Storage Auctions
Online Storage Auctions => Online Storage Auctions => Topic started by: Travis on January 12, 2014, 12:19:07 AM
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How do you feel about buyer's premiums? What do you think the advantages & disadvantages are for the buyer, the seller & the auctioneer?
I would really appreciate it if everyone would participate in this poll (yes, even those of you who haven't registered yet. It takes less than a minute to join the forum.) We will be using the data received for a future article.
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I think they suck. To me it's like getting the dinner check with the tip already figured into it.
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I don't like them at all, but it's not hard to allow for when you're bidding. It's just extra cash in the auctioneers pocket that we get nothing extra for!
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I think that some buyers forget about the buyer's premium in the heat of the moment and end up overbidding.
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How do you feel about buyer's premiums? What do you think the advantages & disadvantages are for the buyer, the seller & the auctioneer?
I would really appreciate it if everyone would participate in this poll (yes, even those of you who haven't registered yet. It takes less than a minute to join the forum.) We will be using the data received for a future article.
1) One has to account for it when bidding.
2) I can't see that it's any benefit to the buyer...other than it rules out bidders who have less cash to spend.
3) It's obviously a benefit for the facility as it apparently helps pay their fee to the auctioneer.
4) The auctioneer is going to get a fee no matter what.
But beyond all that, your idea to use the results of this poll as data in a future article about the subject REALLY leaves a lot to be desired. In the three years I've been here (and the placement of half a dozen polls) I've never seen more than 6 or so people even VOTE in a poll here.....and that was when things were more active here.
The forum moves on because a dozen or so of us (out of over 3,000) post here and I guess maybe 50 to a hundred people come on each day to do some reading.
To state ----""x" percent of people who answered a poll believe "y" about something is a sample base so small as to not be used at all. I don't know what sample number one would need but it would have to be in the hundreds at a miniimum and closer to a thousand even better.
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Polls are usually misused. I worked in a couple of political campaigns when I was younger and the pollsters I worked for were very scientific. The ones you see online or even on TV shows are used to make a point that was already settled on.
Anyway buyer's premium do not bother me because I know them beforehand. I think of them as a small advantage because they are generally hated so it thins out the competition.
I actually think that the buyer's premium on Storagebattles is a good thing. I believe in capitalism and obviously people are willing to pay it. It's like the fees on Ebay and PayPal, I hate them but they provide a service not found anywhere else.
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I wish they didn't exist, but the auctioneers around here rarely use them. I can only think of 1 storage auctioneer that uses them. He only uses them when he doesn't negotiate a favorable deal with the facility. Typically those auctions bring smaller crowds and that facility ends up renegotiating with that auctioneer to give him a bigger commission.. or they find another outlet to sell their lockers.
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Don't like them since they obviously increase the cost of the units. Don't see any benefit for the buyers. I would assume the auctioneer or facility like them because they increase their profit. Maybe a benefit for the buyers would be that it might encourage the facility to sell the units sooner since they actually might make a little money?
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I think that some buyers forget about the buyer's premium in the heat of the moment and end up overbidding.
That is really the only downside in my opinion. If I know beforehand, who cares, I see a locker I want to bid on, I decide my high bid is $500. So $500 - 10% buyers premium is $450. My high bid is now $450. Another bidder comes in his high bid is also $500. He forgets about the buyer premium and ends up paying $550. Now if There were no premiums and I did not bid $500 first I would have lost anyway. But if there were no permiums and I bid $500 first I win. But in the heat off the moment max bids change as well and usually my original max bid is 30%-50% lower than I really would go sometimes.
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I think that some buyers forget about the buyer's premium in the heat of the moment and end up overbidding.
I think that happens a lot, sometimes on an unit I want, I'll say it out loud when the bidding is going on, Theirs 10% buyers premium right? So people remember.