No matter what type of auction you’re running, it’s important that you list your Oktion items at the right price to help them sell. The Oktion app requires that you set a minimum bid (the lowest bid any buyer can make on an item) and a reserve amount (the lowest amount your auction item will sell for). If you do it right, your item can sell for more than it’s worth and help you raise even more funds for your cause. But how do you find the right price for your Oktion items?
Set a minimum bid that will entice your buyers to bid. We recommend choosing a minimum bid amount that is low enough that your buyers won’t be put off. Buyers may hesitate to bid on an item with a high minimum bid amount. You can use a low minimum bid to attract more bidders who will end up bringing the item’s price up to its actual value. And the more bids an item gets, the more buyers will want to bid because they’ll see this as an item worth winning.
Don’t worry that your item will sell for a price that’s lower than you’d like – Oktion requires that you enter a reserve amount for each of your items. This will stop an item from being sold before it meets your bottom line price. Set your reserve price as the lowest amount you are willing to take for the item, so that bidders are less likely to pass up the item.
To choose the right minimum bid amount for your item, make sure you have researched its value. A quick online search can help you find how much the item is currently worth. You can choose to use this price as your reserve amount. We suggest you then set an appropriate minimum bid amount that is below the item’s value. For example, if you have a $300 artwork, you may start bidding at $50 to encourage buyers to bid.
If you’re adding auction items into Oktion for your next event, remember that prices are important! Think about the type of people attending your event and how much they are willing to spend. Don’t be scared to start with a low bid, as your item can easily attract attention from bidders who will help push up the final bid amount.