Non-profits and charities organize silent auctions to raise funds using items they have received from donations and connect with their supporters. Silent auctions do not use an auctioneer to pronounce and rally bids. You simply display items at the venue and let attendees browse each item as they place bids silently on what interests them. At the end of the auction, the highest bidder from the register wins. This creates a convenient bidding process where attendees can bid at their own pace and place bids discreetly without the pressure of a traditional auction.
Bid sheets facilitate the bidding process. How? A bid sheet is placed next to each item so that interested bidders can provide their information and place bids. This makes it easy to track bids and revenue during the auction. By doing so, you can collect vital information like contact details, number of bids, and average bid amount that you can use for follow-ups and assessing bidding history and trends. You can use this data to gain insights for planning future silent auctions. For example, items that had the highest number of bids can indicate what appeals to your supporters more, and you can make it your focal point. This sheet also promotes transparency. When you share key details like the item description, its fair market value, and how many people expressed interest, bidders feel more informed when making decisions to purchase.
How to Use This Template
A successful silent auction requires a functional and carefully created bid sheet that can be a medium of communication between you and bidders. It should give bidders sufficient information on what they are bidding for and record enough information to help you select the eventual winner and coordinate future auctions. Here are the components you will find in this bid sheet and how each is significant to raising funds successfully through a silent auction.
Auction details
You need to specify the silent auction associated with the bid sheet by providing identifying details like the event title, auction venue, and date. It is important to distinguish bid sheets, as you most likely hold multiple events within your organization. Fill this section by indicating accurate details as they appear in official documents to avoid mixing files when filing or referencing them.
Item specifics
You should associate each bid sheet with an item on display. To do so, you need to describe the specific item the sheet will be used to bid. This section should be informative to the bidders and help you keep accurate records of each item you will have on display. To specify the item, start by indicating its ‘item number.’ You should assign each item on display in the auction a number that is unique to it. In this section, write the number associated with the item in front of the bid sheet. Then, thoroughly define the item by highlighting its various characteristics like type, color, shape, use, history, model, etc. Write an enticing description that captures the bidders’ interest and convinces them to bid in large numbers.
In addition, bidders will want to know how valuable the item is before they decide to place a bid. So, record the dollar amount of the fair market value of the item.
Bidding instructions
The entire bidding process requires a starting bid and a minimum increment to initiate and guide how attendees bid. The starting bid is the minimum amount any bidder can bid; no bid should be below this amount but can be equal to or above it. The minimum increment indicates the least amount the next bidder can increase on the previous bidder’s submission. This prevents a situation where bids are increased by $1 or such small amounts. To fill these entries, indicate the monetary value of each amount.
Bidder’s information
The bid sheet must collect the bidder’s number, their name, and contact details. This information helps you identify everyone who bid on each item. Also, it makes it easy to reach out to the winner and send invitations to future silent auctions. The bidder number is essential for tracking individuals during the auction. Each bidder should provide the number you assigned to them before the bidding process. Contact information includes their name; contact number, and email address, which helps with future communications.
Bid amount
In this section, each bidder needs to indicate exactly how much they are willing to pay for the item. Each bidder can input several bids if they aim to outbid other competitors.
Notes/special instructions
Use this section to outline any event or bidding instructions you want to share with the attendees. For example, you can specify the currency everyone should use, the duration of the auction event, the bidding duration or deadline for each specific item, the point of contact during the auction, and any other special guidelines. This section is to improve the attendees’ experience and make sure the silent auction is completed seamlessly.
FAQs
How do I determine the minimum raise/increment?
Ideally, you can set the increment at 10% of the item’s fair market value. This way, if the starting bid is at 60%, it takes four bids to reach 100% of the item’s actual value. This can help you raise more revenue.
Who uses this silent auction bid sheet template?
You can use this template as a non-profit to fundraise, event organizers of charity galas and community events, and art and cultural organizations like galleries, museums, and theaters. The sheet is simply meant to streamline the silent bidding process and thus has a wide variety of applications.
Can I personalize this template to suit my silent auction bidding process needs?
Absolutely. Feel free to personalize this template to incorporate elements you consider important in your bidding process or record keeping. For example, you can add a ‘Buy-It-Now Price, a predetermined amount that stops the bidding on an item once proposed by any bidder.
