Auction Strategies: Learn What Does and Doesn’t Work

auctions

People have all sorts of ideas for auction strategies, but what does and doesn’t work? Here are the most common auction strategies and how effective they are.

Strategies that don’t work:

  • Gut instinct is a bad strategy at auctions. Leave your emotions and pride at home. The auction ideal boils down to who is willing to pay the most for item being auctioned.
  • Hiding in the back of the auction crowd won’t do you any good. You must be present and seen to bid. Hiding at best prevents you from winning anything and at worst makes you seem like you’re weak.
  • Waiting until the last second(s) to bid is a bad auction strategy. You don’t want to enter the bidding too soon, and you don’t want to wait to the last second either. You could end up with poor timing and lose, or even achieve nothing.
  • Dressing to impress is another strategy that doesn’t work. Some people might consider how you dress or what you drive to be intimidating, but it’s not. The wealth of a person isn’t reflected by what they wear or drive.
  • Avoid crazy bid amounts because you will achieve nothing. At most auctions, you will just look silly.

Strategies that might work:

  • Avoid bidding on property until it’s on the market. Why would you bid on property that’s not up for sale yet? Auction agents are anxious for that initial bid so they can start building momentum. Don’t play into their hands. If the property appears to be of little interest and no bids are given, throw out a low bid and see what happens.
  • Set an odd number for your limit. Most people set their property values in round numbers like $800,000. Consider making your limit something like $803,000 because sometimes that small amount can be the difference in winning or losing the property.
  • Say the full amount of your bid. It pays to be clear and succinct at auctions. It makes you appear confident and allows everyone to hear the full amount you’re bidding.

Strategies that do work:

  • Bid with confidence. The second someone bids against you, shout out your bid. This works because it makes your intentions known. They will know you’re serious, but not your limit, so they may hesitate to continue bidding. When bidders get quiet or hesitant, they are getting close to their limit, so keep bidding within your limit.
  • Make a solid bid early to knock out weak bidders. Make a strong bid early on to eliminate less serious bidders. Leave ample room between your low bid and your final budget so you have some leverage and can get the property at the best price.
  • Know the market value. It’s important to know the value of the property. Do some research before the auction to gain the edge. This is how you know where to set your limit and know when to quit if the bidding gets too high.
  • Stick to your limit! Know the market and create the limit you are willing to bid. Stick to that limit no matter what. If you know the value, but the bidding goes above your limit, stop because then it’s no longer an asset you want.
  • Know the auction process. Learn about the auction process when you’re a beginner. Go to auctions first to watch how everything unfolds. Get familiar with it in your region. This is one of the easiest ways to create a good auction strategy and avoid costly mistakes. Learn how to make a bid, what your bid means, and what kind of deposit is required if you win.

Essentially, you need to know what you want and what it’s worth, understand the auction process, be confident, and know and stick to your budget. These tips will help you be a winner, or at least to avoid costly mistakes.

 

This article has been supplied by http://www.thepaycalculator.com.au. This information is not intended as advice and does not take into account your personal circumstances. Always seek professional financial advice.

Marketing and Public Relations Need to Work Together

Lets-Work

Back in the dark ages of printed newspapers, magazines, radio, and television, there was no need for marketing and PR to combine forces. Today, however, it’s a different story. No longer can marketing or PR stand on their own. The lines betwixt the two have blurred, making it crucial for businesses to use both a marketing company and a public relations company or at least a boutique-style company that combines the two.

The basic process should be something like this:

  • The PR firm creates a news release or press release and distributes it online.
  • The marketing firm picks it up and shares the news release on social media and creates written content, Infographics, and other content related to the press release.

Also, when a marketer needs to reach the mainstream or trade media, they need to rely on PR professionals for assistance.

 

Here are the 4 reasons marketing and PR firms should collaborate:

PR fuels the marketing machine – Every machine requires fuel to operate. The marketing machine cannot function well without the proper fuel that PR can provide. While marketing experts can create valuable content, they need to be able to get it noticed, therefore, attaching it to the PR press releases and stories garners credibility and loyalty from consumers. Everyone likes a good story and great follow-up. The creativity of PR and the analytic nature of marketing make the ideal marriage.

Maximize ROI for PR – Once a news release has been created and publishes, marketers can use social media to boost ROI. They can target opinion leaders, bloggers, customers, and other mainstream and non-mainstream media outlets.

Reach brand influencers – Marketing tactics aren’t designed to reach out to brand influencers like PR can. Creative news releases reach out to powerful influencers in the media. News releases from a third-party is more efficient and effective than advertising and lends more credibility to your brand.

The power of the PR and marketing combo – Imagine putting out a campaign that utilizes the power of marketing knowledge and PR creativity at the same time. Using these two components together for launching a new service or product will exponentially maximize your ROI. It’s the creative marketing ad campaign and the targeted public relations blitz that makes it happen.

No longer can you afford to sit on the sidelines and let your competition gain the edge over you in the branding world. You need to tap into that powerful world where marketing and PR combine and operate like a well-oiled machine.

These two forces must learn to work together in a synergistic manner to optimize business’ ROI across the board. PR professionals need to be ready to answer questions regarding social media marketing and marketers need to learn to let PR pros make their jobs easier. When PR and marketing collaborate, and manage their talents properly, they can deliver the best results a business can get for brand awareness and promotion. Ultimately, it will boost sales, which is the end goal, right? Anything less, won’t be good for business.

Three Things to Consider to Make a Great Investment

real-estate

Anyone who is considering investing in real estate probably wants to profit from it. The end goal of real estate investing is to make money on each deal, which results in creating wealth. Another goal of real estate investors is to spend as little time as possible tending to the properties in which they invest. Here are some goals to set so you will achieve the optimal end game in real estate investing.

 

Minimal Risk Investing

While real estate investing provides highly profitable wealth creation, it is exceedingly risky when you don’t understand the types of property investing available to you. For instance, private real estate funds, land, TIC (Tenant-In-Common) investments, fixer-upper houses, and the like come with a higher risk than buying a well-established, cash flow type investment property.

It isn’t uncommon to reap little to no return on your investment with the riskier types of real estate. If you do reap any profits, they are usually too low to account for the time, effort, and money you put into them. There are simply too many things that can go awry with risky property investments. Reduce the risk in property investing by performing due diligence, research, analysis, testing, reviews, and reliable professional property advice.

 

Fair Cash-on-Cash Return Investing

When you invest in property, you are taking money from your fluid form of financial assets and putting into an extremely illiquid asset; real estate. Fluid forms of assets include a traditional bank account, savings, stocks, CDs, bonds, and such. In the case where you are taking fluid assets that are earning interest (CDs, stocks, bonds, etc.), your goal should be to aim for the fair cash-on-cash return concept.

How can you accomplish this? Pro forma (calculate present and future financial returns) your real estate deals and invest in cash flow positive property for a better ROI (return on investment). Avoid properties that are negative in nature, like high-risk or high-maintenance properties, even if they seem to be “prime”.

 

Low-Maintenance Property Investing

Sometimes, cheaper property will seem appealing, but be careful of these properties. Beware of fixer-uppers, “needs a little TLC” properties, and real estate that will require a lot of management and a lot of your time. Maintenance companies are expensive. Examples of high-maintenance properties include cheap houses in atrocious areas, vacation rentals, college rentals, and other like real estate.

Stick to basic and boring real estate that requires little of your time, needs less management, and that can be rented for long periods of time to tenants with proper credit profiles. Idyllic tenants don’t require babysitting, but remember to treat them with respect and build a favorable relationship with them. That way, as issues arise (and they will), there will be fewer hassles when addressing them.

Overall, the best real estate investment still remains in the old standbys –  boring, totally-owned, in satisfactory condition, cash-flow positive properties. These properties are available to you, but you won’t often find them on MLS listing all the time. You will need to do some foot work, some research, reading, and due diligence to find and accrue the best real estate investments.

3 Ways Guest Posting Boosts Your Audience

guest blogging

If you ask a top blogger what the single most important strategy for growing your blog’s audience, they will tell you it’s guest posting. What is guest posting and why is it important to your online presence?

Guest posting is where you write an article and get it published on another website or blog. You will notice many bloggers allow others to submit articles to their blogs. It’s beneficial to both the guest blogger and the blog owner. You get to extend your reach beyond your existing audience, connect with new readers, and make a name for yourself. The blog owner gets quality content on their site that engages their readers.

 

3 Top Benefits of Guest Posting

  1. Builds Relationships

The goal of guest blogging is to engage new readers with interesting content that they want to read. Therefore, you are building a relationship with new readers every time you write an article or add other content like images and videos.

You also build relationships with other bloggers, hopefully influential bloggers by adding value to their blog. Bloggers make up the biggest part of conversations that occur online. Twitter and Facebook are still the two biggest conversation platforms where people engage online. Making friends with credible, influential bloggers will help you build your popularity. The result is that you grow your readership, your social media presence, and your blog subscriber base.

  1. Builds Search Engine Influence

Search engines like Google, Bing, and Yahoo will love you for guest posting quality content on blogs and websites. They will love you so much, that you will grow in the rankings.

When you create guest posts, make sure you can include a link to your blog within your post, preferably at the start or end of the post. In time, these backlinks will raise awareness to your blog, boost the value of your blog to search engines, and increase your visibility.

  1. Builds Readership

One of the best things about guest posting is being able to share your message on a well-established blog. When you add value with your guest posts, you will see conversions over time to your blog. Your fan base, readers, and followers will increase. If you’re only looking to sell your products or services, guest blogging isn’t for you. You need to feel passionate about adding value for other bloggers and readers.

 

What about guest posting for your blog?

If you haven’t started offering guest posting on your own blog, today is a good time to do it. It allows you to reciprocate with the bloggers who allow you to guest post on their blogs, creating a mutual relationship.

 

How to Be a Good Guest Blogger

If you want to continue to provide guest posting on other blog sites, be a good guest blogger. Here’s how to do that.

  • Link your guest post from your blog
  • Share your guest post on Facebook and social media
  • Promote your guest post on Twitter often
  • Thank visitors for looking
  • Hang out and respond to comments on your post

This kind of guest blogging is respectful and courteous, which makes you a desirable guest blogger and builds your reputation among influential bloggers and readers.

You get to expand your reach to new readers with guest posting, making it a good practice in which to engage.

Guest posting will open doors to more publishing opportunities online and maybe offline. So, if you’re unhappy with your blog traffic, start guest blogging!

Added by Fred from Harrington’s Marketing

 

Success Depends on Your Investment in Your Employees

Good management practices make a business successful and are direct reflections of your company’s culture. Investing in your employees is part of good management. Here are some facts and ideals that back up this concept.

CareerBuilder and Gallup reported that 70 percent of American workers are often uninspired and/or disengaged at work. Furthermore, the reports state that this caused losses of more than $450 million across business industries in 2013 alone.

Why do people feel disengaged or uninspired at work? Lack of support, feeling over-scrutinized or micro-managed, and the feeling that there is no job security all create the disengaged and uninspired thought processes.

Negative Vs Positive Workplace Environments

  • Negative – The workplace environment that creates this negative vibe will breed high-stress situations, which cause lack of focus in employees. Therefore, they turn to personal tasks at work like social media, chat, gaming, texting, and emailing.
  • Positive – The workplace environment that creates a positive vibe makes employees feel supported and empowered so they are very productive and do their best at work. They are focused and loyal to the company, making your business more successful and sustainable.

Create a Positive Company Culture

At one time, company culture wasn’t a thing. Few businesses would have considered supporting and investing in their employees in the rough and tumble world of business. Nowadays, recruiting new employees requires that they know your company culture.

The goal of creating a positive company culture is to see your employees coming into work with smiles on their faces that show you they are happy to be there and that they can’t wait to come into work. Zeal and enthusiasm is bred from a positive, supportive, employee-empowering company culture.

Creating this positive environment requires that you invest in your employees. How does that work?

  • Offer bonuses for performance and holidays
  • Offer perks like in-house promotions and training, paid training, tuition reimbursement, and help with furthering their career in your company.

Brainstorm from these ideas and come up with effective and viable ways to invest in your employees.

 

The Benefits of a Positive Company Culture

  • Workplace morale gets better when management knows how to reduce low morale problems to create a positive, supportive, and high-energy workplace.
  • Employee retention is a huge benefit of the positive company culture. Employees who enjoy their jobs will stay and grow with you.
  • Employee loyalty is crucial to a successful business. Loyal employees are engaged and productive in a supportive environment.
  • Company reputation is boosted when you have a positive company culture. You will attract better employees who are productive and excited to work for you.

What you do to create a positive company culture within your company is ultimately up to you. This information merely provides a few guidelines to help you come up with ways to make your workplace desirable to good employees. Invest in your employees in various ways to build a team that is creative, positive, happy, engaged, and productive. Continue to grow and thrive by implementing new ways to invest in them throughout the lifespan of your company.