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Tips to Win a Property Auction

Eyeing up a home that will be sold via auction? We know these competitive events are nerve-wracking, but with strategic thinking they can be successful as long as you are open to paying market value. Following these tips will help you come out on top and into your dream home.

 

Hang tight

It can be tempting to bid low numbers straight away, but it’s best to jump in later with a strong bid within the market value. This allows you to understand what you are up against and to compete with serious buyers (not bargain hunters). 

 

Bid even

It’s easy to be outbid if you bid an odd number. For example, if you bid $500,500 someone will outbid you with just another $500. Best to bid even numbers and you gain the upper hand with outbidding.

 

Counter bid quickly

The quicker you counter bid, the more you show the others how serious you are while getting a better feel for the competition. 

 

Be confident

Whatever it is that will make you feel confident, whether it is a special outfit or hair style – do it! Confidence can help you bring your A game and keep you calm while your competitors start feeling doubtful.

 

Talk to the agent

It’s important to talk to the real estate agent as they can support you through the auction and give you insightful information about the property that can help sway your bidding. 

 

Stick to a budget

Go into an auction with a maximum price you are willing to pay –  this will keep your confidence up and will also keep your spirits up if you are unsuccessful. It will also help to keep your mortgage down!