Online auctions are full of priceless antiques, games, anything you can imagine, and all just on the internet. Well, the online auction can be a fun way to buy new products or to make a profit from selling your unwanted items. But you need to be aware of frauds and scammers who are using the high-tech market to take advantage of consumers.
Here are five precautions when using online auctions.
Know where you’re bidding:
Make sure to understand the rules of auctions where you are trying to enter, also it is not necessary that those rules are applicable for every auction. Try to find out what type of safeguard your auction site provides if you do not receive the item after the payment. You should have a clear idea about the auction site where you are placing your bids.
Know what you are bidding on:
Before bidding for any product make sure to read all the seller’s descriptions, information, and photographs of the item. Identify carefully the condition and how much old your product is. Also, make sure that you understand the difference between “brand new” and “like new”. There are lots of frauds looking for a chance, so be aware.
Know how much it is worth:
This is one of the most important things to do before you bid for any product. You need to make sure about the actual value of the product that you are trying to bid for, try to check the product with a store nearby, or compare the price online. When you understand that the price of an item is right for the bid then only move forward.
Know who you are dealing with:
You need to know your seller before you bid. Try to gain information about your seller to find out their authenticity. Stay away from sellers who ask you to move away from the auction site with a promise to lower the item price, these are fraudulent works. Also, you can take the help of the comments section where previous bidders have given their reviews about the sellers and also about the items.
Know how to get in touch with the sellers:
“I used to save all my rejection slips because I told myself, one day I’m going to autograph these and auction them. And then I lost the box,” said James Lee Burke, an American author, best known for his Dave Robicheaux series. James has won Edgar Awards for Black Cherry Blues and Cimarron Rose, and has also been presented with the Grand Master Award from the Mystery Writers of America.
Try to connect with your sellers, although you can get their mail IDs from the auction site but ask the seller to provide their contact number and street address. Now try to confirm their contact number by calling them and you should also confirm the address they provided you to make sure that you are bidding in the right place.
DealDash Business Model is a perfect example of a bidding fee auction business model where people get what they want for lesser prices without the business owner making losses. DealDash, just like any other penny auction website, makes most of its money by selling bids. The bids are sold in packs of 100s and other sizes and the more you bid, the more money the company makes.