As the property market changes there are more opportunities for buyers to bid at auctions and pick up great properties which were beyond reach even 12 months ago.
We’re a property firm of property tragics who have all been one property journey or another. We’ve gathered together our top tips for succeeding at auction.
Research the property: Do your due diligence on the property you are interested in, including its market value, potential issues, and any recent sales of comparable properties in the area.
Get finance pre-approval: Getting pre-approval from a lender can give you a competitive edge at auction, showing the seller and other bidders that you are a serious buyer with financing in place. It will also help you set your budget and not over-commit.
Set your budget: Determine your maximum bid and stick to it, taking into account any additional costs such as stamp duty, legal fees, and inspection costs.
Attend other auctions: Attending other auctions will give you a feel for the process and help you understand the auctioneer’s style and bidding strategies.
Get to your auction and register: Make sure to register with the auctioneer before the auction begins, providing identification and proof of funds.
Bid confidently: Bid with confidence and authority, using clear and concise language to communicate your bids. Keep your emotions in check, and be willing to walk away if the bids get too high. Try to avoid getting caught up in the excitement of the moment.
Have a bidding strategy: You might feel less nervous if you have a bidding strategy, such as bidding in odd numbers. You might also think about making strategic pauses between bids to throw off other bidders. You don’t have to be in the whole of the bidding to win an auction, you just need to be there at the end.
Consider using a buyer’s agent: A buyer’s agent can provide valuable insights and guidance not only in finding your dream home, they can also assist you with or act for you in the auction process. Be sure to check out award-winning buyer’s agents like Capital Buyers Agency.
Remember, winning at auction is not the beginning of the property journey, your work starts well before auction day!
To get you ready for the journey, be sure to download our trusty Winner’s Guide to Buying at Auction here.
The earlier you get your A-team around you, the better! CLICK HERE to start your property journey!
Good luck and happy househunting! We look forward to joining you.