Hosting a live auction for your cause is a large undertaking, but it’s a great way to raise big money for your team, cause, or school. Why host a live auction for your fundraising event? Live auctions create a sense of urgency that is hard to replicate. Your participants are more likely to bid higher when a fundraising auction is live.
What you’ll need:
You’ll first and foremost need items for your fundraiser. Approach local businesses in your area, and see if they would be willing to donate items to your fundraiser. Before you even think about sending out any info, make sure you have enough items that this fundraiser can stand alone. You’re going to want to assemble a team of volunteers who can help you approach businesses for donated items. Live auction items are usually big ticket items, so make sure that the items you’re getting are top tier. Smaller items are better suited for a silent auction fundraiser.
Registering your participants:
To participate in the auction fundraiser, each bidder has to register and check in before the event. Each participant in your fundraiser should receive a bidder number and a paddle with their number on it. Make sure this paddle is large and easily visible for the auctioneer. You’ll want to make it clear to your participants that putting their number up is a binding contract in which they agree to purchase the item at the value the auctioneer has set.
Organizing items for your fundraiser:
Each item you are auctioning for your fundraiser has to have a minimum bid. The auctioneer with bid start the bidding on each item. You should set the initial bid for your fundraising items at 30% of the item’s market value. Allow 30-40 seconds for bids to close. The bidding for your fundraiser goes on until there is that 30 second delay, and the auctioneer will close the bidding.
Auctioneer or not?
The answer is always yes. Live auctions are extremely fast paced, and you’re going to want to make sure everything is organized and runs as smoothly as possible. Factor in the cost of the auctioneer to your overall fundraising costs.
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Before you even consider sending out any information, double-check that you have enough products to make this fundraising self-sufficient. A group of volunteers who can assist you driving directions in approaching businesses for donated things is something you'll want to put together. Because live auction items are typically expensive, make certain that the items you are bidding on are of the highest quality.