starting bid for silent auction

"We are just in the planning stages for an event 3 months away. Voila! Let's dive into the details! Be sure to book this space as far in advance as possible. Services such as Square offer readers that attach to tablets and smartphones. Virtual auction bid sheets allow online attendees to bid on things that catch their eye. A well-run silent auction takes a dedicated team and months of planning to execute, but the right tools can help ease the process and ensure the event runs smoothly. Create unlimited donation forms designed to delight donors. This reduces bid sheet crowding on the tables. Start securing your donations first. July. You'll need clipboards, paper, and pens at minimum. When making a master list, consider using a computerized program such as Excel. Serve your clients and grow your influence. Ideal for donations. Starting Bids Bid Sheets. Virtual or hybrid events also require setup, but not in the same way as in-person events. Choose items that will appeal to a wide variety of guests, such as gift baskets, travel packages, and event tickets. He is passionate about helping nonprofits exceed their auction goals. Make sure each one can offer guests assistance with your silent auction software, if youre using it. As mentioned before, some advisors will tell you to set minimum bids to roughly 30-40%% of FMV. Suppose you receive a donated foursome of golf from a fancy country club that has a FMV of $1,000. Times have changed, and now mobile auction software has changed the game, allowing guests to browse items and make bids on their smartphones.. By incorporating silent auction software into your event, your checkout process can look more like this: After the event, its important to thank and recognize the guests who donated and bid on items. However, the typical silent auction checkout process doesnt move as efficiently as it could. Anything you want. Doing so helps keep the volunteers from being overwhelmed at table closing time. Tip! Approved. There are many things listed that, "I'm from the U.S. and I wanted to put on a silent auction as a Christmas holiday charitable event for my work, "This article gave me direction as to how to put together and run a silent auction. Invite individuals who have a broad network you can tap into to help you reach out for items and sponsorships. You can also let guests set up a payment method on your auction website, which is faster and more secure and allows guests to quickly complete their payment and collect their items as they leave. Take a look at some of these fundraising form and event favorites that make our hearts go pitter-patter. Publicity: Spreading the word is vital to the success of your silent auction. 18 FREE Silent Auction Bid Sheet Templates (Word | Excel) - DocFormats.com This is especially effective for mobile bidding, where guests wont even need to leave their tables to continue chipping in their bids. Diversify your promotion strategy according to your audience, and promote in multiple ways, through multiple avenues. Similar to live auctions, the goal of a silent auction is to raise funds from guests bidding on donated items, meaning you will want to tailor your items to the audience attending your event. Set the starting bid at 30 to 50% of the FMV, depending on the item's demand, uniqueness, and interest level. April 8, 2022 13 min read Silent auctions are an enjoyable and engaging way to raise money. . Awesome for Live and Silent Auctions! When final bids must be made. Then, assign each item a number and create bid sheets with the corresponding numbers on them so guests can bid on the items. According to Double the Donation, silent auctions conducted with mobile bidding software result in nearly three times as many donations because it makes bidding so convenient. Whether or not bids may be altered or withdrawn. Participants place their bids silently on the bid sheet using a bidding number on their favorite item. How to set a minimum starting bid How to set unique auction item bids How to set bid increments How to set a "Buy-it-Now" option How to increase bidder interest Before we jump in, let's review a relevant term we'll refer to in the upcoming sections: Fair Market Value (FMV). If the starting bid price is too high, it may deter people from placing bids. This is easily done if youre using an app-based auction product; you can create and send push notifications! Silent auctions can start out strong but then fizzle out as donors forget about placed bids, resulting in lower bids and ultimately lower revenue. While there is no single rule that applies to every situation, carefully considering the above factors can help you set successful starting bids that will drive engagement and maximise funds for your cause. Is that always the right point? Silent Auctions: A How-to Guide to Receiving More Bids After all, bidders arent going to get up from their seats just to add a few more dollars to their bids. If you have lots left over, divide up the pile so no one has to call 20 people. Consider making your auction a hybrid eventgiving attendees the option to attend online or in personto allow bidding to begin ahead of the event and to reach a wider audience. If you have run previous auctions, evaluate how effective previous starting bids have been for various items or items types. Features like real-time push notifications, the ability to set a max bid that allows the app to bid for them, and a swift check-out process make these services worth implementing. A silent auction is an event where guests place bids on items, either by writing their bid down on a piece of paper or submitting through the event's accompanying online auction website. Consider increasing or decreasing the increments once bidding is underway to maximise your auction total. Connect with our always free, always human support via chat and email. If bidders are highly connected to the cause and the silent auction items offered are within their price range, they often bid more than the fair market value. For example, if your guests are mostly retirees who love wine, you dont want an auction that is full of items like tickets to the childrens museum. Thanks to all authors for creating a page that has been read 957,776 times. These steps include: Want to make your next silent auction a success? Keep bid increments as low as possible. This will also re-engage your guests and encourage them to stay connected to your organization or give again in the future. The more accurately these items are assessed, the more value youll give your guests. Fundraising is a big job, and you don't have to do it alone! July 7, 2022 Pricing your silent auction items can be tricky and a big challenge for nonprofits. Silent Auctions: The Complete Guide for Smarter Fundraising - Handbid Entertainment, especially after bidding closes and people need to wait to pay and receive purchased items. Rather than manually tracking registrations and sorting through long lists to check in your guests, use a fully-integrated event management system. Browser-based platforms combine online and mobile bidding technology for use on desktops, tablets, and mobile devices through web browsers. Take your fundraising efforts to the next level with a Givebutter Expert. If the bidder still doesn't appear, note it on the bid sheet. Instead of exploring items in a venue, participants can view auction items online and outbid one another from their computer or mobile device. wikiHow marks an article as reader-approved once it receives enough positive feedback. ", I had not considered. How minimum bid requirements work. GalaBid is supported in your country: US, UK, CAN, AUS, NZ, SG, HK, EU, GalaBid is supported in your country: US, UK, CAN, AUS, NZ, SG, HK, European Union, Trusted by thousands of charities and non-profits. With many activities competing for bidders' attention, setting a higher starting price can reduce the number of bids required to reach the desired price. Learn what a silent auction is, how silent auctions work, and the resources you need for planning a seamless event. Here are some rules of thumb for setting the starting bid (AKA minimum bid) for your silent auction items. At the end of the event, collect the bidding sheets and call the highest bidders up to pay for and collect their items. Now its time to put them together and decide on their starting bids. Set up your peer-to-peer fundraiser for free in just a few minutes , Stay updated on our latest insights, events, and good news, Receive fundraising tips and product updates every week, sent straight to your inbox, Thank you for making Givebutter the #1 Free Fundraising Platform, Host a stress-free auction for free with Givebutter Auctions, Silent auction ideas: 29 best-selling items and gift baskets, A guide to hosting flawless online auctions for nonprofits, 12 must-know silent auction rules and guidelines, 10 of the best online auction sites and silent auction apps for nonprofits, Silent auction bid sheets: How to maximize bids in person and online (free template), How to write a silent auction donation request (free template), Discover 15 bid-worthy silent auction gift basket ideas , fun and lucrative silent auction alternatives, Take advantage of silent auction software and mobile bidding apps, Arrange your silent auction items strategically. If yes, you can pass on lower starting bids. If the item donor is happy with the price their item achieves, they will be more likely to donate to your next silent auction. Bid increments. If you plan to take credit cards (which is a very good idea), get a card reader. The item procurement process will depend on the number of sponsors you reach out to, but a few universal steps are: For the most part, you will have better luck engaging with sponsors whose business aligns with your nonprofits interests, and who have supported similar events in the past. But how do you know how to set the starting bid of an auction item? Have a volunteer make up certificates for services. Well share fun ideas for everyone from elementary students to the PTA. Mail out personalized thank you cards to let guests know how much you appreciated their attendance. ", https://www.silentauctionpro.com/documents/FundRaisingWithSilentAuctions.pdf, http://www.thevoe.com/services/silent-auction-tips-and-tricks/. By using our site, you agree to our. The most important step in planning an online silent auction is choosing auction software. You'll find inspiration at every turn. {"smallUrl":"https:\/\/www.wikihow.com\/images\/thumb\/f\/f9\/Run-a-Silent-Auction-Step-1-Version-2.jpg\/v4-460px-Run-a-Silent-Auction-Step-1-Version-2.jpg","bigUrl":"\/images\/thumb\/f\/f9\/Run-a-Silent-Auction-Step-1-Version-2.jpg\/aid93566-v4-728px-Run-a-Silent-Auction-Step-1-Version-2.jpg","smallWidth":460,"smallHeight":345,"bigWidth":728,"bigHeight":546,"licensing":"