Most people find house auctions quite entertaining, unless they’re having to bid! When you are moving from a position of mildly interested observer to emotionally invested bidder, you need to upskill yourself if you want to be the one who places the final bid.
Experts suggest:
- Getting as much information as possible from the agent beforehand. Ask, what can we expect by way of an opening bid? Can we negotiate the terms of sale such as the settlement period and the amount of the deposit?
- Tailor your bidding style to suit the amount of competition. Lots of bidders means go hard early, few bidders mean you can be much more reserved.
- Do your due diligence before the auction. Start with research into recent relevant sales in the area, obtain a building and pest inspection, and set your bidding budget.
- On auction day position yourself within a clear line of sight of the auctioneer.
- Be aware that not all reserve prices are set in stone, so be ready to negotiate if necessary.
- Bring your poker face to the auction.
- Bid with confidence – loud, clear and firm.
- Consider varying the bidding outside of the normal five and ten thousand increments.
Keen to delve further into auction bidding strategies? Click here to read more.
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By Wendy Chamberlain
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With a passion for all things real estate spanning over 20 years, Wendy loves that her role as a Buyers Agent or Sellers Advocate gives her buying and selling clients an experienced voice they can trust when it comes to negotiating to buy or sell something as important as their home or investment. Wendy considers it a privilege to be asked to help others realise such an important goal as home ownership and to be trusted with that honour. Get in touch today via www.chamberlainadvocates.com.au for a no obligation chat about how Wendy can work with you and help you save time and money to secure your new home sooner.