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.

Share:

More Posts

Autumn – an opportune time to sell

The season festooned with the glorious hues of yellows, red and oranges isn’t traditionally the most popular time to put your property on the market. Spring and summer are usually favoured for pegging that “For Sale” sign up, but after a tumultuous year like no other, autumn is now shaping up as the golden time to sell. Have you been

December Quarter Update

2020 was a year in which we witnessed an array of challenges on a global scale, with many industries suffering greatly at the hands of the COVID-19 pandemic. And with a stringent set of restrictions placed on Melbourne’s Real Estate industry for much of the year, it was uncertain how things would unfold for the final quarter, once we moved

Pantone Colour of the Year 2021

At the end of every year, Pantone – the world’s most influential colour institute announces their colour for the coming year. The design world eagerly awaits this very well considered decision, as it dictates the coming trends in all things design. This year is a little different as they have chosen two hues to be the colours that represent the

Buying Australian Made – the best of local makers

For decades we’ve been encouraged to buy Australian Made and most Australians recognise the Australian Made logo. After all that 2020 has thrown at us, it is now more important than ever to support our local makers and family businesses in order to keep our economy strong. Read on to see my top 4 picks for all things homewares and

Send Us A Message