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13th Oct 2016, 02:27 PM #1
Sniping Pros and Cons
Other than the adrenaline pumping thrill, how will precision bidding improve chances of winning an eBay auction? And if one chooses this strategy, what are the risks?
Read How to Place a Precision Bid, A/K/A Sniping to learn HOW to make a precision bid. Continue reading here to learn why or why NOT to use this strategy.
Precision bidding, A/K/A sniping, is simply placing your auction bid as late into the auction as possible, usually with only seconds to spare.
There is, as far as I can tell, only one benefit to doing so; to prevent anyone else from responding to your bid. But first, let's look at the pitfalls.
As far as cons, there are at least a few:
- Some skill required.
- Must be present at end of auction.
- No opportunity to re-bid.
Some skill required. Although somewhat simpler than plastic surgery, precision bidding does require a little preparation and concentration to be successful. Pulling the trigger a few seconds late may spell disaster. Interruptions by the children or office-mates or unexpected cyberspace traffic jams may be all it takes to delay your bid until after the auction expires. Then, of course, it doesn't matter how high your bid was...it's too late. You lose.
Must be present at the end of auction. Rather than being able to bid at YOUR convenience, you are now subjected to the cyber-terminal at the whim of the seller. Early morning, middle of the day, supper time, wee hours of the morning; doesn't matter, if you want to snipe, you must be there. Let's not forget having to REMEMBER when the auction ends. eBay reminder e-mails help, but not precise enough for the serious precision bidder (alarm clocks are better).
No opportunity to re-bid. The benefit of precision bidding is a two edged sword; it cuts both ways. Not only no one can respond to your bid, but you will not be able to respond to anyone else's bids or bid confirmation requirements. There may be additional requirements to bid that you're not aware of or were added since you read the item description last, such as the requirement to have a PayPal account linked to your eBay account. With only seconds left in the auction, you won't have time to make necessary adjustments.
To Snipe or Not to Snipe...
Do the cons outweigh the pros? That's another matter altogether; and you'll have to decide that one for yourself. In a perfect world everyone would bid once and put in the MAXIMUM they'd be willing to spend, and there'd be no advantage to precision bidding. But in the world where I shake my booty, that's not my experience.
Once the bidding process gets going take a look at the bid history. The (non-precision) bidders will often reveal their hand. How often do they bid? How large are their bid increments? The behavior of the top bidders will give you an idea of whether or not precision bidding is necessary. When a serious bidder nips away at the other bidders, a few bucks at a time, the only strategy that may drop his socks is a precision bid.
Why do people nibble away at the high bid? It may be either they don't realize the eBay computerized proxy system will increment their bids for them even though it's clearly explained on eBay, or they go to a lot of physical auctions and are in the habit of bidding that way, or possibly they are having a hard time making up their minds what their maximum bid is going to be. Worst case, people may be using multiple eBay accounts to drive up profits. Whatever the case, where there are nibblers, precision bidding holds the ace.
When it comes right down to it, to the high bidder goes the spoils. Putting your bid off 'til later or a botched snipe may mean you don't get that George Foreman countertop grill you wanted for x-mas. On the other hand, if you have the time and skill and know your max bid, precision bidding may tip the scales in your favor.
Oh, that and adrenaline helps you lose weight! Just don't forget to have a relaxing cup of tea when you're all done.Kevin Reviewed by Kevin on . Sniping Pros and Cons http://i.imgur.com/cvQiuBG.png Other than the adrenaline pumping thrill, how will precision bidding improve chances of winning an eBay auction? And if one chooses this strategy, what are the risks? Read How to Place a Precision Bid, A/K/A Sniping to learn HOW to make a precision bid. Continue reading here to learn why or why NOT to use this strategy. Precision bidding, A/K/A sniping, is simply placing your auction bid as late into the auction as possible, usually with only Rating: 5
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