Going to my first auction tomorrow. Whats people’s thoughts on the best strategy to take. Should we wait until it hits the reserve price before bidding?
Have a listen to Episode 1 of the Elephant in the room propery podcast. It’s fantastic for understanding all the pieces of the auction performance so you don’t get caught up too much.
Also, set yourself a limit before you attend the auctuon.
There's no "best strategy" as such in my opinion. You can start when you like really. The important thing is to be the last bidder at the end. You also need to let the auctioneer know you want to buy so be confident in your bidding. If you're confident, you might frighten off other bidders! And good luck!
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I would necessarily say there is one "best strategy" to use at every single auction. It would depend on a few factors that would determine how I would approach a certain auction. Understanding how many buyers they are and whether or not they are also purchasing a home or for an investment can be quite important when determining the strategy.
The one thing that I would say though is for you to set the maximum price that you are comfortable purchasing the property for and then deploy a strategy around that.
Confidence is king! Make sure you know your preferred price and your maximum price for the property.
I have attended a few Auctions where one bidder confidently bids immediately for each rise, stating the bid they want to make not just putting up their hand. Other potential bidders are intimidated by their control and tend to back off, meaning the property can be passed in to you below the reserve price. Then you have to be tough in negotiating one on one and decide how much you want the home. If you would like to send me the address 0435.474.498 I can send you an auto-Val report today.
Best of luck for tomorrow
The best strategy at auctions is never pay too much.Keep your cool, be prepared to walk away.Have a limit and stick to it.Auctions are geared for the seller not the buyer.If property passes in,negotiate there and then and try and do a deal as you can still purchase unconditionally( under auctions conditions)