Before understanding Silent Auction Bid, let's know the meaning of an Auction is. An auction is a process where goods and services are offered for bid and the goods or services are sold to the highest bidder. An auction is held by an auctioneer, calling out prices of items. Participants bids openly against each other with each subsequent bid higher than the previous one. An auctioneer may announce prices after each higher bid, bidders may call out or choose to bid higher than the current price. In the end, a participant with higher bid takes the goods or services home. This is how an auction process works. Now there are many types of auctions. Silent Auction Bid is one of the types of a Secondary auction which is different from the normal auction process. However, the core value remains the same that the person with the highest bid will take the item. The process of silent auction bid is a bit different. Let's understand what silent auction bid is and how it takes place.
What is Silent Auction?
As the name suggests, this auction is silent i.e. there is no auctioneer is selling individual items in the fundraising. During a silent auction, bidding is done privately on a sheet of paper, all the bids are examined at the predetermined end and the person with the highest bid wins the item. There is a predetermined time at which the silent auction ends, the highest listed bidder wins the item. A silent auction is same as any other traditional auction with a slight difference that there is no auctioneer calling out the prices and there a predetermined end of the auction.
How Silent Auction Works?
- First of all, there is no auctioneer to call out the bid amount. And that's the reason this auction is considered as a Silent auction.
- A bid sheet or silent auction sheet template is placed close to an item being auctioned.
- A Bid Sheet covers all the important details such as fixed starting amount, predetermined bid increments etc.
- Bidding takes place silently on a paper sheet or on the clipboards. The bidders do not really know about the highest bid because of no auctioneer. The bids of other people are kept private in the silent auction.
- There is a fixed predetermined for the closing of silent auction. In the end, all the bids are examined and evaluated, the person with the highest bid wins or take the item.
This auction is most commonly used for charity events where many items are up for auction simultaneously, there is a fixed common time for the auction to end. A bid sheet plays a very important role in silent auction bids. All the important details such as fixed starting amount, predetermined bid increments etc are written on bid sheets. Nowadays, this auction is not limited to charity events only, but many non-profits have turned to silent auctions to maximize their revenue from an ongoing fundraising event.
This is how a silent auction bid sheet looks like;
Silent Auction Bid Sheet Template
What Items are Included in the Bid Sheets?
A bid sheet matter a lot for a bidder. Make sure to add all the important information that a bidder would like to know before placing a bid. Here are few items that are included in the silent auction bid sheet.
Name & Logo of the organization: Put the name & logo of the organization to let donor know about the supporting party. A donor would be interested in knowing where the money will be going and who will be benefited.
Allocate a Number or Label to each item: Make sure each item has a unique tracking number or label. This practice is very useful when you have many similar items. Add a number or label of each item on a bid sheet to let donor know which item they're bidding for.
Item Name & Description: Put a title of item and a short description of each item. Add all the details that a buyer would be interested in knowing such as exclusions, expiration dates, location, price caps etc.
Credits to the Donors: Acknowledge the people who have donated items to you. This will encourage more people to donate next time.
Starting Price: Put a starting price of each item. A bid sheet starts at least from forty percent of the market value. Also include a buy it now price so all those who want something can take it.
Silent Auction Bid Sheet Example
How to Run a Silent Auction?
Here are few quick things that you need to do in order to run a successful silent auction.
- Recruit Volunteers: First of all, you need to Recruit Volunteers, as most of the silent auctions are for charity events only, that's why there are high chances that people will volunteer easily. Make sure that all the volunteers know the rule of a silent auction. They need to look officials only then people will take them seriously, else not. They should wear hat, vests, jackets, or sashes—that designates them as officials.
- Collect Items or Services: You need items or services to sell at the auction. Ask people for a donation, tell them what the purpose of the auction is and who will benefit from it. Many business organization and individuals are happy to help when the money will go to the right charity.
- Mark the Items with numbers or labels: Put numbers or labels on each item to differentiate it from the other. This practice is very useful when you have many similar items. Make sure to put the number or label of each item in bid sheet as well. It makes tracking process much easier.
- Buy all the supplies you need: Few things are required such as paper, clipboards, pen, bid sheets, a roll of tape etc. Make sure to buy all the necessary items before going to auction.
- Print Bidding Sheets: This is the most important part. Print bidding sheets, use the templates shared here. Put all the required information such as a short description of the item, how much it is worth, and who donated it. Include a minimum bid (generally 40% of the retail value) and minimum bid increase increments.
Now you're ready for silent auction. Organize everything and start setting up early. Encourage more and more to participate in the auction. Volunteers should take care of everything and secure bid sheets. To learn more about running an auction, you need to click here
Now you know what silent auction bid is and how much important they are during the silent auction. Read the information shared above to know how to make a silent auction bid sheet or what to include in a bid sheet. Make sure to take away the important tips and prepare a proper bid sheet to execute the silent auction successfully. Feel free to download & use the templates and make your own silent auction bid sheet.
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