I’m frequently asked about how to win at auctions, and with more and more properties going to auction in Queensland, I wanted to share my three biggest tips. You can use these to beat the competition at almost any auction, and increase your chances of securing your property!
1. Make sure you know what you’re buying
Before you even attend the auction and definitely before you put your hand up, get all the relevant searches done by a solicitor. I also strongly recommend getting a building and pest inspection done on the property. This will bring up anything that needs attending to straight away, or may need attending to down the track. Finding out nasty surprises later is never good!
2. Start the Bidding
Get off to a strong start, and show the opposition or show the other bidders that you’re there to buy the property. I also suggest you start about 30% below where you see the market value, or your opinion on the price. It’s very effective. And when someone puts a hand up, put your hand up straight away. Go strike back at them. It’s a really good tactic, and it can sometimes intimidate the other buyers. If they’re not putting their hands up any further, you could secure the property for a cheaper price.
3. Bid in odd numerical increments.
This can also test out the auctioneer and really confuse those other bidders out there. So if you’re bidding, do it in odd numbers instead of even numbers, and it can really throw a spanner in the works. Confuse the competition and establish your position!
These three tips are short and simple, but they have worked for me and my clients time and time again. I hope they are useful for you and good luck in securing your next dream home! If you need any assistance with buying or selling, feel free to call me anytime on 0405 000 219 and I’ll gladly help you out. Happy bidding!