Tips for Your Next Live/Simulcast Auction
Navigating a Live/Simulcast Auction with Ease
Live/Simulcast auctions are a fantastic way to auction off real estate, machinery, and equipment to a large group of bidders. Because of the dual bidding capabilities, bidders from around the world are able to participate in a live/simulcast auction, creating a larger bidding pool and thus a higher final bid. Now that live/simulcast auctions are becoming more popular, we wanted to provide you with some tips to help make sure that your auction stands out.
1. Market Your Live/Simulcast Auction
You need to make sure that people know your auction isn’t just a live auction! Make sure to share your auction on social media, in your newsletter, and anywhere else you want to highlight that it is both a live and online simulcast auction!
2. Invest in Quality Equipment
If you are going to have a large portion of your bidders using the simulcast livestream, make sure that you have a good camera. Nothing is more frustrating than a fuzzy image that takes a bidder’s attention away from the auction. You don’t want your technology to be the reason someone doesn’t place the highest bid.
3. Check in with Online Bidders
Before you start your auction, check in with your live bidders to make sure that everyone is comfortable with how the process will work. Make sure that the livestream is working for everyone too! Our software makes it easy to check in with online bidders by sending out an announcement to everyone at once instead of having to message each bidder individually.
4. Clearly Explain the Bidding Setup
Make sure that everyone knows your auction is a live/simulcast auction before you begin. You don’t want someone to get upset that they were outbid because they didn’t realize there were online bidders halfway through the auction. Present clear information to all of your bidders and everything should go smoothly.
Live/Simulcast auctions are an incredible way to sell assets to a large group of bidders. We hope that these tips have given you some ideas for your next live/simulcast auction to make it a huge success. If you’re interested in updating your live/simulcast clerking software, contact us today for a free demo.