Common Mistakes to Avoid When Bidding On Online Restaurant Equipment Auction

Buying restaurant equipment in person is probably the only way you want to be making purchases. But sometimes, that proves more difficult. So, the next best thing, online auctions. 

Online auctions are the best place to go to when you’re looking to buy used kitchen equipment. It sounds off-putting buying a product you can’t see in real life.

How do you know you bought it for the best price?

How do you trust the seller?

How do you trust the auction itself?

Well, here are some of the common mistakes to avoid when bidding on online restaurant equipment auctions.

Not Doing Your Research

Research, research and research. If you want to buy something for yourself or someone else, what’s the first thing you do? You find out as much information as you can about the product. How much information can you find out about the equipment?

Are pictures of the product provided? See if you can clearly see the state of the equipment or if business or person running the bid can provide you precise information of the listing. Are there any active warranties in the description?

The good thing about online auctions is that they go on for seven days. So, you have plenty of time to do your research, shop around and set your budget for any given item. Be sure to look at all the information provided so there are no surprises.

You Exceed Your Maximum Bid

It’s easy to get swept up in the excitement of a bidding war. It’s almost like a live auction. You want to set a budget in any auction format - including online. You also want to determine the maximum amount you’re willing to spend on an item. Stick to that and you can avoid overpaying.

Not Paying Attention to the Closing Dates

Bidding periods may vary but auction items listed usually last for seven days. This is why you want to pay attention to the auction closing date and times. You want to keep close tabs on the equipment you want to win. Whether you use a live bid or the automated bidding system, make sure you don’t miss out on anything important.

Not Using the “Maximum Bid” Feature

The “Maximum Bid” lets you put in the highest amount you are willing to pay at any point during the live auction. Then the system bids on your behalf at the required bidding increments on the item.

If someone places a bid that’s lower than your max, then the bid automatically goes up. However, if there is a bid that exceeds your maximum bid, then you’re off the hook. You’ll get a notification in case you want to increase your maximum bid. You can do this at any point until the auction closes.

You Wait Until the Last Second

Sniping is when sneaky buyers wait until the very last minute or few seconds before placing their bid in the online auction world. Someone who thought they were going to win gets “sniped” out of an item before anyone can do anything about it.

Auctioneers frown upon sniping, generally, but it can and does happen. The truth with auctions is that an item is going to sell for the highest price someone is willing to pay. That amount can go up early on in the bid or at the last possible second.

It doesn’t matter whether you’re the highest bidder, this is why the “Maximum Bid” feature is great. This feature discourages sniping as the highest bidder will win in the end.

Texas Restaurant Supply

At Texas Restaurant Supply we have an Online Auction and you can do it hassle-free! You don’t have to worry about going out of your way to do the research, because we’ve done it for you!

Check out our Online Auction right here!