Bid Forms For Silent Auction
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How to fill out Bid Proposal Form For Construction Of Building?
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FAQ
Set a Minimum Bid at 30-50% of the Item's FMV For some items, it could be a simple math equation, but for others, it may require a little more thought into the psychology of the bidder at your silent auction. A starting bid can be dependent on: Audience Demographics.
Bidding increments are simply the amount the auctioneer will increase the bids during the auction. As a general rule, the bidding increment will be approximately 10% of what the current bid is. For example, if the bid is currently $200 you may expect the bids to be increased by $20.
Once you know an auction item's FMV, it's time to calculate the rest of its pricing model using percentages. First, you'll set a starting bid amount, which is the lowest amount guests can bid to win the item at your silent auction. For most items, your starting bid amount should be 30-50% of the FMV.
Regardless of the format you choose, your bid sheets should have the following information: the name and description of the item, the starting bid, the minimum bid increment, the fair market value, the donor name or logo, the item number, and the bidding instructions.
Determine the fair market value Set the starting price below fair market value to show your guests the potential for a great deal. Setting the starting bid around 40% of the fair market value or $5?whichever is greater?gives your bidders the chance to win the item well below market value.