The purpose of writing this is not only to tell you how awesome Quibids is, but also to give you some pointers on how to effectively bid on Quibids. This is not your daddy’s auction site and you need to approach each auction without emotion and take careful study before just spending bids carelessly. Every bid you spent is money out of your pocket, keep this in mind.
How does Quibids work? You buy bid packs at $0.60 a piece and bid on items. If you are the winner of the auction, you pay whatever the closing cost was plus shipping and receive your item. All items are new in the box and their customer service is great!
All auctions start at $.01 and are increased by a penny with every incoming bid. As the clock counts down, people start to bid faster. Once you are in the last 20 seconds, the auction really gets interesting. The clock will return to 20 seconds with every new bid entered before 0:00 on the clock. At a certain price threshold determined by Quibids, the clock will only reset to 15 seconds and at another price point, it will be reduced to 10 seconds. As long as new bids continue to come in, time will be added to the clock. If you are the last one to bid and the clock goes to zero, you are a winner.
What happens if you spend $50 chasing something and then lose the auction? Well, Quibids has a buy it now feature that allows you to purchase the item at full retail and apply what you spent in bids towards the retail price of the item (This does not count voucher bids, but I’ll get to that in a minute).
So far, I have won an 2 iPod Shuffle 2GB, a $15 Gift Certificate to Lowes, countless Voucher Bids and an iPad!!! I got the iPad for $6.29 + 15.99 shipping, more on that later.
There are a couple of ground rules that I would suggest when choosing to play these auctions: 1. Do your homework before bidding, 2. Don’t get emotionally involved or invested, 3. Know when you need to walk away, 4. Watch who bids and when, and finally, 5. Know your limit.
Understanding that it costs nothing to watch an auction close if you don’t bid is key to learning how this works. Unless you are extremely lucky and the moons align, you are not going to win much at first without taking advantage of the advice written in the Quibids 101 page. They have countless pages of tutorials all about how to win and after reading them you will find that you will make better decisions.
- Do your homework before bidding: Before I went after the iPad, I put every iPad 16gb that came up for auction into my Watchlist. Once they closed, I went back and made a spreadsheet of the Date, Time and Closing price of each auction. This allowed me to render a chart with showed me obvious trends that I need to be conscious of when bidding. Of course, this alone is not enough to say when you should bid, only through observation will you get an idea of when something you are watching is going to close. Once you can see the auction and guess within about a $1.00 of where it closes, then you are ready to bid. Below, you will see an example of the chart that I made following the iPad 16gb.
- Don’t get emotionally involved or invested: This is business, nothing personal. If you find that you are bidding on something that is definitely not going to close any time soon, don’t bid. You actually win by not bidding. Every time you bid, you are not only spending your hard earned money, but you are also using bids for something that you could use on something else. If someone keeps hitting Tit for Tat with you, it’s not a big deal, let them waste their bids, you just watch the clock.
- Know when you need to walk away: Just like the song, “you need to know when hold’em, know when to Fold’em, Know when to walk away and know when to run”. There are times when it looks like only 3 people are bidding and then all of a sudden, 10 people join in and the bids start flying. Sit back and watch, don’t get involved. If you walk away and it closes, you haven’t lost anything if you haven’t been throwing bids like they are free.
- Watch who bids and when: Many times, you will see the same 2 or 3 people bidding one after another, but it’s only when the clock is allowed to get down to the last second that all of a sudden 5-6 other people bid. This tells you who is really watching. When the clock gets down to just 1 second and only 1 other person jumps into the fray, you have a good sense of how long the auction may run.
- Know your limit: If you projected that an auction was going to close by a certain price and there are still a bunch of people bidding, don’t exceed the limit of bids that you determined you were willing to use on an auction. If you don’t operate inside of your own boundaries, whose boundaries are you operating under?
Voucher Bids – Voucher bids are bids that you did not pay $.60 a piece for, they could have been awarded as you win badges, won in an auction or given as a reward for recruiting.
Speaking of recruiting, one of the purposes that I had in writing this brief how to guide was to give you a head start on winning auctions on Quibids. Please return the favor by clicking on my recruiting link when you join: http://www.quibids.com/?refer=4241574
This link will give me credit for recruiting a new member and I will receive 25 voucher bids that I can use to bid on items.
My suggestion is to start by bidding on $50 or $100 Gift Cards for Wal-mart cards. If you win, then you are ahead, if not, buy it and you are only out $2.
I will take my grocery money and bid on Quibids, if I stay ahead of the game, I can now use those bids to play on things that I want, not need. That money is going to be spent at Wal-mart anyway, it might as well be funneled through Quibids first to see how far I can stretch it.
I am hoping that by giving you this information coupled with the Quibids 101 pages on their site, you will have the tools needed to go win some good stuff. You have my permission to use this tutorial to recruit others as long as you joined using my link ;). Of course if you are bidding against me, show some professional courtesy… LOL