5 Tips For Bidding at Auction

Be prepared

If this is your first time bidding at auction it’s important to do some homework to familiarise yourself with the process so you are not caught unawares when it comes time to bid for the home of your dreams. Find videos of past auctions or view auctioneers profile videos online or attend as many auctions as you can. By attending auctions while not being a bidder, you can observe the various ways people bid and the different auctioneer styles.

Stick to your budget

Know your upper limit before auction day and don’t go above that figure. If you think you’ll find it difficult to emotionally detach ask a trusted friend or relative to do the bidding for you or consider hiring a buyers agent. Make sure the auctioneer knows you have a proxy bidder acting on your behalf.

Be visible

Don’t hide in the back. Position yourself in the middle so you can see what’s going on and who else is bidding. This also allows the auctioneer to clearly see you when you place your bids.

Exude confidence

Want the other bidders to think you’ve done this a hundred times before? Dress to impress, leave the children at home and make your bids fast and assertive. It’s important not to hesitate or show weakness when calling out your next bid and use full figures ie. Seven hundred and fifty thousand instead of simply stating the increment you’re offering such as $5000.

Keep your bidding limit confidential

Don’t discuss your bidding limit on the day as you may be overheard by other bidders who can use this to their advantage to outbid you.

Good luck and remember while you may miss out on a property or two there are plenty of more fabulous ones out there.

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