5 Tips for Winning in a Unique Bid Auction

Bidding is a term that is exclusively linked with auction. It is a process through which a product is sold in the presence of multiple buyers. In case of a normal auction, the buyers bid for a particular product and the person making the highest bid, generally wins.

The concept of reverse bidding in a unique bid auction is new and different from the traditional form of online auction. The main idea behind reverse bidding is to make it unique. In this case, the bidder quoting the lowest price for a bid becomes the winner.

For example, a digital camera is quoted at a price of $300. Now, two people make a bid of $1.60, three people bid $1.50 and only one person makes the bid for $1.55. In this case, the winner will be the person who has made the bid of $1.55. Even if there are people bidding a lower price than this, the bidder of $1.55 is the unique one as no one else has made an equal bid.

Bidding low may seem is an unusual concept but it is exciting too as it enables auction visitors to get items at a substantially lower prices. Unique Bid Auctions are popular in Europe and in the USA and now gaining acceptance in Australia - there are quite a few online auctions sites in Australia that now make the lowest unique bidder the winner for their products..

For example, Youbid.com.au in Australia is one of the newest and best lowest unique bid online auction sites. It provides a variety of categories to choose from, and can only be joined by Australian and New Zealand residents.

Joining youbid.com.au is absolutely free of charge. To become a member, you just require to fill up a registration form and be over the age of 18.

However, since the idea of a lowest unique bid action is fairly new the strategies involved in successful bidding are also new and different. Here are some quick tips can be followed to become a professional bidder at this style of online auction

1. First thing to do obviously is Sign up. For most auctions you will need to become a member. Remember to read the FAQs. Once you are a member, you may need to add a minimum amount to your new online auction account to pay for your bids.

2.Browse through the products and choose your desired category - remember you're not bidding against others on the retail value of the product. It might be worth many thousands of dollars and be sold for only a few. You just want to get the lowest bid that no-one does ( ie a lowest unique bid)

3. Bid early. Unlike a traditional online auction there is no advantage in waiting until the last few seconds to bid. As soon as you have decided on the item, bid on it. In fact in a unique bid auction, it is important that a unique bid gets registered as soon as possible. This is because sometimes there isn't one single unique bid. In this case the winner is the first person who made the lowest bid of the two lowest bids. So get in early or you might lose a winning opportunity.

4.Make multiple bids to cover as many possible bid values as possible.

5.Keep a track on your bids. Youbid.com.au , for example, will keep its bidders updated through email about the status of their bids.

These are the five main tips that if followed will help you emerge as the winning bidder at a lowest bid auction.

Youbid is a new reverse auction site in Australia. It's free to join. And remember in a unique bid auction its the lowest unique bid that wins. You could save hundreds of dollars.