{"id":1391,"date":"2023-03-28T05:17:50","date_gmt":"2023-03-28T05:17:50","guid":{"rendered":"https:\/\/oktion.com.au\/organisers\/?p=1391"},"modified":"2023-05-19T12:13:52","modified_gmt":"2023-05-19T01:13:52","slug":"how-to-price-your-items","status":"publish","type":"post","link":"https:\/\/oktion.com.au\/organisers\/how-to-price-your-items\/","title":{"rendered":"How to Price Your Items"},"content":{"rendered":"

No matter what type of auction you\u2019re running, it\u2019s important that you price your items at the right amount 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\u2019s worth and help you raise even more funds for your cause. But how do you find the right price for your Oktion items?<\/p>\n<\/div>

Price your items \u2013 choose your bid amount<\/h4><\/div>

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\u2019t 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\u2019s price up to its actual value. And the more bids an item gets, the more buyers will want to bid because they\u2019ll see this as an item worth winning.<\/p>\n

Don\u2019t worry that your item will sell for a price that\u2019s lower than you\u2019d\u00a0like\u00a0\u2013 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.<\/p>\n

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\u2019s value. For example, if you have a $300 artwork, you may start bidding at $50 to encourage buyers to bid.<\/p>\n

If you\u2019re 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\u2019t 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.<\/p>\n

Knowing how to price your items is important, but price alone won\u2019t help you raise more money. Visit our other blogs on how to promote your Oktion event\u00a0and\u00a0how to take photos of your items.<\/p>\n<\/div><\/div><\/div><\/div><\/div>\n","protected":false},"excerpt":{"rendered":"

No matter what type of auction you\u2019re running, it\u2019s important that you price your items at the right amount to help them sell<\/p>\n","protected":false},"author":4,"featured_media":1393,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16],"tags":[],"class_list":["post-1391","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-auction-items"],"_links":{"self":[{"href":"https:\/\/oktion.com.au\/organisers\/wp-json\/wp\/v2\/posts\/1391","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/oktion.com.au\/organisers\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/oktion.com.au\/organisers\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/oktion.com.au\/organisers\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/oktion.com.au\/organisers\/wp-json\/wp\/v2\/comments?post=1391"}],"version-history":[{"count":0,"href":"https:\/\/oktion.com.au\/organisers\/wp-json\/wp\/v2\/posts\/1391\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/oktion.com.au\/organisers\/wp-json\/wp\/v2\/media\/1393"}],"wp:attachment":[{"href":"https:\/\/oktion.com.au\/organisers\/wp-json\/wp\/v2\/media?parent=1391"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/oktion.com.au\/organisers\/wp-json\/wp\/v2\/categories?post=1391"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/oktion.com.au\/organisers\/wp-json\/wp\/v2\/tags?post=1391"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}