It’s true to say that auctions can be a highly emotional occasion. So much is on the line and in an instant all your property buying dreams can feel as though they come crashing down around you when you’re not successful at winning the auction. Not a good feeling, that’s for sure. Bidding on your home, and not overspending in the heat of the moment, can definitely unstick the most cool-headed bidders. But, there is a lot you can do to ensure you limit the possibility of this occurring.
Through experience, here at Earth Property Buyer’s Agents, we have come to know that having a strategic approach to auction bidding is the way forward. Ensuring that a property purchaser- especially in a Spring and Summer market where lots of properties become available for auction, is well-versed on the tips and tricks to bidding at auction, can mean the difference between winning and losing out on a dream property.
There are many different aspects of the auction game, and many different ways auctioneers like to control the room and put the heat on the bidders so they end up bidding higher than they usually might have.
Firstly, it’s important to visit other auctions before you bid so you are familiar with the process.
Understanding the comparable recent sales will help give you confidence around what price to bid up to.
You need to ensure you’re ready with your 10% deposit of your budget limit and all the checks have been done on the property before auction day.
It’s important to remember that if you win at auction, there is no turning back. The property and the fulfilment is your responsibility to bear.
One of the biggest and most challenging skills in an auction, especially when bidding for yourself, is keeping your cards close to your chest. Imagine this is your dream home, and there are 3 other parties bidding. The price is going up at a rate you can’t control and the bids are coming in hard and fast. You know deep down that you want the property, but you are starting to feel edgy, stressed and insecure that you’ll win. It is not worth thinking of what could happen next in such a tense moment.
There are 27 more strategic aspects that will help you win at auction- and we’ve put together a little cheat sheet to help you should you want to hone your bidding skills.
But if not, having a buyer’s agent on your side and someone familiar with the local real estate professionals and local market can also alleviate the stress of auction day. A buyer’s agent can ensure that you, as the buyer, are represented well and can bid on your behalf, is familiar with the auctioneer’s tactics, and will ensure that you do not overspend- taking the stress, energy and hassle out of auction day.
For an obligation-free call to discuss how we can help secure your dream home at auction (and otherwise) without overpaying, or access to the 27 other auction bidding tips, contact us today.