C&G's Guide to Online Property Auctions

The team at Chisholm & Gamon has become very tech-savvy over the last 18 months, particularly when it comes to online auctions! The Melbourne real estate industry continues to prosper online, with property owners proving themselves to be just as confident bidding from the comfort of their living rooms as they are in person. While the atmosphere isn’t quite the same as the rush of an in-person auction (no cute dogs or take away coffees) - we’re extremely proud to have helped support a large number of C&G buyers to win at auction online. In this C&G Blog, we offer our top tips for bidding online.

Make sure you register ahead of time

Prior to the start of an online auction, all prospective buyers need to register to bid. You’ll be asked to provide your driver’s license, passport, and other forms of ID. From here, you might also be asked to agree to the terms and conditions and agree to immediately sign the contract should you be the winning bidder.

Don’t wait until the very last minute to register! You’ll definitely have competition, so you want to do everything you can to get as far ahead of them as possible. Technology can be unpredictable at the best of times, and you don’t want to lose out on your dream property because you didn’t register in time. It’s always best to be in regular communication with your agent - so as soon as you’re sure you want to go ahead, call or email to register your details straight away.

Have your solicitor review the contract

Online auctions are an extremely new phenomenon. Just as agents are becoming more comfortable with the online bidding process, so too are lawyers.

Just because this is an online auction doesn’t mean that buyers should take the legalities of the process less seriously. While the industry has done an amazing job in managing the transition, always be sure to have your solicitor review your contract before making any final decisions. You would never buy a property in person without having your solicitor look over the contract to make sure you understand exactly what you’re committing yourself to, so be sure to follow the same process as you would with any other auction.

Turn your camera on

Some auction participants choose to turn their cameras off, but we have found our most successful bidders are those who have their cameras on so that they are totally present during the process. This will help make the experience feel as close to an in-person auction as possible.

Make sure that your microphone is working properly! Sometimes we get so swept up in the excitement of the auction itself we forget the basics of virtual communication - like turning on our camera and microphone. Zoom allows users to test their audio and camera functions before joining the ‘chat’, so make sure you don’t skip over this step. If you aren’t very familiar with Zoom, take a quick online tutorial or ask someone in your home to walk you through it step-by-step so that you’re ready to go.

Speak clearly and raise your hand

Time to make an impression! It’s an exciting process, but the key to success is to stay as calm as possible. It’s okay to have fun but don’t let yourself get too overwhelmed. We know that sometimes auctioneers can be intimidating, but don’t allow them to pressure you to go over budget. Take your time, choose your words carefully, and consider each bid that comes through. Try and keep a steady pace with every bid, and remember that it’s ok to be flexible to a degree - just don’t lose your cool and push too far past your set limit.

Successful bidders are usually visible and ‘present’ during the auction so be sure to, speak clearly, raise your hand using the Zoom function, ensure your camera’s on and you’ll have a much higher chance of success.

Have your funds ready to transfer

Just like it’s important to register ahead of time, it’s equally as important to be ready to make payment. Treat every step of the process as if you are a successful bidder. You will be required to make a 10% deposit transfer, and run the risk of losing out to the next bidder in line if you can’t make the payment by the deadline. Be sure to contact your bank in advance to check if you need to increase your daily limit in advance.

Chisholm & Gamon can help you get ready for your virtual auction. Contact us today for a friendly chat!