Real Estate Auctions
Bidding at Auction need not be daunting or intimidating.
Most auctioneers are predictable in their style in order to lull bidders into feeling secure.
They also make efforts to create pressure and excitement so that an immediate sale may be secured under the gavel.
But if you can read the auctioneer, size up the other bidders, and know when and how to bid, then you have a clear and distinctive advantage.
The Most Important Rules at Auction
Determine the fair market price of the property and then what the property is worth to you.
There is no need to bid if there is only one other bidder, unless the property is for sale under the gavel.
At least three bidders are needed to have a competitive auction, unless the property is for sale under the gavel.
The vendor will not buy the property if the auctioneer makes a bid on behalf of the vendor (known as a vendor bid), so think carefully before making a higher bid.
The auctioneer will repeat many, many times that the property is going once, going twice, going three times! But it will not go anywhere unless the property is for sale under the gavel, and all other bidders have folded but one.
The auctioneer usually will let you know if the property is for sale under the gavel, without you asking.
Leave emotions and anxiety out.
The Successful Bidder
Usually people succeed at auctions because –
They can afford to spend more money than other bidders and continue to bid relentlessly.
They believe that the fair market price of the property is higher than current auction bidding price and they want to buy the property.
They intimidate other bidders by preying on their inexperience and emotions by knowing when to bid and when to fold, what to bid, how to bid, and equally important, at times being unpredictable in their bidding – and knowing when to unfold!
Auction Bidding Service
We can bid on your behalf at the Auction.
We make bidding at Auction an enjoyable, effortless and stress-free experience.
Auction Bidding Fee
The Auction Bidding Fee of $440 inclusive of GST includes –
Any negotiations on the day before the Auction.
Any negotiations on the day of the Auction, if the property is passed in.