Auctions: Everything You Need To Know

Auction Day Tips

Auctions are one of the most popular ways to sell property in Australia. Auctions are often the most transparent way to purchase a property, achieving higher sales prices than traditional selling methods.

It’s normal to feel anxious, excited, and stressed before an auction, but being prepared can help you overcome auction day nerves and help you purchase your dream property.

Read on to learn everything you need to know about being prepared for auction day.

Organise your finances

Being aware of your financial position is the most crucial step in preparing for your auction; you need to know exactly how much money you can afford to bid before you register at an auction. Gaining pre-approval from your lender puts you in a strong position and gives you an upper limit of what you can afford. This will shape your strategy on auction day.

Learn about the auction process

Attend other auctions in your area, so you get to see firsthand how they unfold. This can stop you from making costly mistakes. Watch how people bid and observe the different strategies they use. You’ll get a feel for bidding increments, and the pace auctions run.

Introduce yourself to the auctioneer

Walk over and introduce yourself before the auction begins, so the selling agent knows you’re a serious buyer. They will help guide you on auction day. If they think you are interested, they turn to you during the auction to ensure you don’t miss out on an opportunity to make your bid. Stand in clear view of the auctioneer and be confident when bidding. If you don’t win the property, they will remember you at the next auction and turn to you again.

Perform due diligence

Do some research on the property market in the area and get a feel for what the property is worth. Ensure the settlement period is agreeable and that all pest and property inspections are complete.

Finally, register to bid.

Create a strategy

Outline a plan to know how you will bid when you enter the bidding and how much you are prepared to bid. Set a firm limit and stick to it.

Remember:

  • Only bid if you intend to buy.
  • Introduce yourself to the auctioneer.
  • Stay calm and master your poker face.
  • Take a final look at the property, the contract, and auction rules before the auction starts.
  • Never start bidding with your maximum amount
  • Control the auction by bidding in odd increments
  • Don’t be rushed – take time to think between bids.

For more tips on auction days for buyers, speak with your local ACTON agent.

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