FAQ's From First Time Auction Sellers

Posted: 06/12/2017

K-BID is an online auction venue that is headquartered in Maple Plain, MN. We started as a live auction company in the late 1990’s and have grown to a network of 100+ independent affiliate auctioneers who manage thousands of auctions each year in the Upper Midwest.

Our network of affiliate auctioneers work directly with sellers to manage the entire auction process from start to finish. All auctions are presented on K-BID.com for online bidding; winning bidders pay for and pick up their items at the auction location after the auction has concluded (many affiliates will offer shipping for non-local buyers).

1. Why should I sell at auction? Auctions are perfect fit for individuals who have a lot of items and/or a short timeframe to sell them. Auctions generate excitement and turn the tables on buyers by asking them to increase their offers rather than undercutting your sale price. Our job is to increase bid prices by getting as many qualified bidders as possible to your auction.

2. What type of auctions do you do? - We see all sorts of auctions from businesses and individuals. Our affiliate network works with a lot of banks, lawyers, estates, businesses, counties, cities and more! If you have stuff to sell, there is a good chance we can help you out.

3. What will my items sell for? - True auctions let the buyers decide the value of items. After all, an asking price and an offer to purchase are two very different things. Some items will go much higher than you expect while others may go for a little less. Browsing through Closed Auctions on K-BID.com can give you a good idea of how items have performed in the past.

4. Can I bid on or protect my items? - No. Our success relies on the trust of our bidders. Affiliates and their sellers are never allowed to bid on their own assets.

5. What if I must get a certain amount from an item? - We do offer the use of a reserve to protect a seller’s interest. This means the item will not sell unless the reserve price is surpassed. Reserves should be used sparingly as they tend to have the opposite effect on bidding; more than half of polled bidders stated that they do NOT participate in auctions with reserves! Using reserves could have a negative impact on your entire auction.

6. What can I sell on K-BID? - Almost anything can be sold at auction if there is demand for it in the marketplace. Our independent affiliate auctioneers can help you determine if your assets would be a good fit for an auction. K-BID.com excels with vehicles, equipment, tools, higher end household and industrial assets.

7. How long does the auction process take? - Auctions are typically online for 7-14 days. Auction setup could take up to 7 days before the auction goes live. The entire process usually takes about a month from the time you meet with an affiliate until the time you have a check in your hand (larger projects may require more time).

8. How much does it cost to have an auction? - Each auction is different and sellers are typically charged on a commission or fee basis that is subtracted from the final sale price. Exact costs will depend on several factors such as value, labor, location, marketing needs and more. This would be discussed in detail during a consultation with one of our affiliates.

9. Do I have to bring my items somewhere? - One of the most convenient aspects of an online auction is that they can take place anywhere. Sellers can bring the items to an affiliate location or sell them directly from your house, warehouse or business location.

10. How do I start? - Please see the information on this page and we will point you in the right direction!

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