Silent Auction Bid Sheets - Make It Easy!

A Silent Auction can be the focal point of your Fundraising Event as in the case of a Charity Golf Tournament. A Silent Auction can also compliment your Fundraising Event’s focal point such as a Live Auction. Let’s take a look at a key element to the success of a Silent Auction: The Bid Sheet.

This may sound a bit simplistic but you want to make the process of Bidding and Winning a Silent Auction item as EASY AND CONVENIENT AS POSSIBLE. Here are a few ways to do just that: 

Ensure that the print and font is easy to read. Many fundraising events are held in halls where the event lighting is not the most conducive to reading Bid Sheets. When in doubt, make it big.

Include pre-set or pre-determined Bid Increments in the Bid Sheet. A donor is more likely to add a bid if they don’t need to spend a moment to calculate a higher bid amount. By keeping the bid increments structured, you encourage a donor to bid on an item and move to the next one. As the bidding wars erupt, bidders will already know what it will take to “up the ante” on the next bid. Be sure to match the Bid Increments to the item. Bid Increments of $25 will not work for an item worth $75. On the other hand, Bid Increments of $5 will not work for an item worth $5,000.

Always list a Minimum Starting Bid. Your Committee must maintain control of each Silent Auction to ensure maximum response. The Minimum Starting Bid is the first step in that control. You need to strike the correct balance between an amount that is low enough to “look like a steal” and not too high so as to stifle initial bids. A good rule of thumb is 40% of the fair market value of the item. Be sure not to set the Minimum Starting Bid too low because sponsors who donate the Silent Auctions do not want to see their items as part of a “fire sale.”

Set a Market Value for each item. We can tell you from experience that the best way to determine the Market Value for a Silent Auction item is the moment the item is either purchased or presented by a sponsor. As you take possession of the item, ask the donating sponsor to confirm the Market Value of the item. Who knows the Market Value better than the donating sponsor? Be sure to make note the Market Value immediately so that it won’t get lost in the frantic run up to your event. Presenting the Market Value is a must as it is required by IRS rules.

Where possible, assign Numbers or Fictitious Names to bidders before the Silent Auction bidding commences. Many donors/bidders would prefer that their name and phone number not be viewed by all bidders. You can mask bidders’ identities with numbers, names of sports teams or even Monopoly game pieces (I’ll be the “wheelbarrow”) to build in an element of fun. When each bidder is assigned a number or name, you can also collect payment information such as a credit card, which will expedite the fulfillment process once the item has been won. The immediate aftermath of a Silent Auction can be chaotic. Again, you want to make it as EASY as possible for the winning bidder to purchase and take possession of the item.

Enable bidders to Buy the Item “Now” for a set price. Thanks to eBay, the phrase “Buy It Now” has become nearly cliché. However, the concept has merit. Some Silent Auction bidders may wish to trump the competition and simply win the item right out of the gate. This benefits your event as you receive the maximum donation for the auction item.

Lastly, be sure to staff the Silent Auction tables with plenty of volunteers who are knowledgeable about the items and can answer bidding questions. Your volunteers also need to monitor the Bid Sheets to ensure that there are no ineligible bids that could sidetrack the bidding process. The same volunteers will be in great demand once the Silent Auction ends and the fulfillment process begins. Again, make every effort to make the payment process as seamless as possible and to get the items into the hands of the winning bidders as soon as possible.

Do you or your Event Committee need help creating Silent Auction Bid Sheets or identifying ways to better optimize your Silent Auction? We at Auction Packages can help. Our team of Event Specialists can guide you through the process of executing a successful Silent Auction. We Live to Give.