Published on April 13th, 2018
7 Tips When Bidding At Auction
1. Bid Confidently & Strongly – Many buyers stop bidding and walk away from a property thinking that another buyer will pay more for the property – it’s all in the body language and other buyers don’t know your limit
2. Bid In Odd Amounts – This stops the auctioneer getting into a rhythm
3. Call Out An Increment Not The Current Bid – For example add $7,000 or another $2,500 once again slowing up the auctioneer and the auction
4. Be The Opening Bidder – Start at a low figure however make sure it is still reasonable, somewhere just under the agents guide and well short of your limit.
Bid strong until you are within 3-5% of your limit, when it gets to that figure, act like you’re surprised and the bidding has gone too high and dramatically act like you’re out and the property is worth no more to you, then wait until the auctioneer gets to a higher number and is calling once, twice, third and final call, and then add another $1,000 bid on top, if again you are outbid try and break the other buyers heart with one more strong bid.
5. Seeing If It’s On The Market – When the auction slows down and just you and one other buyer remain, call the agent over and quietly ask if the property is on the market, yelling this out during the auction doesn’t do you any favours.
6. Have A Budget – Go to the auction with a figure in mind and always try and have a little extra up your sleeve. For the right property and one within your budget you will never regret paying a little bit more.
7. Build Rapport – During the auction campaign, be nice to the agent and build rapport with them, many vendors drop under their reserve price for nice people
Article written by David Gray