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.
Chat to us about how a property advocate can help you sell or buy in the current market with confidence. Investment buyers can receive invaluable support and guidance through our Buyers Advocacy Service, and for landlords who are selling, our Vendor Advocacy Service helps vendors achieve outstanding results.
To book a free 20-minute consultation, simply click here and choose a time convenient to you.
