The art of winning at auction

With auction clearance rates improving and buyers more active amidst several recent incentives, it’s a good time for both buyers and vendors to brush up on how best to succeed at auction, the highly effective sales process a fine art the renowned Noel Jones auctioneering team excel at. It’s also important to get it right – and be prepared well before auction day.

Vendors should expect a strategic pre-auction campaign for building strong momentum and attracting multiple bidders, while their auctioneer on the day should be highly skilled at creating interest and excitement, inciting competitive bidding, and sending the sales price upwards.

As for buyers, Martin Froese, Senior Property Consultant and Auctioneer at Noel Jones Blackburn, recommends they do their homework, attend other auctions conducted by the auctioneer selling their property of interest, and get comfortable with the process. Finances should be in order and a 10% deposit at hand given, if successful, they sign an unconditional contract on the day.
While it’s important to be clear on one’s upper limit to avoid knee-jerk reactions and prompt confident bidding, buyers should also aim to bid last, giving them exclusive rights to negotiate with the owner if the property is passed in. “It doesn’t really matter,” adds Martin, “whether you bid slow or fast. Just make sure you bid last.”

Long-term colleague Paul Leydin, Senior Auctioneer and Partner at the Noel Jones Blackburn office, recommends to buyers and vendors alike to understand the auction process, have a plan, be flexible and, like the auctioneers themselves, be prepared for all contingencies.

“Buyers should get a bid or two in early to ease the nerves,” recommends Paul, “and not involve too many people, while vendors in the lead-up should maintain close contact with their agent and auctioneer, who are ideally one and the same person.”

For detailed information on the auction process and its legal requirements, please see the Consumer Affairs website. Buyers and vendors are also welcome to contact any or our reputed auctioneers and expert Noel Jones agents, for more personalised assistance.

They’re, of course, welcome to come along and experience our first-class auctions first-hand too.

 

Insights from  Paul Leydin and  Martin Froese  from Noel Jones Blackburn.

Share:

More Posts

Property outlook remainder of 2020

After what felt like an endless period of lockdown, it’s hard to say whether it was buyers, sellers or Noel Jones’ own agents who were more excited when it was announced at the end of September that a number of Real Estate activities could resume. So, what are we seeing, and what might be in store for the remainder of

Create your own summer sanctuary

After one of the most challenging winters in living memory, the promise of summer has Melburnians excited, just as we are coming out of restrictions. With lovely weather on our side, it’s time to freshen up our outdoor spaces and create our own summer sanctuary, a space to enjoy the sunshine and outdoors. Spring clean your outdoors Before summer arrives

Preparing your property for sale during covid-19

In Real Estate, almost nothing goes hand in hand better than spring and the Melbourne property market. But in keeping with the theme of 2020, even this is looking a little different this year. As part of Melbourne’s reopening roadmap, we have now seen private inspections and auctions recommence, as well as property appraisals. So, what can you do to

8 things you might be forgetting to spring clean

Aside from the usual weekly cleaning such as vacuuming, mopping and cleaning the bathrooms, there are other areas of your home that might need some much needed attention. Now that spring is well and truly here, get inspired to do a more deep clean to really make your home sparkle. 1. Door knobs & light switches Let’s face it door

Send Us A Message