Silent Auction Pricing: The Ultimate How-To Guide - SchoolAuction.net Typically, increments are set at 10% of the fair market value. Alex McDonald is the Director of Customer Experience for TravelPledge, the benefit auctions connection to generous business owners. Welcome to Qgiv! Secure the volunteers and staff members youll need to run the event. Jump to the section you need help with the most, or start reading from the top! This part can be a big hassle, so divvy the work to make it easier. 4 Tips for Setting Auction Starting Bids and Bid Increments - Qgiv.com Diversify your promotion strategy according to your audience, and promote in multiple ways, through multiple avenues. If you have several other fundraising activities planned during a live event, such as a live auction, raffle, pledge drive, entertainment, dancing, speeches, and a 3-course dinner, higher starting bids may be more appropriate. For items that met the minimum bid but werent picked up, you or a volunteer will need to call the bidder. For example, you can create a VIP line, a line for those who pre-registered, and a line for walk-ins. Higher-end items that your guests can get a bargain on are great, but in order to truly raise funds, youll need items with a price range in which guests will be comfortable one-upping each others bids. How minimum bid requirements work. Use pens, not pencils for people to bid with. {"smallUrl":"https:\/\/www.wikihow.com\/images\/thumb\/f\/f9\/Run-a-Silent-Auction-Step-1-Version-2.jpg\/v4-460px-Run-a-Silent-Auction-Step-1-Version-2.jpg","bigUrl":"\/images\/thumb\/f\/f9\/Run-a-Silent-Auction-Step-1-Version-2.jpg\/aid93566-v4-728px-Run-a-Silent-Auction-Step-1-Version-2.jpg","smallWidth":460,"smallHeight":345,"bigWidth":728,"bigHeight":546,"licensing":"
\u00a9 2023 wikiHow, Inc. All rights reserved. If you get more items donated, bundle them into a themed gift basket. Instead of exploring items in a venue, participants can view auction items online and outbid one another from their computer or mobile device. [1] Put the item number on the bid sheet as well, so bidders can match the bid sheet to the item. For example a $100 beauty voucher will receive bids in a minimum of $10 increments. A rich text element can be used with static or dynamic content. . Be sure to have a system in place to communicate the amount of time left for guests to place their bids. Check it out! But how do you know how to set the starting bid of an auction item? What Is A Silent Auction Event? - Nonprofit Glossary - Kindful People place their bids on sheets of paper instead. Thank you! Oh, stop. Thats perfectly OK this is a charity auction after all! 5. The latest news, updates, and awardshot off the press. Dont forget to thank your sponsors too! Hurry it up, buttercup! Now its time to put them together and decide on their starting bids. When final bids must be made. Learn about the history of Pride Month, creative ways you can show support this June and beyond, and fundraising tools to take your event to the next level. There are generally two ways to win a silent auction item: Once an item is won, guests should receive an alert on their phone letting them know what they have won and how they can pick it up. Mobile bidding software can be the most impactful way to engage your audience.. Build engaging virtual, in-person, live, and hybrid events. You may have the ability to pick and choose the features that fit your event and its budget, but keep in mind that you want your guests experience to be as seamless as possible and that limiting your features could create more work for both you and your donors. Mobile Bidding | Silent & Live Auction Software for - OneCause Its a smart move to have a range of items that vary in value, but try to match the bidding prices to your guests budgets. From end-to-end event management to strictly mobile bidding, theres a lot of silent auction software to choose from. Your buy-it-now price is typically the 14th and final bid step, and well above the FMV. Soon enough, you'll have raised a good amount of money in just a few hours! But theres even more you can do once the event has already kicked off! This will also re-engage your guests and encourage them to stay connected to your organization or give again in the future. According to Double the Donation, silent auctions conducted with mobile bidding software result in nearly three times as many donations because it makes bidding so convenient. Participants place their bids silently on the bid sheet using a bidding number on their favorite item. Silent Auction Bid Sheets: Free Templates & Top Tips | Givebutter You can also have a few items with a buy-it-now option for 150-200% of the FMV, but these should not be your most exclusive, exciting, or high-value items.. You'll want to start strategizing months before the auction itself. The key is conducting product research! The items, prices, and layout of your fundraiser depend on your events theme, location, and guest demographics. Choose one person's watch to use and put them in charge of the time since everyone's watch is different. With this in mind, here are a few strategies for your auction item procurement team to consider as they start reaching out to sponsors: Work these practices into your acquisition strategy by reaching out to a variety of potential sponsors. Since there is more time for bidding, a few low or very low starting bids can create excitement and motivate bidders to engage with the auction. The 5 Steps to Launching a Silent Auction - Bid Beacon Your registration process will be one of your events first impressions to your guests, so make it count! Common silent auction rules and guidelines include: Try to get your guests registered before the event. Think about increments. Take a look at some of these fundraising form and event favorites that make our hearts go pitter-patter. When most people think of silent auctions, bid sheets come to mind. It also gives your name and some contact information like a phone number, so the event organizer knows who to collect from and contact for pickup or delivery of the items being sold. What is an appropriate FMV? If the starting bid is too high, you might not attract enough bidders. The starting bid you place on your silent auction template depends on whether you're offering the item on consignment or if you received the item as a donation. It normally takes place without an auctioneer. Before bidding begins, be sure to spell out: How long the auction is in effect. By using silent auction software, you can check guests into the event on the app or on a laptop, rather than forcing them to wait in endless lines. Even if guests want to pay by check or cash at the end of the night (most dont), the checkout lines will be much shorter because of the option to put a credit card on file at the beginning of the evening. In the auction industry, the fair market value (FMV) or suggested retail value (SRV) describes the estimated value of an item based on similar products in the market. Promote your event via email, social media, direct mail, and other communication platforms. How to Determine a Fair Starting Bid Price Starting bids can be lower than minimum bids, but an item can't sell until it reaches the minimum bid. This is especially effective for mobile bidding, where guests wont even need to leave their tables to continue chipping in their bids. Silent auctions can either be held as the central event or paired with another event such as a gala, dinner, golf tournament, or other gathering. This is why complete documentation of the source of the item, the description, and the item's value is so important. Silent auctions can start out strong but then fizzle out as donors forget about placed bids, resulting in lower bids and ultimately lower revenue. Put the item number on the bid sheet as well, so bidders can match the bid sheet to the item. Setting Starting Bids. A percentage of an items fair market value is often recommended, however, recommendations can range from 30% to 50%. Incorporate fund-a-need options into your silent auction. He is passionate about helping nonprofits exceed their auction goals. With most of your items procured, an item catalog set up, and logistics coming together, you're in a good position to begin actively . For example, a fruit hamper that's worth $250 may have a starting bid of $50. If youre looking for additional insight into running an auction, check out the resources below:
Plus, Givebutter Auctions integrates directly with all of our other 100+free fundraising tools that make managing donations, promoting your event, and selling tickets a breeze. 12 must-know silent auction rules (free template!) - Givebutter Suppose you receive a donated foursome of golf from a fancy country club that has a FMV of $1,000. Starting bids are commonly set at 40% of the FMV and increase in increments of 10%. Bid increments. Raffle Rules for Keeping Your Prize Drawing Legal. 13 Silent Auction Strategies: The Ultimate Guide for Nonprofits - OneCause The items desirability to potential bidders is another essential factor to consider when determining the starting bid. Different organizations will have different rules for their events, but using silent auction software can help you manage any kind of process. Ideal for donations. Pro tip: Givebutter has everything you need to host a stress-free silent auction that's fun for you and your donors! Happy Pride Month! Remember, you want to cater to their interests. By using our site, you agree to our. wikiHow is a wiki, similar to Wikipedia, which means that many of our articles are co-written by multiple authors. This is particularly problematic if youve purchased the item for the auction. Silent auctions serve as an excellent fundraising tool, while also giving you a chance to connect with supporters and local business sponsors. Start the bid at 30% of the fair market value (FMV). The answer to this question will have a few different answers. Mail out personalized thank you cards to let guests know how much you appreciated their attendance. Get educated on the most effective school fundraising methods with this guide. By signing up you are agreeing to receive emails according to our privacy policy. What Is A Silent Auction? How It Works & Top Tips | Givebutter Bid Information: Fields to enter the bid increment amount, minimum bid increase, and buyout . Guests will want to bid on items that match their interests. The most important step in planning an online silent auction is choosing auction software. A silent auction is a fundraising event that allows donors to silently bid on items youve procured for a set amount of time without an auctioneer at the helm. To make sure you get the most out of your silent auction, well cover the following auction fundamentals: Before we dive deeper into how to make the most of your silent auction event, lets make sure were all on the same page with the basics, starting with the definition of a silent auction. Here are some popular auction item ideas: Ultimately, you know your donors best. You will also need time to round up donated auction itemswhether your silent auction is in person or online. Take advantage of multi-guest ticketing, collect guest information through custom fields, create add-on purchases, and track bidder activity. Starting bids are commonly set at 40% of the FMV and increase in increments of 10%. This allows you to start the bidding low without the risk of selling the prize at a price lower than you or the item donor will be happy with. As a general rule, the starting bid for your items should be 30-40% of an items fair market value. Mobile bidding software is your best friend for automating check-out. Encourage people to register for your auction ahead of time, so theres less for you to do (and troubleshoot) on event day. Starting Bid It is advisable to specify the minimum amount you are prepared to accept for an auction item. window.scrollTo(window.scrollX, window.scrollY - 90);
If the donated service didn't come with a gift certificate, you can print up your own. Yes, the larger businesses do set up auctions, generally with bigger prizes. For dynamic content, add a rich text field to any collection and then connect a rich text element to that field in the settings panel. Setting Starting Bids and Bid Increments in your Silent Auction Awesome for Live and Silent Auctions! Announce the time remaining prior to closing times so that guests remain informed. Legal Restriction Rules Open your auction as early as possible, even days in advance. Allow them to become familiar with the app, search for items and place bids, and receive outbid notifications that help them quickly increase their bids.