BIDDING AT AUCTION – DO’S & DON’TS

We’ve talked you through the important steps pre-auction in our previous post but what do you once you’re at the auction? Do you hide at the back of the room? Bid quickly? Get a professional to bid for you? We’ve talked to one of our auction experts, iThink Sales Agent Adam Boettcher, to find out the do’s and don’ts when bidding at Auction.

 

DO MAKE SURE YOU’RE PREPARED

Before you arrive at the Auction make sure you are prepared and have everything ticked off on your pre-auction checklist. If you are unsure of what you need to do or need a head start take a look at our tips to prepare yourself for auction.

 

DO ARRIVE EARLY

If you haven’t pre-registered to bid this tip is particularly important. You won’t be able to bid unless you’re registered so avoid the mad rush and arrive early to ensure everything is in check. This will also allow you time to get comfortable before the show begins.

 

DON’T HIDE AT THE BACK OF THE ROOM OR BEHIND A TREE

If you’re planning to bid you need to position yourself so you can see what’s going on but more importantly where the auctioneer can see and hear you clearly. Don’t hide at the back or behind a tree, that shows fear and weakness.

 

DO BE CONFIDENT

When you’re bidding, it is so important to appear confident and in control. Call out your bids loudly and clearly. If you’re nervous about bidding at auction it might be a good idea to invest in a buyers agent. They will know how to read the crowd and bid with confidence.

 

DON’T GET COMPETITIVE AND BLOW YOUR BUDGET

Don’t let your competitiveness get the better of you. If you’re prepared you will know your limit and you need to stick to it. In the end, it’s better to walk away and accept that it wasn’t meant to be rather than over committing to a property because you became competitive or emotionally attached.

 

DON’T HOLD BACK THROUGHOUT THE BIDDING

It’s powerful to be seen early and often. If you start bidding early you are in far more control than jumping in late. If you’ve been continually bidding and the property goes on the market your nerves will be far better than jumping in at that point.

 

 

 

DO BE THE HIGHEST BIDDER

Unless the property reaches the vendors reserve, it won’t sell under the hammer. You will know if it hits reserve because the auctioneer will, by law, say that the property is ‘on the market’. If it gets passed in (doesn’t hit reserve), the negotiation process begins and the highest bidder is first in line. You want to be first in line!

 

 

ADAM BOETTCHER – SALES & MARKETING CONSULTANT 
0417 208 898
adam@ithinkproperty.com.au

Adam specialises in Residential Sales and has been personally involved in hundreds of transactions over the last several years with the majority of these via successfully run Auction campaigns.

 

 

 

YOU MAY ALSO LIKE

TIPS TO PREPARE YOURSELF FOR AUCTION 

HOW TO PREDICT A NEW SUBURB ‘HOT SPOT’ 

TIPS FOR GETTING STARTED IN PROPERTY INVESTMENT 

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