Come prepared Bring photo ID issued by a government or financial institution – ID must show your name and address, e.g., a driver’s licence. Bring your cheque book, pre-arrange an increase to your EFTPOS limit, or organise a bank cheque to an agreed amount so that you can pay the deposit, if successful. Arrive with plenty of time Being rushed can make you stressed. Go to the registration desk as soon as you arrive to register and receive your bidder’s card or pre-register online before auction day. Stand in a strategic position Stand where you can get a good view of other bidders and where you can raise your paddle in the auctioneer’s line of sight. Be positive Even if you prefer not to compete at an auction, look on the bright side. Unlike private treaty negotiations, you will know what price your competitors are willing to offer. Don’t be put off by other bidders – it’s a great sign that other people also think it’s a great property. Don’t assume anything If you are the sole registered bidder, don’t assume you’re the only interested buyer. Other buyers might not compete on the day due to delays with finance or timing challenges; however, their circumstances could change within days. Show confidence Bid in a loud and clear voice, and be mindful of your body language. Stand up straight and raise your bidder’s card high. If you start the bidding quickly and with conviction, the owners and other buyers will see you as a contender. Get on the market The vendor will have a price in mind that they want to achieve. This is called the reserve price. Often, the auctioneer will make a single bid on behalf of the seller, known as the ‘vendor bid’ – this can start an auction or raise the bidding to a level closer to the reserve price. The auctioneer will announce when the reserve price has been reached and the property is on the market. This is typically when the bidding heats up. Be aware Be aware of your competition’s body language and behaviour. Look for cues, e.g., they may have reached their ceiling if they huddle with their support team. If they subsequently place a bid with a slight increase, immediately go a little bit higher – keeping in mind your ceiling price. Know your strategy If the property is going to pass in, make sure you are the highest or last bidder. The highest bidder has the first right of refusal to purchase immediately after the auction. If no one bids, be prepared for a quasi-auction of interested buyers. Remember, just because you made the highest bid doesn’t mean you are the only contender – don’t be unnecessarily tough during the negotiation. On the day of the auction
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