Bid sheets are usually used by businesses to keep track of all the bids that people have offered for buying products and services. Silent auctions are types of auctions in which bids are written or sent electronically instead of being called out loud. There is a separate sheet that is prepared for silent auctions. A tool that is used to keep a record of the silent auction bids is known as the silent auction bid sheet.
Where are silent auction bid sheets used?
There are many such organizations and events where bids are always silent. For instance, some non-profit organizations carry out fundraising events in which the bidding is quiet as people don’t become vocal about their bids, just like in traditional bidding.
How do I create the record sheet for silent bids?
A record sheet should be created in such a way that it holds all the important details so that when people consult it, they find it useful. Here are the details that can be demonstrated in this sheet:
Description of the item
The user should know about the product being bid. The specifications of that product, including its name and other specifications that vary from product to product, should be mentioned in the record sheet.
A unique identification number
There is a unique number, also known as a product ID, that is assigned to every product for quick identification. The purpose of that number is to quickly reach that product as and when it is needed. So, when there is a need to bid on a product, the owner of the product can easily locate it due to the ID attached to it. This keeps the entire process of bidding seamless and organized.
The minimum amount for a bid
There is a minimum set by the owner of the item for bidders to know so that they know from what amount they can start to bid. This amount is used by the organizers to initiate the price-offering process. It lets everyone know that they need to offer the minimum value, and since it is the minimum, there are chances that someone must have offered even more than that.
Information about increments
This part of the record sheet is used to keep track of the minimum increment that can be put on the price of the item. This lets the bidders know how much they have to raise their current bid to be eligible for the item they are interested in purchasing. The purpose of the bid increment is to keep the competitive environment intact, in which all the people can compete with each other for a product they are interested in. It is important to remember that the increment should be small so that everyone can see the price rising slowly.
Final bid amount
After multiple increments, there is a final price, and the owner of the item also feels that the price cannot increase more than that. This is the maximum amount, and the product is often sold at that amount.
Information about the bidder
Although there are so many bidders who are trying to catch the product, only one of them will be successful and will be able to take it home. The name, contact details, final price, and other details of the bidder should be recorded in the record sheet. Since it is a silent auction, the name of the buyer must not be revealed. However, his name should be recorded on the bid record sheet.
Closing time of the offer
Every bidder knows that there is a time when a product is sold out, and then there is a time to close the bid. The time when a bidder can make a successful bid is known as the closing time, and it is also recorded in the sheet. This information is for all the people who are interested in making an offer, as they often want to know about the closing bid and the time at which it was made.
This record sheet is prepared for each item separately, and then it is placed closer to the item so that people can view the details and get insights.
