Bidding at auction can be one of the most daunting experiences for even seasoned negotiators. There are some key things to keep in mind that can help take the stress away and help to put yourself in the best position to secure the property. In this month’s blog post we have listed 5 key questions to answer in preparation for bidding at auction.
1. Interested Parties
How many bidders have registered? This is an important detail to set the tone for a potential strategy that you’d like to use
2. Position in the auction
Where about’s are you going to stand? Body language doesn’t lie so it’s always a good idea to stand at the back of the auction with a clear view of the other registered bidders in front of you along with the auctioneer
3. Setting of Reserve Price
Have you set a reserve price that you won't exceed? Researching comparable properties and determining what it will likely sell for will give you the best chance of success
4. Auction strategy
Do you have a strategy in mind? You may want to bid first and set the tone, join the bidding toward the end of the auction or finish off the auction with a knockout bid. Any plan is better than no plan
5. Deposit Arranged
Have you organised a method of deposit transfer if you’re successful? Most agents will have access to Macquarie DEFT pay which is the direct debit system, otherwise increasing your authorisation limit or getting a bank cheque would be prudent.
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