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- In the simplest terms possible, shill bidding refers to the practice of a seller using another user identification, which they have created, then using it to bid on their listings. They sometimes even go to the extent of creating and using multiple accounts all in their favor. The sellers do this to affect the final price of the item positively.
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May 22, 2020 · When it comes to selling a house, shill bidding is designed to help the seller. It absolutely hurts the buyer. This comes as a surprise to most people, but many real estate auction sites allow sellers and even agents to bid on their own property. Rest assured, RealtyHive has a strict no shill bidding policy.
Nov 25, 2010 · Shill bidding occurs at auctions all over the world every day. Is it a widespread occurrence? I would guess not, but it's not hard to find. No type of auction is exempt -- live, online, live and online, silent, sealed bid, or other. So what is shill bidding? Let's look first at the word, "shill."…
Apr 15, 2020 · What is shill bidding? Essentially, shill bidding refers to the practice of a seller using another user identification, which they have created, then using it to bid on their listings. They sometimes even go to the extent of creating and using multiple accounts all in their favor.
In most uses, shill refers to someone who purposely gives onlookers, participants or "marks" the impression of an enthusiastic customer independent of the seller, marketer or con artist, for whom they are secretly working.
Not all auction houses allow this. I’m a sales manager at an auction and we will ban sellers for shill bidding. We allow the seller to set a reserve, so there’s no reason to artificially prop up the bids. It’s pretty easy to tell when shill bidding is going on because the same bidder number will bid on every item a seller has for sale.
Apr 1, 2022 · Shill bidders create a real risk of driving the price too high for the actual bidders, and sending the consigner and auction company home with nothing to show for their efforts. For this reason, an auctioneer will often exercise restraint even in the “legitimate” chandelier bidding.
Shill bidding happens on all platforms and every auction company can view absentee/prebids. Just set your price and stick to it. You're not going to steal everything you bid on. Auctioneers are a fiduciary for the seller only. Buyers beware. Regarding why would a company shill bid?
