|If you expect lots of new bidders on a listing in fairly quick succession, you can avoid getting a jam of bids at the same price by changing your minimum bid increment as new bidders come forward.|
It works like this:
- Say you get a low first bid, it is quite likely you will get multiple new bidders soon after
- If your minimum bid increment is for example $20K, and your opening bid was $300K, you are likely to get multiple bidders at $320K (Buyers will often bid the lowest they can!)
- Once you approve 1 of these $320K bidders, you will need to 'resubmit' any other $320K bidders. While this is easy to do, it is not ideal
- Instead, as soon as the first pending bid arrives arrives at $320K, immediately increase your minimum bid increment to double your current increment, ie, $40K and the following bidder will not be able to place a $320K pending bid. They will NEED to bid $340K or more
Resubmitting a bid is not hard to do, so the problem we are alleviating here is a small one, but this is a great strategy in certain scenarios.
|In the event you have multiple pending bids at the same price, it is entirely up to you which one you want to accept first and request the others to be resubmitted.|