4 TIPS FOR WINNING AT AUCTION The current market is driving the popularity of auction sales, so it’s important to know how to maximise your chances of winning your dream property when it comes up for sale. Pick your position Where you place yourself will impact how much you can see of the other bidders, and vice versa. You can guarantee that they’ll be watching your body language, so ensure you can do the same. Signs of hesitation, or long chats with agents, will help you establish if your opponents are close to dropping out, or if they’re in for the long haul. You should also keep an eye on the auctioneer. Ultimately it’s their job to maximise the return for the client. By watching their interactions you can gain an idea of how the auction is going from the seller’s point of view – whether the reserve price is about to be met or if the property is likely to be passed in. Remember your budget If you think you’re likely to get carried away by the high octane environment, there are a couple of simple tips that can bring you back to earth: • Write your budget on your hand – small enough that competitors can’t read it! • Bring a trusted companion – having a realestate agent bid on your behalf is a good way to ensure that your pre-approved plans are stuck to, but this could also be a friend or family member who you can trust to intervene if they see you getting out of your depth. Have a bidding strategy Walking into an auction without a plan is a recipe for disaster. Do you plan to bid early to show your rivals that you mean business, or do you prefer to wait and see what the field has to offer before entering the fray? Once you have decided what works for you, stick to it. Above anything it’s important to bid with confidence – indecisiveness will be picked up by your rivals. Think about the figures It’s tempting to always bid in round numbers but given auctions can involve a lot of mind games, going against convention can throw your rivals off their game. If an opponent has delivered what they think is a killer blow with a new round number bid, going just over this can simultaneously demoralise them and put you back on top without breaking the bank. Don’t overuse it though - you want to keep the other bidders on their toes, so unpredictability is the order of the day. With these tips in mind, you should be one step closer to securing that perfect property come auction day. If you want to talk further about auctions with a team who knows what it takes to win, get in touch with Ray White today. BID
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