Auction Bidding Strategies

sfi-sydney-auction-bidding

Preparation is the key to success.

Before you attend your property auction, there are some key items you need to decide on.

Emotions will be running high on the day, and it is impossible to think clearly and calmly under such intense pressure situations.

Here are some important items you should cover before your big day

  1. Dress code – Remember, the vendor is hiring professionals on the day to get them the best result possible. Even if you have never bid for an auction before in your life, presentation is everything. I can assure you the auctioneer will arrive in a sharp suit, even if its 35 degrees outside. Consider why.
  2. If you are going to open the bidding, which a lot of professionals recommend, what is the right level? Most bidding is opened, or attempted to be opened very low. The inexperienced bidder believes they have a better chance of grabbing a bargain. What actually happens in those scenarios is that the bidding builds strong momentum from a low pace, which is exactly what the auctioneer is try to create. You need to be very strategic when you open the bidding, to not let bidding momentum even start.
  3. Have you calculated your finance and know exactly what you can afford? It will be far too late to try and calculate anything once the auction starts. You will have adrenaline pumping through you and won't be in any condition to make a smart decision then.
  4. Remain very calm. Don’t let a shouting auctioneer, or a selling agent hovering over your shoulder distract you or rush you into anything. This is not the time to make a rash decision.
  5. Decide what increments are you going to bid. Don’t let the auctioneer suggest what you should bid, as they very often do (and surprisingly most bidders allow this)

 

For best results, engage a professional who bids on property for a living…

  • We can simply attend the auction with you, or on your behalf, and do this all for you.
  • We save you Time, Stress and Money
  • Contact us on 1300 132 970, or This email address is being protected from spambots. You need JavaScript enabled to view it.