My Take On Auction Strategies My Take On Auction Strategies

My Take On Auction Strategies

Wear a suit or dress down in casual clothes? Stand at the front where you can be seen, or hide out the back? Make the first bid or hold back, hoping to come in at the end with a knockout punch?

I’m asked about the effectiveness of these and many other auction strategies regularly. It’s an interesting topic – while ultimately a property will sell to the highest bidder, there are a couple of aspects I suggest potential buyers consider to give themselves the best chance of auction success.

Firstly – to win the auction, you absolutely must bid! I’m constantly surprised by the number of buyers who are clearly interested but fail to bid on the day. We often see people come through a property multiple times, pay for a building inspection and discuss settlement terms, yet don’t place a bid at the auction.

You’ve got to be in it to win it – and it’s certainly frustrating for us as agents to see buyers miss out on a property they had their hearts set on and that sold within their budget because they were intimidated by the auction environment.

My top three tips are:

  • Bid confidently – speak loudly and clearly when making a bid, and bid again immediately as soon as someone bids against you.
  • Don’t be afraid to make the first bid. Bidding strongly throughout sends a clear message to the competition that you’re a serious buyer.
  • If you’re not comfortable bidding at auction, ask someone you trust – either a friend or professional bidding agent – to bid on your behalf.

To talk auction tactics and whether it might be the right method of sale for you, call us today.

Greg Hocking