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The Benefits Of A Private Online Auction

Updated on August 2, 2010

The Benefits Of A Private Online Auction

 For anyone who has things they would like to sell off and want to do so through an auction, one of the most major decisions is whether to have a private or public auction.  There are certain benefits to the private online auction which make it more rewarding.  If you are not sure of the advantages of each and which will be better for you, learning the benefits of a private online auction will be wise.  If you want to have a targeted audience, a private online auction will probably be more ideal.

 Sellers have a lot more flexibility with private auctions over public auctions.  Instead of leaving all the details up to the auction site you are going through, you really leave more of it in your hands.  You can also have buyers put higher bids on your items than most auction sites will allow.  With a public auction for instance through a site like eBay, you have to abide by their selling rules and this means ensuring there is a maximum allowed bid on most items.

 When it comes to more expensive items, such as pieces of real estate and the likes, it is always better to go with a private auction.  Then you still have all the advantages of an online auction including having such a large audience because the auction is online and is accessible to so many more people.  But then you are also able to target the buyers you want and make sure you get the quickest buy.  There is no point in offering a super expensive item to a group of people that are not going to have any interest in it.

 Another benefit of the private online auction is you can build relationships with prosperous buyers and even other sellers.  If you are selling something as high priced as property, make sure you have the legal details all out of the way before going through with any sale.  You will want to have all the legal contracts written up and ready to sign.  There is the absolute auction for instance, and this is an auction in which the winner will be the highest bidder without a reserve price needing to be met.

 There are certainly some important advantages offered by the private online auction.  It all depends on the particular seller and what items they are looking to auction off.  This is a type of auction in which multiples of the same items are listed.   Having a private online auction offers you the seller more benefits in many situations, but you need to consider both sides here and make the right decision for you.

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