Follow our 7 rules of bidding at your next auction to increase your chances of success.
1. KNOW THE MARKET.
Determine the fair market price of the property and then decide what the property is worth to you.
2. DON’T BID AGAINST YOURSELF.
Unless the property is for sale under the gavel, think well before bidding if there is only one other bidder.
3. SIZE UP THE OPPOSITION.
At least two other bidders are needed to have a competitive auction unless the property is for sale under the gavel.
4. DON’T BE FOOLED.
The vendor will not buy the property if the auctioneer makes a bid on behalf of the vendor (known as a vendor bid), so think carefully before making a higher bid.
5. BIDE YOUR TIME.
The auctioneer will repeat many times that the property is going once, going twice, going three times! But it will not go anywhere unless the property is for sale under the gavel, and all other bidders have folded but one.
6. DON’T BOTHER.
The auctioneer usually will let you know if the property is for sale under the gavel, without you asking.
7. KEEP CALM AND CARRY ON.
Use the theatrics, the mood and body language of the auction to your advantage, and don’t let the auctioneer professionally guide you when and what to bid.
There are always exceptions to these rules. For better results at auction, let us bid for you!
Our auction bidding fee is $440 incl. GST and, as always, it is complimentary for Complete Lending Solutions clients.
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