You’ve scouted your dream property, you’ve been through the home loan process, and you’ve even read up on how an auction works. You’ve done all the training, and now it’s time to go into battle. Here are a few tips on how to be better in an auction.
Get someone else to do your bidding
The first golden rule of bidding in an auction is to set a limit for yourself and stick to it. But just like trying to go Facebook-free for a month, it’s not the easiest thing to do!
An easy way to make sure you stick to your budget is to get someone you trust, like a friend or family member, to do the bidding for you at the auction.
One thing to note, though, if you are going to have someone acting on your behalf, is that you have to tell the seller’s agent that you are assigning a proxy.
Be nice to your auctioneer
It’s understandable that in the heat of the moment that you forget that you’re competing against other bidders, not the person running the auction.
If you decide to bid for yourself, do so with confidence and purpose. Doing subtle or weird gestures will not help you throw off other bidders, and it only increases the chance the auctioneer may not register your bid.
Unlike Storage Wars, trying to diminish the confidence of other bidders through these antics doesn’t help.
And unless you have plenty of experience in auctions, trying to time your bid for the end of the auction may not work as well as you think it will. Doing so means you will run the risk of the auctioneer closing the sale if they move quickly.
Sometimes bidding with confidence can give you that edge you need.
Put your best self forward
There is no conclusive proof saying that dressing well at an auction will improve your chances, but it doesn’t hurt.
At the very least, you look serious and like a real contender. As a bonus, it could also possibly intimidate the other bidders.
Coming back to the previous point of bidding confidently, dressing well could give you that boost to make yourself sound more convincing. It also helps the auctioneer recognise your body signals and tells them to pay attention to you.
Some experts recommend standing front-and-centre to make sure everyone can see you, and others say to stand at the back so you can see everything. Either way, the auctioneer needs to be able to see you.
Remember, confidence and preparation are key when buying a home at auction, for help in understanding the process get in touch with our team of home loan professionals at Police Bank.