The Psychology of Online Industrial Machinery Auctions

There is a psychology behind buying and selling and there are many factors which trigger the processes involved. If there is none, maybe terms like impulse purchase will not be anywhere in our lexicon. Thus, beneath what meets the eyes, it is important to pay attention to what makes bidders want to buy an item during the auction process, and the level of eagerness displayed.

Naturally, as humans, we tend to have that sense of wanting to hold and own. This may be responsible for the feeling of fulfilment which a bidder feels when he happens to be the highest bidder during an online industrial machinery auction. Do you have a prior experience and can relate? Now, let’s talk about the psychology of selling and buying used industrial machinery via online auctions.

Plan changes due to auction fever

In previous articles, we have talked seriously and repeatedly about the importance of having a goal in mind when planning to buy industrial machinery online, including your budget. However, things change and you may end up having a twist during the bidding process. For instance, you had set yourself on a budget of £30,000 but due to being already dedicated to the process, you ended up exceeding the amount you had in mind. This means you need to be armed with the knowledge of auction pricing strategy. 

Competitive edge

There is a degree of competitive instinct at play during auctioneering and every bidder is in the game to overthrow the others. If care is not taken, you would be surprised by how friends suddenly plunge themselves into a kind survival-of-the-fittest race during auction. When this is the case, bidders who try to play against others end up putting in more than they had planned like bidding at a higher price as mentioned above. Thus, as a bidder, you need to be mindful of your own mindset when partaking in auctions. Having control is key as it will save you from paying more for used industrial machinery or equipment that you don’t even believe in its value.

Fear

In every business of life, it takes a great deal of presence of mind to really launch into new grounds. It can also be said that where online industrial machinery auction is concerned, bidders would want to bid for an item they are familiar and comfortable with irrespective of the cards put on the table by the seller or the auction firm. Consequently, even if the particular item doesn’t really meet set goals and specific needs, a bidder is more likely to go for it instead of an obviously improved new version.

Seller’s effect

As a buyer, you should note that any auctioneering process is a role play. The seller(s) has his or her role to play and so do you. Greatly, your emotion needs to be cautioned, you need to stay in line. Our message is this: don’t be pressured. To be on a safer side, bid via online auction firm. More importantly, only bid on the platform of an auction firm that you trust its reputation. By trust, we mean a firm that you are certain, to some degree at least, won’t blind you with what is not.

Peer pressure

This remains a great psychology in industrial machinery auction and not much can be said about it positively. That mentality that keeps pushing you against how the others are bidding. As a buyer, you should be aware of peer pressure. Don’t be lured by how others are bidding as not every bidder you are allowed to see is as real. Some are just dummy bidders who are intentionally there to lure you into thinking the used industrial machinery is worth more. Never be pressured by how anyone is bidding. The choice should be solely yours based on how valuable you can admit the industrial machinery is.

Seeking identity via auction

Like physical auction, online auction is a social status endowment opportunity. In some ways, except when parties opt for private treaties, it plays a part in improving an individual’s social standing. After all, the news spread just like fire. In the same vein, it is like a metric which is used to determine how much an individual is worth and as a result, when a buyer is not prepared to lose, he bids with his heart instead of his head. 

Scarcity

You have spent years looking for a used industrial machinery. Just when you thought all hope was lost, you got a brief about the auctioning of the same machinery and you felt encouraged to put in for the process at a huge amount because you thought doing so will save you from losing. What you should know first is that it is still possible to lose irrespective of the effort put in. In fact, one of the possible outcomes if you don’t win is that someone who shares the same sentiment as you puts in more value and you are financially unable to do so. At the end of it all, you feel hurt and disappointed. Don’t forget that putting more isn’t always the best way to go. 

Psychology of a seller

Just wanting to sell

For many an independent seller, the urge to get rid of an inventory that is pulling up too much cost is a basic rationale. Eventually, this leads to settling for less even when used industrial machinery can be sold online at a value close to the original price when it is adequately handled by a reputable auctioneering firm. Similarly, when bidders are bidding at a value less the auction price, a seller, you may be forced to just give it up for the best among the unfavourable.  This occurs when there is a fear of spending too much on marketing an online auction and not getting anything for it even if it’s just the sale of the used industrial equipment. On this note, it is advisable to hire an auctioneering company to execute the process for you so that you don’t miss the opportunities to get the best bargain with a wide online audience of industrial machinery buyers without spending much. 

As buyers and sellers, auction doesn’t have to be stressful or intimidating even though there is a goal that has to be achieved. Ready to take control of buying and selling of used industrial machinery from anywhere? Stay with us and let us carry you through the journey.