Today, the popularity of silent auctions are increasing for fundraising format. It is different from the conventional auction that the auctioneer will call out the price items so the donators will know who put the highest bid.
When it comes to the silent auctions, the bids are put silently using the silent auction bid sheet and then the highest bidder will be the winner of the fundraising event. Its popularity is rising due to its effectiveness, especially for large donors. Besides, the silent auctions require certain periods to end it.
What Are The Benefits of Doing A Silent Auction?
- The silent auctions will attract more bidder who might not join the fundraising event.
- Compared to the physical event, the silent auctions can have extended time to bring more donators and fund.
- The bidding wars become effective and less distracting.
- This is a matter of privacy that the donators sometimes prefer the privacy and they don’t need to show at the event for getting the items.
- For a huge number of donors, the silent auction is the most effective.
How Does The Silent Auction Work?
The silent auction brings different way that the donators don’t need to know the current high bid. It is done privately using the silent auction bid sheets or mobile apps. In this case, the donators can bid multiple items and the person who put the highest bid will be the winner.
The guests who come to join the event will have the individual clipboards. Besides, they often write down the number instead of the name. This is beneficial because can result in higher bids as other bidders might put a high number as worth as they think.
Good Tips To Run A Silent Auction!
- Items – Becuase you will hold a silent auction, you are required to pick the best item because this will be the focal point that leads the excitement and generate the fundraisers.
- Overchoice – Having too many items might lead to some difficulties for your guest to pick one. A good tip you have to apply is just having one item or bundle for every ten guests.
- If you have too many times, simply just gather all with the related items. This can be the best grand prize that can attract more donators and promote your silent auction events.
- Pricing – Talking about the pricing item will be a daunting task because this also becomes the factors of getting a higher fund and more people to join. In this case, the familiarity of an item matters. People have a tendency to set a high value on the bidding war. So, the best way to make a successful auction is set the bid at 25%-35% of the market value. Why? This will encourage and increase the interest. This also will keep people bidding on the item.
Apart from that, bringing a successful auction event need a well-organized plan including your silent auction bid sheet. For more inspiration, you can download our template for free here.