C+G’S GUIDE: How to Shine at an Auction!
Attending a property auction can be an absolutely thrilling experience. The atmosphere is electric and there’s a palpable anticipation in the air. If you’re reading this blog, chances are you’ve been scoping out your options, and finalising your budget. Before you make your first bid, there are a few things you should keep in mind. This week, Chisholm & Gamon is bringing you the top five tips on how to stand out (and how to keep your cool) at an auction.
Get involved!
Our first tip might seem simple, but it’s the first step to putting yourself out there at an auction - show up! Make sure to take an opportunity to conduct a final inspection of the property, identify yourself with the selling agent, and grab a paddle! If you’re feeling confident, exchanging in some friendly conversation with the agent will help you stand out before the auction even begins.
Watch other people’s body language
Once the auction begins, make sure to settle yourself in a position that allows you to read the competition. You’ll be able to watch for subtle (or not-so-subtle) nonverbal cues that can indicate the other bidders’ buying power. Also, make sure to watch for any ‘desperate’ small-increment bids, this could indicate another bidder has reached their limit.
Don’t be intimidated
It can be an incredibly daunting experience to enter your first auction, so it’s incredibly important to not let the pressure get to you. Keep your cool, and remember - just breathe!
Don’t go over your limit
You may have found a property that you absolutely love, but it’s important to maintain a realistic understanding of your buying power. Before the auction has even begun, make sure to set your bidding limit - and don’t go over it. Keep your budget in mind when bidding, and make sure to save any larger, more calculated bids once you feel the auction is reaching its conclusion - it could be the deciding bid that seals the deal!
Don’t give up!
You may have given this auction all you have, and thrown in your highest bid - but sometimes that isn’t enough to win an auction. In fact, it’s likely that the first few auctions you attend may not be victorious - but that’s okay! If you’ve built a friendly rapport with the selling agent and put yourself out there, chances are they’ll make sure you’re ‘in the loop’ when new properties become available. The most important part of entering the housing market is to keep going, and don’t lose hope that your perfect property is out there!