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PennyHUD Browser Extension - PREMIUM ONLY
Available exclusively to our unlimited subscribers, this web browser extension for Chrome and Firefox gives you access to AllPennyAuctions statistics directly on the penny auction site you are bidding on.
Read this list of strategies to help you reverse the downhill motion of your stats, increase your chances of winning, and become a more powerful bidder overall.
11. Contact customer service before registering or buying a bidpack
A quick email before registering can help you gauge how supportive a website will be if you do need them in the future, especially if an error on their end negatively effects your stats. Beware--service representatives may try to coax you into making purchases before you're ready. Arm yourself with radar for genuinely good intentions.
10. Avoid using automated bidding tools
These should only be used for very short periods of time if you need to briefly step away from the auction and shouldn't be used as a winning strategy. Enabling the penny auction site to dictate when your bids are placed is a reckless way to spend your precious bids, especially if you're already in debt. Don't relinquish control if you're trying to get your stats on track. Be attentive and present.
9. No juggling, stick to one auction at a time
If your trying to pay attention to several auctions at once, any bathroom break, phone call, or downed power line can be the time-sucking distraction that ruins everything. Don't spread yourself thin; give all of your energy to one auction to make sure you spend bids in moderation.
8. Put yourself on a bidding budget
Strong bidders are experts at balancing time and resources. A good place to start is by purchasing bid packs that are the best value, even if it means buying more upfront. Be honest with yourself--how much you are willing to spend every day, week, or month? Make room for penny auctions in your everyday budget. Pinching pennies gives you more to spend on auction ammo.
7. Stay away from high value auctions
High value auction items, like TVs and iPhones, draw the most competitive bidders on the internet. These high stakes auctions are risky and typically full of power bidders. Winning one won't weigh enough to reverse the dwindling stats of a struggling bidder. Low value auctions for smaller items are more likely to attract beginning or casual bidders. Winning many small value auctions will effectively build up stats.
6. Do your research and choose auctions wisely
You can expect to see multiple auctions for the same item, so don't rush into an auction without doing a little research first. You may, otherwise, find yourself bidding at a particularly cutthroat time. You can use the APA search bar to look up specific products and see valuable data trends. Make an educated choice when selecting an auction to give yourself every possible advantage.
5. Know when to Buy It Now
Many major penny auctioneers offer the Buy It Now (BIN) feature that is saving bidders hundreds of thousands of dollars in losses. DealDash and Beezid, just to name a few, provide a buy now option that allows bidders to put the cost of their spent bids toward the regular cost of the item. When possible, resort to BIN before you get in too deep. An overpriced win isn't worth it.
4. Check your APA stats often to monitor your progress
Like counting calories on a diet, the goal is to gain self-awareness to avoid making the same mistake twice. You can't make a strong strategy if you don't know what you want to work on. Wanting to not lose isn't a strategy; it's a goal. What do you need to change about your habits to help yourself succeed?
3. Recognize power bidders early
APA keeps track of power bidders in the Hall of Fame. Remembering these usernames will help you know when to bail, or resort to Buy It Now when possible, sooner rather than later. An expensive win against an aggressive player can only hurt you in the end.
2. Diligently commit yourself to your goals
When you make your budget, create a strategy, and set boundaries and limitations, don't let yourself get sucked into the addicting nature of an intense auction. You could accidentally slip back into old habits that got you into an undesirable position in the first place. Challenge yourself and utilize will power to change your course for the better.
1. Practice having a good attitude
Penny auctions are supposed to be fun! If you lose your cool, you're likely going to lose the auction, too, as frustration blurs your judgement. If you accept the risks early and make smart choices, you won't have anything to feel bad about in the end anyway.
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Reality-TV-watchers understand “flipping houses” to be the process by which people invest in low-priced homes and “flip”, or resell, them for more than their original cost. Powerful penny auctioneer Beezid is offering their users a chance to do some flipping of their own with the introduction of a new option to flip-your-wins-for-cash through their online store.
Traditional, online shopping marketplaces like Amazon or eBay offer a space for members to buy or sell products safely. Penny auction winners often turn to these types of sites as they accumulate an inventory of products won at low costs in penny auctions to sell for profit. Beezid has found a way to merge this winning/reselling process on their website by developing a flip-your-wins-for-cash option through their online store. Winners can instantly transfer their won goods to the online store and are paid-out by Beezid when their item sells directly.
The Beezid store is open to both Beezid members and all other general online shoppers, which makes for a large market of potential buyers. However, it costs a user $5.00 or 5% of the chosen selling price (whichever number is bigger is used: known on the receipt as the "transaction fees" charge) to flip an item.
Flipped items are denoted by a circled dollar sign icon with surrounding arrows. Sellers get to choose their price, but the products are price-capped at 20% off the regular retail cost. This winners-as-sellers model has created shocking savings that even outperform low prices on Amazon. For example, a new Samsung Galaxy Tab 3 sells on Amazon for $179.00, but a Beezid winner was spotted selling this product today for as low as $154.99 today. Many other flipped items we browsed in the store were being offered at similarly lower-than-normal prices. The Beezid store is excellent for buyers, but sellers should remember to take all their expenses into account (bids placed in initial auction, final selling price, flip price "transaction fee") before calculating a selling price to avoid potential losses. For sellers, it would be wisest to only flip items won using very few bids or for a very low final auction price.
Beezid's facebook page provided a helpful diaglogue of questions and answers between interested users and the mega auctioneer.
The process to flip your won Beezid items is very simple:
1. Click the "Flip" button next to items you wish to sell by visiting My Account, My Wins, or the Details Page of the auction where you won the item.
2. On the next page, you'll set your selling price, preview the item to make sure everything looks okay, and post your item.
3. Confirm that you're ready to flip that auction to the Beezid store, but be certain you're selling it for the right price because once you click "confirm", you won't be able to change the price for 24 hours. After 24 hours, the price can be edited once per day.
Important fine print to remember:
-"Flip" or "claim" (keep) won items immediately in your My Wins section.
-Any won items can be flipped except for Bid Packs.
-You may flip as many items as you want to sell, there are no flip limits!
-All purchased flipped products ship directly from Beezid, so unfortunately, you may not use the Beezid store to sell personal items or items from other websites.
There are 3 ways to be paid by Beezid for flipping items:
1. Your earnings can be deposited in your "Beezid Wallet", which you can use to buy items from the Beezid store or purchase Bid Packs. (There is a $10 purchase minimum and a $500 purchase maximum when using Beezid Wallet funds)
3. Direct deposit to your personal bank account
What do you think? Will the new "flip" option be successful? Would you buy from the Beezid store over Amazon.com or other major retailers? What's on your list of pros-and-cons when deciding whether to flip your wins?
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This month, Quibids introduced "Locked Auctions". Essentially, these are jumper-free auctions in which no new bidders may enter the auction after it "locks". The auction becomes locked after a certain number of bids are placed. Patient jumpers, or bidders who let other people tire early in the auction before they jump in, are incredibly frustrating for bidders who get auctions going. Jumpers hold out for the moment they know that the other players begin to show exhaustion and then start bidding. In locked auctions, jumpers are no longer a threat.
Locked auctions will have a closed lock symbol in the upper left corner of the auction photo. The bid button will be gray-scaled and will say "Locked", indicating the bid button is out of commission for the remainder of the auction except to preexisting bidders.
Unlocked auctions will have an open lock symbol in the upper left corner of the auction photo (see this article's screenshot photo). The bid button will be blue and say "Bid".
Tricky jumpers will sometimes avoid these locked, or no-jumper auctions by participating very minimally--just enough to keep them in the game. With Quibids' locked auctions customers get locked out unless they are recent bidders.
To calculate when your last bid needs to be placed to keep participating once the lock closes, take the value price of the auction (Ex: a $100 gift card) and divide it by 4 (which is 25). You would need to have placed at least 1 bid within the last 25 minutes before the auction locks to be allowed to stay in.
Additionally, you cannot be locked out if you've invested a certain number of bids in the locked auction. The calculation above is the same--the value price divided by 4 is the minimum number of bids needed to hold your place in the auction after it locks (using the above example, 25 bids would grant you access to continue bidding).
To explore live auctions that will lock, visit Quibids.