Want to go antiquing from your own living room? Here's how!

Since the COVID-19 outbreak in 2021, online auctions have become increasingly popular as a viable substitute for the typical live auction, estate sale, or tag sale. They are advantageous because they offer a convenient platform for sellers to quickly downsize their belongings while allowing buyers to bid on unique items from the comfort of their own homes.

If you have never bought (or sold) on an online auction platform, here are some general tips to start your journey!

What exactly is an online auction, anyway?

As the name suggests, online auctions are held exclusively on the internet. Typically, items (or groups of items) are listed for sale, and the public has a set amount of time (usually 5-7 days) to place bids on them. These auctions are hosted on specialized platforms and are managed by an online auction company ( firm) or auctioneer. These companies are seasoned in handling large quantities of personal property quickly and specialize in all aspects of the auction process, from organizing and listing the items to marketing and coordinating the local pickup for the auction winners.

Buyers and sellers can rest assured that not just anyone can operate as an online auction firm or auctioneer; they are typically required to be licensed (requiring testing) and bonded by the state where they do business. Their continued licensing is contingent upon continuing education and the absence of complaints from the public. Additionally, the entire process requires a contract that clearly outlines all the details and specifics of the auction, which the seller must then approve and sign.

Let's explore the advantages of an online auction for buyers and sellers.

Advantages for the BUYER:

· Adverse weather conditions that generally hinder a live auction, estate sale or tag sale do not affect an online auction (suitable for both buyer and seller).

· This type of auction allows buyers who find live auctions or estate sales somewhat intimidating to participate in property auctions, which will most likely include a more diverse demographic.

· Online auctions make bidding more convenient for buyers, who can bid from any location, even on their mobile phones (handy for individuals with hectic schedules).

· The auction rules and purchase terms are usually straightforward and posted on the platform or website.

· Most auction platforms require bidders to create a user account with a password, making the process more secure. Bidders can then receive invoicing and directions to the property, which helps to weed out potential scammers.

· Bidders can thoroughly examine listing photos and descriptions before bidding and message the platform with questions.

· Potential buyers can track an online auction's real-time bidding history and progress, which gives them confidence that they are entering into a fair transaction.

Advantages for the SELLER:

· An online auction is generally more cost-effective, less time-consuming, and less stressful than a live auction, estate sale or tag sale.

· An online auction requires a signed contract, with the terms clearly outlined and agreed upon before any work begins. A contract ensures everyone's protection.

· Sellers also benefit from the increased transparency of online auctions, allowing them to track buyer interest in their items throughout the auction.

· Online auction companies have a built-in network of potential buyers and a marketing strategy that can help increase their visibility and reach, resulting in a higher final sale price.

· These companies have the expertise to market auctions to attract a targeted audience. They can tailor listings with keywords, have access to specialized advertising outlets, and most likely use social media to ensure maximum exposure and, ultimately, a successful sale.

· The winning bidders pick up their items/lots at the property where they originate. Sometimes, an auctioneer or firm transfers the items/lots to an alternate pickup site for convenience and security. The auction company or auctioneer is present for and manages the entire event.

Some things to note about online auctions for the BUYER:

· Generally, items won at an online auction are "as is, where is" with no guarantee or warranty (expressed or implied) and are final - rarely are refunds issued. The auction company makes every effort to disclose auctions that include items from a smoker or pet-friendly residence; however, as a bidder, you should always assume this is possible (even when not explicitly stated). The auction company photographs all lots or items and writes a basic description; however, their time is limited, so as a buyer, you should always defer to the photos as the definitive description.

· Educate yourself on the auction payment terms: do they accept cash, check or charge? Are there any fees (such as a buyer's premium or credit card processing fee)? Can you pay online or in person only? Does the auction company collect tax, and if so, at what percentage? If you are a tax-exempt buyer, contact the auctioneer or firm and provide a copy of your tax-exempt form for their records.

· The pickup for items won at auction is usually a one-day-only event held at a specific time and place. Only bid if you can make the appointed pickup, as failure to pay for and pick up your items may result in being banned from future bidding on the platform.

· If you wish to bid on a large item (like furniture), be sure to understand the terms of pickup. Most auction companies do not offer assistance moving or loading items into your vehicle, so you may want to bring a little muscle along to help.

· A good rule of thumb is to come to the pickup prepared to box up items. Bring your boxes, bags, and other packing materials, as the auction company does not typically provide these. Also, does the auction require that you take all items, or can you leave behind those you do not want?

Some things to note about online auctions for the SELLER:

· Consider the pros and cons of an online vs. live auction, estate sale or tag sale and decide which is best for you. If you are considering selling items via an online auction company, do some recon before deciding on one. Research and compare the companies in your area, look at their reviews and ask questions. Most offer a free consultation, so take advantage of this!

· Discuss your expectations with the auctioneer or firm, clarify them before finalizing the contract, and ask any questions before signing. Communication is the key here.

· It is helpful to have a generic history of the items you want to sell, especially those you desire a high return on; this history helps the auction company list the items, making them more enticing for a would-be bidder.

Conclusion:

After reading this article, if you wish to find an online auction or auction firm near you, you can begin your search on estatesales.net. You can also visit the J&K Estate Sale auction site at https://jkestateauctions.com/ to get a feel for how it all works.

Final thought: if everyone knows (and follows) the rules of online auctions, they can be a fun way to sell unwanted items and make a few bucks or buy unique items you probably can't find elsewhere!

About Two Old Souls, Inc. Online Auctions

We are a husband-and-wife-operated Ohio-based online auction firm licensed to manage the entire process for you, including organizing, photographing, writing descriptions, researching, listing, running the auction online, marketing, shipping, and handling the pickup for the auction winners.

We also host online auctions that feature our vintage inventory, including home decor, collectibles, and clothing.

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