Auctions can be daunting but Ray White Frankston Principal Ashley Weston has a few tips for buyers preparing to buy property through auction.
What are some of the most successful bidding strategies?
I’ve seen a lot of buyers sit back to wait at auctions and I think that approach gives other buyers more confidence.
I truly believe that the best strategy is when buyers come to an auction confident, with a genuine commitment to giving it their best. It creates an atmosphere where other bidders can see that person isn’t going to give up. It wears the other bidders down.
What does this look like on the day?
Open the bidding confidently at a respectable price to show you mean business and as soon as another person bids then bid straight over the top. This allows you to control the auction and make the other buyers think you are not going to give up.
Essentially, bid boldly, confidently and don’t show any sign of weakness.
And the big thing I would say is that if you think you are going to be emotional and be shaky then get a family member or friend to bid on your behalf so they can be more calculated.
The best thing about an auction for the buyer is that you can see the last bid unlike with a private sale.