Auctions are one of the fastest ways to sell or buy a property. By putting your property on auction, you enjoy the benefits of having your home advertised complete with details and photos in national and regional publications, websites and sale boards at the property’s location. Also, your property gets to be promoted to the agency’s own buyer database via phone, post or email.
If you’re still searching for your dream home, joining an auction is strongly recommended. Here are more tips to help you prepare for auction and achieve success.
Record the bids
It’s very important that you keep yourself organized during the auction process. An effective strategy is to record the bids to help you keep track of the entire activity.
Ask if property is on the market
Actively participating in an auction will show other buyers that are you serious and interested to buy. One tactic that you can use to keep you in the game is to ask if the property is on the market. This can prompt the auctioneer to reveal more information about the property which could then help you decide on your next move.
Keep your cool
When attending an auction, do keep your cool and watch your body language. By maintaining a calm disposition, you are showing your confidence and knowledge about the process.
Knock out and break down bids
When the auction is moving fast, you can use a combination of tactics to slow the bidding. To knock out the competition, you can give a higher bid from $1,000 to $5,000 or offer a lower bid. If you’re bidding low, keep in mind to use smaller increments such as $1,000 instead of bigger ones.
Get a Buyers Advocate
If you’re the emotional buyer, it’s best that you find professional real estate agent to bid for you such as a reliable buyers advocate.
Make sure to inform the buyers advocate about your budget and limit and put in writing the errors you want this professional to avoid.
Enjoy the Auction
While you may be serious in buying your dream home, do have fun too during the auction. As long as you know how to stay within your budget and are not too emotional during and after the auction, notably if you don’t succeeed, you’ll be fine. And don’t worry if you don’t get the property that you want, there are many more available on the market that suit your requirements.
For the previous tips on how to successfully bid at auctions, visit here.
Looking to buy in Melbourne and sick of missing out at auction? Talk to me about how I can help you buy your new home faster, for less.
Give me a call on 03 9686 2288 to discuss how I can help. I offer a free consultation, so why not call today?
By Wendy Chamberlain
Copyright 2015 | All Rights Reserved
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With a passion for all things real estate spanning 18 years, Wendy loves that her role as a
