Tips for winning at an Auction
PRACTICE MAKES PERFECT FOR WINNING AN AUCTION
To help keep your head through this daunting process go to as many auctions as possible before your own, regardless what property is selling. Forget about the sale and watch the crowd. Pay attention to who leads, who wins, and what is happening so you gain confidence and familiarity in an environment that does not come with any pressure. That way, when it comes to one you care about, you understand what is happening around you, leaving you free to focus on what you are doing.
Tips
1. Leave Emotions at home
If this is the first time you have bid, you will understandably be nervous. Don’t let that show and certainly don't let the emotions do the bidding for you. Pick a front and centre position and stand in clear view of other bidders and the auctioneer. You mean business. Confidence sends an incredible message of power and authority.
When you position yourself in a way where the auctioneer is looking to you with every bіd you establish a feeling that this is your call. You are the deciding factor here, to the point where the auctioneer almost appears to be asking your permission. In this position, with this control, you hold the room at your bidding.
2. Make the first move
How do you make yourself stand out at an auction?
It's great that you look like you know what you are doing, now prove that you are up for the task by making a strong opening bid. Because you know the property's value (you may even have asked about a good opening bid in your research) you can strike first. Statistics show that people who bid at an auction first, win more than anyone else.
Don’t go too fast though, an auctioneer may actually reject your bid if they feel you are moving too quickly. You want to pose a threat without harming anyone.
3. Speak up
Make sure you give the property a thorough going over. If possible have the bank confirm the value of the property as part of your loan approval. Yоu will have access to the sales contract well before the auction so make an appointment to see me and get familiar with all the terms. Speak up if there are any changes you want to make so you know where you stand well before you commit. If you are not happy with their response, it’s good to know that before the hammer comes down.
Typical items to kеер an eye out for are the settlement period, repairs, renovations and modifications, and council compliance (or lack of). If you are going to be investing, it needs to be an investment of the property you want. Often potential bidders feel that these terms are waived at an auction and you take it as it comes. Luckily this is not the case and you have time before the sale day to detail your expectations.
4. Stick to your walk away price
The rapid pace of auctions leaves you with little time to make decisions on the fly.
Rather than putting yourself in this position, it’s advisable to think through all the angles before auction day.
You have to go into an auction knowing at what figure you absolutely will not make another bіd.
5. Project Confidence
The one auction strategy that I have observed working consistently is creating the impression that you will continue tо bid until you own the home, no matter what.
It's about projecting confidence and psyching out the other bidders.
More timid bidders are often put off by an aura of unstoppable self-assurance and they will stop bidding.