10 Tips for Successful Horse Bidding
Have a look at the adrenaline-pumping sphere of auctions where the basic product is a horse and the possible profits are rather great. Horse bidding always requires one to be keen and alert, especially for anyone who is a beginner in equine auctions. Below are 10 invaluable tips which promise to make you a better bidder and shift the odds of your getting the right horse at the right price in your favor.
10. Continuous Learning
It helps to approach every auction as a learning process. Keep track of your bids and their end result so as to be able to make changes when bidding for another auction.
9. Post-Auction Steps
After coming up with a successful bid, make sure to make payments for transportation services and acquire all essential documents. These steps have been deemed necessary to avoid complications associated with change of ownership.
8. Legal Consideration
Know the legal aspects involved in the sale of a horse through an auction. Paying a visit to the lawyer to check contracts and transfer documents can help in avoiding future legal complications.
7. Strategic Bidding
Use the appropriate bidding techniques. Begin by bidding lowest and ensure you bid at the right time, avoid overly competitive bidding which may lead to over-pricing.
6. Learn Auction Terms
It is suggested that you should get acquainted with some common auction terms. The knowledge of these terms will in turn assist and enable you to execute the auction without major hitches or setbacks.
27 Horse Terms Explained From For Sale Adverts (And What They Actually Mean!) | Riding With Rhi
5. Attend Trials and Demonstrations
Observe the horse in action when you can, that is, watch it exercise. This is vital, trials and demonstration sessions before the auction of the horse can go a long way in revealing the character and ability of the horse.
4. Know the Horse’s History
In this case, relevant information includes training history, performance history, and any medical history of the particular horse. This insight can be of great help in revising your bidding strategy as well as the future performances of the horse.
3. Inspect the Horse Thoroughly
It is encouraged to examine the horse before the bidding takes place thoroughly. They make a critical assessment of the health of the animal, its age, breed, and pedigree. The recommendations further recommend that if possible, one should take a vet or an equine expert to the auction to help with the evaluation.
2. Set a Budget
Set a strict financial plan and stick to it as much as possible. The best approach to an auction is to remain calm and rational, as giving in to emotions can be costly. Of course, you need to know that a disciplined bidder usually becomes a successful bidder.
1. Understand the Market
Start with making a number of initial market surveys on the existing trends in the current equine market. It is relevant to monitor the price of various breeds, the breeds currently in high demand and the results of recent auctions. Potential buyers will benefit from sites that show statistical information on equine auctions, such as ‘horse auctions’ and ‘equine online auction’.
Looking to level up your horse bidding tactics? Check out a detailed breakdown of each step and consult professionals to become an experienced equine auction buyer. Realize the best auction strategy, and find success in your next auction.