Yes, Proxibid charges a 5% premium to join its network. That’s a bargain, because potential sales for estate auctions reach a wider audience. But that’s no reason to charge more than 15% buyer’s fee and add excessive fees for handling. In fact, doing so will cost everyone more money–except Proxibid.
There’s logic here. If you are selling a $20 gold bullion piece, for instance, and the gold price is $1400 per ounce, your onsite bidders will pay that much usually with no fee but your online ones–the very people you are trying to reach–will have to pay $1642 for the same coin at $242 over melt (plus postage and handling, or $270 more) for the same item.
That means your onsite folks better have deep pockets week after week or will run out of money. Meanwhile Proxibidders looking to buy bullion will visit one of the Honor Roll auctions included here.
Lower buying fees also can spark bidding wars. If you charge your onsite folks buyer’s fees, that just may be the trigger–not only for starting that bidding war but also for generating more business. After all, a 10% fee from onsite folks and a 15% fee from online ones will generate far more cash than 18% from only online bidders. (Pay Proxibid’s 5% premium with the extra 5% charged to online bidders.)
That evens the playing field in a win-win for everyone.
Still in doubt? Contact our top auctioneers and see what they have to say.