Users can then be notified when they’ve been outbid and decide to raise their bid and stay in the game. But what truly sets How does Silent Auction work is its flexibility and customization options. You have the freedom to tailor your auction website to align with your unique brand identity.
Unfortunately, we live in interesting times due to our current climate with the pandemic; many events are having to take their fundraising efforts virtual. Perfect Silent Auction brings that “live” auction environment to any registrant with internet access. Organizers can set up their silent auction websites and start collecting bids in minutes. Perfect Silent Auction has a catalogue of auction items that we can add to your website for you, you can find it HERE. If you do have some auction items of your own, be sure to check out our GUIDE to adding items to your silent auction site. Silent auction bid sheets are used by a variety of organizations, including non-profit organizations, schools, religious institutions, and charities.
In-person silent auctions showcase items around a room with attractive descriptions and dedicated opening bids. To participate, bidders register at the event or on the auction website, receiving a bid paddle or a unique bidder number. Online bidding websites use proxy bid auctions software, allowing bidders to submit their maximum bid in advance. This is to ensure they remain in the competition even if they are not physically present at the auction and that is a huge advantage of having a state of the art auctioneer software.
Silent auctions can help your nonprofit organization reach a wider audience and expand your donor base. It can also build community and increase retention rates at your events. The chance to win a coveted prize can not only give existing supporters more incentive to attend your fundraiser, but it can attract newcomers to check out your event as well.
Traditionally, organizations promoted their auctions by compiling a physical event catalog that they had to print and distribute through the mail. However, in recent years, many nonprofits have realized that it’s much more fruitful and cost effective to promote their auctions by putting up an online event site. To start your procurement team off on the right track, it can be helpful to provide them with a solicitation toolkit that includes a list of appropriate item ideas, among other resources. That way, they can focus their asks in the most beneficial way.
They are also perfect for fundraising for nonprofit organizations. Auctioned items are usually donated by individuals or companies, and the money raised by the winning offers goes directly to the nonprofit group. Silent auctions are an excellent way for nonprofit and growing organizations to gain awareness and customers or customers. It’s also possible to integrate an online auction with a live auction; but not recommended, owing to time delays. The in-person bidders might have up to a 60-second lead time, leading to frustration and lost bids. If combining a live and virtual event, a better approach is to start with an entirely online auction, but have a small live auction afterward, as a special opportunity for in-person guests.
Try it with a few guests so you can get a ballpark range of what others perceive the fair market value of this item. Remember, fair market value is not always retail value but rather whatever price that a willing and informed purchaser is willing to make at a given time. Using this ballpark range, you can then apply the preceding tips in placing your first bid or closing bid. Learn what silent auction rules you should have in place during your next fundraising event to improve the overall experience. Silent auctions can be lucrative, but they’re not the place for a “set-it-and-forget-it” approach. You must be actively involved in stirring up interest and excitement and getting your silent auction website in front of as many people as possible.