making this decision beforehand will save you from being emotionally caught up in the thrill of the moment and exceed what you can actually afford. Follow the size of your wallet, not your heart.
3. Factor in additional fees
A buyer's premium is a fee sellers charge a buyer, which is added to the final purchase price of an item. Be sure to factor these and any other additional fees into your total purchase price.
4. Remember: It is a Buying Contract
When the auctioneer bangs the gavel down at the end of bidding, it establishes the final price. The same principle applies online – be aware that you are entering a contract to buy.
5. Keep an Eye on the Deadline
Don’t forget to note the date and time of the sale so you don’t miss it! Also, make sure you have the means to pay. At O’Maras, payments can be made with cash, by direct deposit, or by credit card (MasterCard or Visa).