If you have several other fundraising activities planned during a live event, such as a live auction, raffle, pledge drive, entertainment, dancing, speeches, and a 3-course dinner, higher starting bids may be more appropriate. This process involves research and understanding your items' value and can be the difference between a successful auction or a bust. When to Display Retail Values, Set Minimum Bids and More in a Silent App-based platforms provide a positive user experience, are easy to use, and boost engagement. Express check-in allows guests to scan a unique QR code for quick and easy access to your event. To create this article, 52 people, some anonymous, worked to edit and improve it over time. When assessing auction software, look for the following features: The right silent auction software will also come with a variety of add-on features such as ticketing and registration. Your Silent Auction Questions Answered - TravelPledge News They may have bought one thing or twenty. Use pens, not pencils for people to bid with. If you don't already have one, you'll also need a secure cash box. Awesome for Live and Silent Auctions! On the other hand, if its too low, you may leave money on the table. The bidder profile is another crucial factor to consider. Get educated on the most effective school fundraising methods with this guide. Set a budget ahead of time so that as youre presented with various features and add-ons, youll know your must-haves and what you can do without. That said, setting up, promoting, and executing a silent auction can be a daunting task. wikiHow is a wiki, similar to Wikipedia, which means that many of our articles are co-written by multiple authors. However, remember that your goal should be to engage your bidders and hopefully create a bidding war to generate higher revenue for your organization. The most important step in planning an online silent auction is choosing auction software. 29. "We are just in the planning stages for an event 3 months away. Starting bids. No matter what kind of silent auction you decide to do, weve got resources and best practices to ensure your event goes off without a hitch. Here are a few features you should look for when shopping for auction software: Handbid offers all of this and more! After they have left for a supplies run, youll surely find something else that needs to be picked up. Take a look at some of these fundraising form and event favorites that make our hearts go pitter-patter. Tip! A good general practice? celebrity meet-and-greet), you may not need to set a lower starting price to generate interest. Many websites will tell you to set your starting bid as a percentage (e.g. By signing up you are agreeing to receive emails according to our privacy policy. 24 Jun 2023 16:36:00 24 Awesome Prize Ideas for Your Silent Auction or Raffle, Silent Auction Donation Request Letter Advice and Templates, Silent Auctions: How to Sell Small Gift Certificates Without Cannibalizing Your Big Items. Encourage people to register for your auction ahead of time, so theres less for you to do (and troubleshoot) on event day. Select volunteers willing to be officials. If the auction is hosted alongside another event, consider how the two will work together and what sort of people will be attending your main event. Set each item's starting bid at around 30-50% of its FMV. Happy Pride Month! If you have items donated by community members or supportive businesses, chat with the item donor to determine if they have any expectations you need to consider. How To Run A Silent Auction - Bolsta Fundraising After all, bidders arent going to get up from their seats just to add a few more dollars to their bids. Use this information to guide your starting bids for your current auction.. The Definitive Guide to Silent Auction Fundraisers. Participants will register, make bids, and pay for items all through the auction site. If you have two weeks to a month before the fundraising event, consider setting lower starting bids. Organizations are still responsible for soliciting the items, taking pictures of the items to display, and setting starting bid amounts. Well share fun ideas for everyone from elementary students to the PTA. What Is A Silent Auction Event? - Nonprofit Glossary - Kindful If you have run previous auctions, evaluate how effective previous starting bids have been for various items or items types. This means that bidding on an item with a $100 FMV would start at $40, with minimum bid increments of $10. To set the bidding pace, set your bid increments at 10% of an item's FMV. You will also need time to round up donated auction itemswhether your silent auction is in person or online. . Tables can have tablecloths, runners, balloons, and other decorations to draw in donors, but the items should be the star of the show., Set and post the Fair Market Value (FMV) of each item. From raising awareness through social media posts and speaking to the local press, to designing flyers or networking, the publicity team is in charge of encouraging interest in your silent auction. The "silent" auction is simply a variant of the traditional live auctionthe one we all associate with fast-talking auctioneers, where guests bid by raising a paddle. We recommend the following formula as a starting point for your auction items: 40% of the Fair Market Value of the item is your starting bid10% of the starting bid is your increment. App-based mobile bidding platforms also outperform other types of bidding platforms, including browser-based and paper-based methods. Consider who will attend your auction and tailor the items to that demographic. We have over 40 of them on the Handbid Blog! A powerful, engaging bidding experience to help you raise more at your next auction. Enjoy the power of Givebutter fundraising anytime, anywhere. Silent Auction Pricing: The Ultimate How-To Guide - SchoolAuction.net The time you have available for the silent auction bidding can significantly influence your starting bids. Browser-based platforms combine online and mobile bidding technology for use on desktops, tablets, and mobile devices through web browsers. A silent auction is ultimately a fundraiser, meaning its a great opportunity to make connections with guests and sponsors and hopefully convert them into long-term donors. Guests will get a paid receipt and the organization can scan their QR code to see a list of won items, which are then retrieved and handed to the guests. Written by Alex McDonald in Plan Your Gala, Running the Auction If you're running a silent auction, setting the proper starting bid, bid steps and buy-it-now price will result in higher bids and bigger donations. This is easily done if youre using an app-based auction product; you can create and send push notifications! We'll help you the wholeway. In the auction industry, the fair market value (FMV) or suggested retail value (SRV) describes the estimated value of an item based on similar products in the market. Guests can register their payment information ahead of time, making it easier to pay for their won items. If their item was a big hit, let them know. In order to place a bid, participants must handwrite their bidder number and bid amount in the first empty row. After you receive an item, research its value instead of just taking your sponsor at their word. Silent auctions can either be held as the central event or paired with another event such as a gala, dinner, golf tournament, or other gathering. Preparing for your silent auction may take more time than you first assume. People will be excited about your mission and in the mood to give. Instilling a sense of urgency will encourage higher bids, especially in those final minutes! An alternative is to have people register at the door and include their phone number and other contact information in that registry. According to Double the Donation, silent auctions conducted with mobile bidding software result in nearly three times as many donations because it makes bidding so convenient. Too low and the item may not reach its retail or market value. 2. . A well-run silent auction takes a dedicated team and months of planning to execute, but the right tools can help ease the process and ensure the event runs smoothly. Before conducting outreach, make sure youve clearly established who the silent auctions audience is, what the theme is, and what the goal is. Consider increasing the starting bid if items are rare or highly sought after. As a general rule, the starting bid for your items should be 30-40% of an items fair market value. Will their name, or their company name on the auction leader board encourage some friendly competition and more bidding activity. Connect with our always free, always human support via chat and email. So, you have all of your items donated. This allows you to start the bidding low without the risk of selling the prize at a price lower than you or the item donor will be happy with. For over 10 years weve been helping non-profits, charities, community clubs, churches, schools, and individuals to raise more and make a difference. Following the event, send a personalized thank-you message to the vendors and businesses who donated goods and services, as well as sponsors. Reach out to local businesses to see if they would be willing to donate a gift certificate, for example, or even sponsor part of the event. Estimating Fair Market Value Choose one person's watch to use and put them in charge of the time since everyone's watch is different. Publicity: Spreading the word is vital to the success of your silent auction. Be sure to book this space as far in advance as possible. Your guests want to know what it takes to win their desired items. Take advantage of multi-guest ticketing, collect guest information through custom fields, create add-on purchases, and track bidder activity. Once the silent auction is closed, you can message guests within the app to let them know which items they received. Setting the starting bids for a silent auction requires a balance of several factors. At the actual event, create multiple check-in lines. 3 During Event Planning add-ons. The items, prices, and layout of your fundraiser depend on your events theme, location, and guest demographics. What is an appropriate FMV? Ask your item donors to supply an FMV or check their website. If youre running a silent auction, setting the proper starting bid, bid steps and buy-it-now price will result in higher bids and bigger donations. For in-person events, setup usually means setting up the physical space. Check it out! Make the deadlines clear when it comes to making final payments and picking up items. Your registration process will be one of your events first impressions to your guests, so make it count! Mobile Bidding | Silent & Live Auction Software for - OneCause App-based platforms help your guests manage their entire bidding experience from their mobile devices. Be sure to have a system in place to communicate the amount of time left for guests to place their bids. It also gives your name and some contact information like a phone number, so the event organizer knows who to collect from and contact for pickup or delivery of the items being sold. Look for auction software that will not only give you this feature, but will also help you brand your registration page to your organization or event theme, sell tickets, and build your guest list. Our service integrations save you time so you can focus on making a difference. Take your fundraising efforts to the next level with a Givebutter Expert. This article has been viewed 957,776 times. You should include a buy-it-now price on your bid sheet. If bidders are highly connected to the cause and the silent auction items offered are within their price range, they often bid more than the fair market value. Make a list of supplies you think you'll need and go shopping. Alex manages TravelPledges content strategy and customer onboarding. Announce the time remaining prior to closing times so that guests remain informed. Free fundraising webinars and virtual workshops for nonprofit, educational, and faith-based organizations. With good planning, however, it's easy to set up an auction and get the most out of your items. Incorporating fund-a-need. Here are some guidelines for you: For donated items, your starting bid should be at least 30% of the item's fair market value. The best way to bring in bids on your big night? For in-person auctions, create a designated checkout location somewhere that wont interfere with foot traffic from guests leaving the event. Anything you want. Fresh ideas to grow yourfundraising! Perhaps a local salon will donate a haircut and/or style, or a local golf course could offer a round of golf with a trainer. Alert all registered bidders as the final hours of the auction approach to increase a sense of urgency and encourage final high bids. Can You Run a Silent Auction on Facebook? Execute a successful giving day with these helpful tips and best practices. Spreading the word. Think about increments. Each auction item goes home with the highest bidder when the event ends, and because auction items are donated, your organization gets all of the proceeds. 13 Silent Auction Strategies: The Ultimate Guide for Nonprofits - OneCause On bid sheets, names need to be written each time a bid is increased, but phone numbers need to be written only once. A willing bidder can skip all the bidding and buy the item at the buy-it-now price. What is the best way to communicate with them? If the store requires a membership, keep that in mind when sending someone on a run for last-minute supplies. 19 Steps to Running a Successful Silent Auction - WildApricot For dynamic content, add a rich text field to any collection and then connect a rich text element to that field in the settings panel. A smooth bidding process is key to a flawless attendee experience. If you follow these tips, procure items that excite your donors, and give yourself time to plan properly, your silent auction is sure to be a smashing success and a highlight for your guests., You may find that planning a silent auction isnt a good fit for your organization right now, and thats okay! What is Fair Market Value? To learn how to set up a silent auction, keep reading! Since there is more time for bidding, a few low or very low starting bids can create excitement and motivate bidders to engage with the auction. They aren't just fundraisers they're also entertainment for your guests. Keep bid increments as low as possible. You can create themed baskets, such as one for dessert lovers or one with everything needed to make the perfect charcuterie board. Raise more and grow your donor base online through races, bowl-a-thons, DIY fundraising, and other exciting events! Usually starting bids are set at 30-50% of an item's FMV to keep bidders invested without devaluing your silent auction items. We use cookies to make wikiHow great. Your procurement team should begin its process with a strategy, months in advance of your event. If the starting bid is too high, you might not attract enough bidders. Pro tip: Put together a procurement team of all-star volunteers and board members. How to set a minimum starting bid How to set unique auction item bids How to set bid increments How to set a "Buy-it-Now" option How to increase bidder interest Before we jump in, let's review a relevant term we'll refer to in the upcoming sections: Fair Market Value (FMV). He is passionate about helping nonprofits exceed their auction goals. Silent Auction Bid Sheet Sample - Start Bidding Today! If you have many items, consider closing the tables at intervals, such as every 15 minutes. Be sure to: See what were launching next and share your feedback. After the excitement of the event, guests want to be able to quickly claim the items they won and head home to enjoy them. Learn what a silent auction is, how silent auctions work, and what tools you need for planning a successful silent auction. Your buy-it-now price is typically the 14th and final bid step, and well above the FMV. Work with us to empower the next billion changemakers. There are generally two ways to win a silent auction item: Once an item is won, guests should receive an alert on their phone letting them know what they have won and how they can pick it up. setting starting bids and bid increments., Online and Silent Auction Software: Top Providers Reviewed, Top Silent Auction Rules for Your Nonprofit's Next Event, Charity Auction Sites: 8+ Best Software Providers Reviewed. There are two distinct components of your auction: Whichever way you choose to set up your bidding and checkout, be sure to set clear rules and expectations about when and how guests can place their bids, and clearly communicate those rules leading up to and during your auction. A successful auction is not something you can throw together at the last minutewe don't recommend it, anyway. 1. Event updates are sent via text message or email and include links back to the auction items. Think about what bidders would be willing to pay for the item in a typical setting and go from there. Determining the starting bids for items in a silent auction can be a challenging task. Pull up a seat and stay awhile. Bids start at $20 to Zoom-chat with @MaryRobinette, @EugenBacon, @maxgladstone, Wole Talabi, other great writers, & me. Lets Build a Better Business Together! Donors are billed the donation amount on their phone bill. If the starting bid price is too high, it may deter people from placing bids. Set your organization up for what could be your biggest day in fundraising all year.