How to Bid on Auctions

Overview and Features

BizHub Online Auctions was created to help people sell unwanted personal items or new shop merchandise and slow-moving stock to generate additional income. We wanted to make it easy to use but also to include all auction features. You get a powerful auction solution that enables you to easily setup your customized online auction store and start selling in less than 30 minutes using our secure payment processors.

You can buy and sell products and services on the BizHub Online Auction site with confidence.
Our commission rate is 20% per successful sale on all general items at the fall of the hammer, and 5% on high-ticket items.

There are no monthly rentals and BizHub Auctions does not charge VAT, although some of our vendors might, if they are selling new items as a business and if they are VAT registered. Traditionally, though, no VAT is paid on used personal items.
You bid online in real time. If you don't make a sale, you have no costs.

Included in the commission we offer an escrow service and ewallet so you pay no bank or exchange fees and you can get off the banking grid and manage and control your money yourself.
You can currently sell to people locally and all over the world in ZAR, USD and GBP with more currencies becoming available soon. Build up a portfolio of foreign currencies in your ewallet and use them when you travel, without paying exchange fees.

Bidders MUST BE REGISTERED AND LOGGED IN in order to bid!

Registration

Why Register?
Before you bid on an auction item - and so we can contact you – you must first register with us.
It’s a legal requirement when using an online auction site.

As a bidder, choose “I’m a Customer”.
Fill in all the fields with valid information and Submit.
If you don’t fill in all the fields honestly, your account will not be opened.
You will be asked by admin via email for your physical address and possibly your bank details.
This is also a legal requirement related to the use of an online auction.
Alternatively, you can choose our free ewallet to transact with and save all those nasty bank fees.
You will be given the opportunity to choose to have your money paid from or into your virtual ewallet instead.

FREE Ewallet (It's HERE!)

Email Authentication (2FA)

We have 2-Factor Authentication, (2FA), meaning you must verify your email address so we know the registration application wasn’t sent by a spam bot. You will receive an email with your auto-generated password. Save it in a safe place with your email address and your user name. You will need these when you login to list products/services for sale, or to bid on other auctions.

There is a link at the bottom of the verification email that you must click to verify that it is YOUR email address and that the application wasn’t sent by a spam bot.

NOTE! All items are sold “voetstoots” or "as is".
We ask our sellers to photograph and mention in the description any blemishes, damages or defects.
The Auctioneer does not get involved in any disputes between buyers and sellers.
Sellers must mention hidden defects and photograph visible defects in the descriptions. This goes a long way to avoiding disputes because bidders are given the option to bid or not. If they go ahead and bid, then that is their conscious decision.

At BizHub Auctions we have Normal and Reverse auctions.
A normal auction is where a product or service is sold and the highest bid wins when the auction closes.
A reverse auction is when the "seller" wants a quote on a job they need doing, so here the lowest bid wins, hence "reverse" auction.

All bids are manual, by default. However, Vendors can switch on proxy/auto bidding, which most of them do.
With Proxy / Auto bidding you, the bidder, put an amount of money into your ewallet account.
This is the maximum you want to spend. The computer will add a bid increment on your behalf every time someone else bids, to keep you in front, until your money runs out. You can then either retire from the auction or, if you REALLY want that item, you must add more money to your account so the auto bids can continue.
This means you don't have to sit and watch the auctions all the time.
And you can add an item to your "auction watchlist" to keep tabs on its progress.

We tell the sellers to make the time of the end date late at night, so the die-hards have an advantage in securing a win, as most people are asleep by then.

In the right sidebar of the Shop page is a tab called "Auctions Ending Soon".
If you are bidding on any of these items, it reminds you to stay alert because it's the last bid that wins the race!

Your order will be couriered to you by the seller, via their choice of courier service, unless you have a service you prefer to use.
Delivery costs are for the buyer's account.
Alternatively, the buyer can collect the goods if an arrangement is made with the seller.

Timed Auctions

The phenomenon of an online auction isn’t new. It is an old strategy used to buy certain things.
Before, people used to attend auction functions, and now they bid online.
And as interest in e-commerce continues to increase throughout the world, a record number of people are delving into the world of online auctions for the first time. As such, let’s take this opportunity to revisit frequently asked questions and some of our most common tips for successfully bidding in a timed auction online. Bidding in any online auction can be both exhilarating and overwhelming at the same time. If you most often work with an auctioneer in person or online, consider another option: the timed auction.
NOTE! BizHub Auctions are timed auctions.

What is a Timed Auction?
Timed auctions run for a defined period of time, allowing bidders to register and place maximum bids on items with confidence. As the auction progresses, bidders have the opportunity to raise their bid amount.

For those who are navigating this format for the first time (or simply need a refresher), we’ll help guide you on your way to taking home your object of desire. Here are some how-to tips from our team and advice from some of our most ardent timed auction participants.

Good Tip! Bid at Your Own Pace!
To bid on a lot, Register for a BizHub Auction account from the top menu on our auction site, https://bizhubauctions.online.

Once registered, place your bid by entering your maximum bid – the highest hammer price you would be comfortable paying for the item. From there, because our software has been set to "auto bid", it will automatically bid on your behalf, adding one bid increment everytime someone bids higher than your last bid. This will ensure you remain the highest bidder up to your maximum bid. Setting a maximum bid on an item ensures that you will not go over your limit and allows time to correct mistakes. If two identical maximum bids are submitted, the first bid received will win the lot.
If the bidding surpasses your maximum amount, you can remain in the race by increasing your limit.

“I like timed auctions because I can’t always acquire items at live auctions and need to be able to supplement my stock. Sometimes it is also nice to just sit and bid at my pace instead of following a live auction.” – Donna N.

Monitor your bids in your "My Account" dashboard. If you are outbid, you will be notified and have time to increase your bid before the auction closes. The closing of a timed auction is determined by a defined end-time which you will see on a BizHub auction. Be sure to place your bid before that time.

Control Your Auction Results
A timed auction ends at the time specified by the seller; however, extended bidding may occur if additional bids are placed in the last two minutes of the auction. This is to prevent last-minute bidders from sniping the lot and to give all bidders a fair chance to acquire the piece.
If you are the highest bidder at the close of a lot, you will receive an email or a mobile alert at the auction’s close notifying you of your purchase.

“If you are the type of person that gets carried away during live bidding, the timed auction may help you set a limit on your bids,” says bidder Bob H.

Remember this as you weigh your bidding options:
Timed auctions are slower-paced, making them easier to monitor and less intimidating than live auctions for novice bidders.
By looking at the number of views and bids on a lot in a timed auction, you can tell which lots are the most popular (and therefore worthy of your attention) as the end of the auction approaches.
The auctioneer can set reserves for their items to ensure that it sells for a minimum amount. Look for the text “reserve not met” or “reserve met” to know if your high bid will be a winning bid.

A Few Bidding Tips

(With thanks to William George - wgandco.com).

1) Read the T&C’s.

No two auction houses are the same. They have their own terms and conditions which you need to be aware of.
The reason why is because you’re committing to them once you bid or register in their auction.
There have been many instances where a failure to read the terms and conditions have resulted in problems for bidders, so it’s vital that you look at them to see how they will affect you.

2) Research the lots that you like.

If you find a lot you like, it’s important to conduct some research.
The aim should be to understand how much it’s worth and this will influence the bidding strategy you want to use.

In the lot's description, you'll find key information such as the year it was made, the materials used to create it, its origin and more. This information will be enough to build a picture of the relevance or significance of the item.

Once you have an idea about how much you want to pay, you can factor this into your budget as you will need to take other considerations into account, like VAT (if charged by the seller) and courier costs, which are for the buyer's account.

3) Review The Payment Terms

Mentioned in the Terms and Conditions, or important information, are the payment terms for the auction.
There will be deadlines for payments and also the premiums and taxes that you will need to pay.
It’s important to understand these payment terms because you can understand when the auction house will request payment and this will give you time to ensure the necessary funds are available.

4) Set Yourself a Budget

Online auctions can provide a massive thrill and it can lead bidders to get 'lost in the moment' and bid more than they would like to on a lot.
To avoid this there are platforms, such as the ones we use, which let you set a maximum bid and this becomes your ceiling.
When you calculate your maximum bid, take into account any premiums and taxes as this will ultimately increase the final price.

The terms that you need to look for are 'Buyer's Premium' and 'Sales Tax'.
NOTE! At BizHub Auctions we do not charge a Buyer's Premium nor do we charge Sales Tax. However, a seller might charge sales tax on their items if they are selling new products and if they are VAT registered.

Buyer's Premium - applied to the winning bid. It's usually in the form of a percentage and is applied to the price of the winning bid.

Sales Tax - tax applied to the winning bid. This is added to the hammer price (the highest bid). If that feature is not there, it's important to stick to your budget and not get carried away in a bidding war.
Only bid what you're willing to pay.

5) Check the Accuracy of the Images & Description

There may be a time where the description and image of the lot do not correspond.
Before you consider bidding on the lot, scrutinise the description and check the images match.
It's not advised to bid on a lot if you're not 100% sure of what you're bidding on.

If you have questions or fears, it’s imperative that you speak to the auction house for clarification.
They will relay your question to the vendor who can answer.

6) Look at The Competition

During an auction, you will come across a variety of bidders who will join in at different times.
This is normal and forms part of the varying bidding strategies adopted by online bidders.
It’s beneficial to gain an understanding of how the competition for the lot evolves because it highlights the interest in the lot.
It's advised to not bid heavily at the start because it may lead to you being outbid by someone else and pricing yourself out.

7) Monitor the Bid Increments

The auction house can set their own increments for a lot which can spiral quite quickly as the bids progress through the price bands. It’s important to monitor the increments so you’re well aware of how much the price is rising by. At BizHub Auctions, you'll be made aware of the next minimum bid and this will allow you to decide if you want yo raise your current bid.

8) Narrow Your Interests

Each catalogue will contain an array of lots which you may find appealing.
By understanding what you really want, you can set aside those lots for further research.
Spreading your interests across several lots may be hard to manage and this can become overwhelming.
At BizHub Auctions, you can "wishlist" items and this will help you to narrow your interest and set those lots aside for further research.

9) Keep an Eye on the Deadline

Online auctions such as timed-online auctions can last over a period of time from a few hours to a few days.
This flexibility has made it common for bidders to drop in and out of an auction.
This unknowability can present a fascinating challenge for a bidder.
For those wishing to periodically engage with the auction, it's important to make sure you know when the lot closes, so you don't end up missing out!

10) Is it Fake?

Online auctions can present a massive breeding ground for fraudulent activity.
Luxury items such as jewellery, watches and handbags are known to circulate and there are things you can do to avoid being caught out.
Scrutinising the images and making note of serial numbers and trademarks can highlight the authenticity of a lot.
To help online bidders, we enable you to contact the seller to ask questions about the product/s they are auctioning.

Here are a few more strategies to
increase your chance of winning an auction.

Use the watchlist
Not ready to bid yet? Add any item to your watched lots to keep an eye on it throughout the auction.
You can return to your watched lots at any time to view a personalized list of only the items that interest you.
See what the current bid is (and whether or not it’s with you) and how much time is left until each lot closes.
Towards the end of the auction, your watched lots listing is the best and most efficient way to keep track of multiple lots that you’re trying to win. The list includes only the items that interest you and is a shortcut to get bidding!

Begin with a high bid
You might think putting your lowest bid in first is the best starting point, and sometimes it is for both in-person and online auctions. This plan doesn’t always work, though, because it invites more buyers to start bidding. If you have a set price in mind you are willing to pay for an item, bid an amount close to that to stop potential competition.

Another method of placing a high bid is to use a “bid and forget it” strategy. Most online auctions will let you enter a max amount so the system can make bids on your behalf in increments. This strategy, called proxy or auto bidding, will stop when your high bid amount is reached.
If your high bid amount is passed and you want to continue bidding, you can add more money to your account to do so.

The absentee strategy is useful if you find yourself getting caught up in auctions and placing bids higher than you planned or can afford. It also allows you to go on with your day and let the system bid for you. This is helpful if you do not have time to track your bids.

Wait until the very end to bid
The strategy of waiting until the bidding is almost done is known as “auction sniping.” If you know what time the last bid will be accepted, you can check back right before the clock runs out to put in your bid. The hope with this strategy is to outbid everyone at the last second. Check the policy on the auction and what happens if higher bids come in during the last few minutes. Some sales will extend their end time if this happens.

Capitalize on time frame strategy
Note what date and time the auction you're bidding on ends. If it's between 5-9 pm, late at night or early in the morning, it means that you won’t find a lot of people participating in the auction during these times.

Another strategy is to bid when the auction is about to end. Not everyone is looking at that time, and by making one last bid just before the end, you could win!

Proxy/auto bidding
You could also use BizHub's proxy/auto bidding feature, where the computer does all the work for you!

Valuable Tips and Additional Useful Information When Bidding

In the following URL’s you will find valuable information on how to buy/sell on an online auction. Bear in mind that these tips and information have been put out by William George, a UK auction house, for which they have our thanks.

As such, do not comment on these links or try to contact William George, as their country’s laws are different to ours, and so is their methodology. All auction houses have different ways of doing business.

When in doubt, refer back to the information provided for you by BizHub Auctions under “Auction Info”, as it is specific to South African laws and to our own way of doing things.

Make sure you read our “FAQ”, our “Terms and Conditions and Rules”, our “Privacy Policy” and our “Returns & Refunds Policy” under the “Home” tab. This is vitally important as they contain information that you must know. In other words, Be Prepared.

We provide these additional pages for you to learn as much as possible about online auctions before you either list or bid.
Do yourself a favour and READ everything written here.
It has been compiled to help YOU avoid mistakes and to enjoy an error-free BizHub Auction experience, either as a seller or as a buyer – or both.

Finally, if you have any questions or problems concerning a product or a bid, don’t hesitate to contact us, but please, only do so once you have gone through all the information provided and tried to resolve your problem yourself.
There’s a good chance that you will find the solution yourself!

Happy hunting!

How do Online Auctions Work?
https://journal.wgandco.com/online-auctions-explained-what-you-need-to-know

The Fake Watch Guide (Part 1)
https://journal.wgandco.com/fake-watch-guide-part-1-2019

This link takes you to the William George Journal, where they have hundreds of articles to help you bid or sell properly and successfully. Look for an article about photographing your items properly. Good or bad photography, bad spelling and grammar and insuffuciently detailed and/or untrue descriptions could cause your items to not sell. So READ and LEARN!
Once again, we give thanks to William George for this valuable information.
https://journal.wgandco.com/

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