Auction - Real Estate
Best tips to win the exact property auction game
Don’t let anyone convince you that there’s a “surefire way” to be removed on top at the property auction. Every auction differs, and finishing using the best final bid is an element science, bluff, luck and satisfaction art.
Richard Wakelin has been in the exact property business for 4 decades. The Melbourne-based founder and director of Wakelin Property Advisory says that to all of that time he hasn’t seen two auctions that have been alike. |
“I’ve done barrels of auctions and they’re many different,” he admits that. “You have different styles of behaviour in terms of real estate salespeople and auctioneers. You have different vendors. You have different demand, supply and demand issues. There are a number of different elements that sit across the business of bidding.”
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Wakelin says auctions could be a difficult location for the timid or inexperienced. “The sad point is always that no one ever tells them that they’ve paid a lot of or they need to have bidded with a particular time,” he admits that. “Or they went and bought an incorrect property. Instead they get greeted using a smiling friendly real-estate agent who congratulates them and means they feel better.”
Assuming you have carried out your research, properly assessed market sentiment and understand that your finance is at place, what else could you do to boost your chances of bidding successfully at auction? We asked two experts on both sides with the gavel – buyers advocate Wakelin and Sydney auctioneer Rocky Bartolotto – for tips to help you thrive within the auction cauldron:
Assuming you have carried out your research, properly assessed market sentiment and understand that your finance is at place, what else could you do to boost your chances of bidding successfully at auction? We asked two experts on both sides with the gavel – buyers advocate Wakelin and Sydney auctioneer Rocky Bartolotto – for tips to help you thrive within the auction cauldron:
- Make sure the auctioneer knows you’re there
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“I think it’s great each time a bidder walks around me and introduces himself,” says Bartolotto, co-director of Property Auction Services. “The auctioneer knows you’re there, and recognizes that you want to purchase. I think it’s important even ranking the front – showing you’re not fearful and you’re there to obtain this property. You’re there to work while using auctioneer.”
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“One thing that’s important is to bid incredibly confidently,” Wakelin says. “Look like you’ve got another $500,000 your sleeve. It’s vital that you be strong and assertive, not antagonistic or adversarial. You want to be absolutely firm and check like you’re normally the one who’s about to buy the house now. If the home and property is destined to be passed in, ensure you’re holding the greatest bid because that offers you first right of refusal to negotiate afterwards and exclusively.”
- Have a bidding plan
Bartolotto thinks you’re likely to end up better off moving into the bidding hard and early. “I think a fantastic strategy is always to open inside the bidding and enable the crowd understand that you’re there to purchase,” he states. “Most prospective buyers wait, but if you make a bid it says on the others that you’re serious. But in case you’re there to obtain, it genuinely doesn’t matter in the event you bid from the beginning, the guts or at the end … that comes to personal preference.”
“I don’t go to whichever reason for buyers to hold back for that moment to find out they’re playing for keeps. If you’re there to acquire on the day, you’ve obviously spent your hard earned dollars on research, solicitors, building and pest inspections. If you need to buy the home, just bid. I don’t think there’s any reason to ‘game-play’.”
- But don’t get forced out too late to bid
“I don’t go to whichever reason for buyers to hold back for that moment to find out they’re playing for keeps. If you’re there to acquire on the day, you’ve obviously spent your hard earned dollars on research, solicitors, building and pest inspections. If you need to buy the home, just bid. I don’t think there’s any reason to ‘game-play’.”
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