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Insights

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.

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