The Pros And Cons Of Selling Your Personalized Plate At Auction
There are some people that think selling a personalized plate at auction could be risky
, while others feel it is one of the best places to sell a personalized plate. Much will depend on what price you are asking for your personalized plate and how urgently you want to sell it. Sometimes it is also just a case of how familiar you are with the auction process and the level of confidence you have in the auction company that will be handling the sale for you. To help you decide, let's take a look at a few of the pros and cons of selling a personalized plate on auction.
Pro - Create a More Urgent Sale
An auction places a sense of urgency on the sale. For parties interested in buying your personalized plate, there is only a limited window of opportunity for them to do so. Generally, personalized plates that go up for auction are only available at the auction. They cannot be purchased before or after the auction. For the potential buyer, this means that they are forced into making a decision ahead of the auction date as to whether they want to purchase the plate or not. This is good news for you as the seller.
Pro - Buyers Ready to Purchase at the Auction
A great advantage to sellers is that the buyers that attend an auction generally have every intention of making a purchase. The only limitation will be their budget and how high they will have to bid in order to win the bid. The longer and more difficult part of the decision-making process, which is whether they really want to purchase the personalized plate, has already been made ahead of the auction. In a way, you have qualified buyers who are aware of the starting bid and have a good general idea of how much they are willing to pay. In order to participate in an auction, bidders generally have to provide proof of their ability to purchase which confirms they have the means to do so.
Pro - Get an Idea of the Market Value
Auctions are often a good indicator of what the market value is for a specific product. Because buyers have the option to bid, it generally shows what price they are willing to pay for a particular personalized plate for example.
Pro - Potential to Sell for an Above Value Price
If there is a fair amount of interest in the personalized plate that you are selling on auction, there is the possibility that you could sell your personalized plate for a higher price. If two or more bidders are competing against each another, it will raise the price of the personalized plate. This can be to your advantage as you can make a greater profit on selling your plate at the auction.
Pro - Set the Minimum Auction Price
At an auction, you can set a reserve and starting price for the item you want to sell. This means that the bidding starts at that price and at the very minimum it is the price that you will receive from the sale. You can choose to set the price at a rate that will still give you a margin of profit. Then any price above that will be bonus earnings for you.
Con - Limiting the Opportunity for Buyers
Since the personalized plates can only be purchased at the actual auction, it may exclude people who want to purchase the plate at another time. Take, for example, if someone is shopping for a particular personalized plate. When they find the plate, they discover that it is only available at auction and only next month. Perhaps they have just purchased their dream car and don't want to wait a month to get a specific personalized plate that is only available at auction. They may decide instead to go for an alternative personalized plate that is available now.
Con - No Known Set Price for Buyers
Sometimes people attend auctions believing they can pick up a bargain and often they do. But sometimes the bidding exceeds their budget and they walk away without making any purchase at all. Many buyers prefer to know exactly what the selling price is so they can budget accordingly. With an auction, the buyer never really knows what the final selling price will be and they may end up spending more than they intended at the auction.
by: Martyn Davies.
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