In an auction scenario, the unknown of what may happen on the day can be one of the most stressful times in a person’s life
There are a number of tactics and strategies that can be used to help you succeed. These include pace/tempo, emotion, energy, body language and direct bidding. One of the highly valued services we as experienced buyers agents offer is auction bidding, which is where we attend an auction on a client’s behalf. Here are a few quirky tactics to throw off other bidders at auction so you can secure your dream home.
1.
Bid against yourself. An example of this being advantageous would be when a property has reached its reserve and is about to sell you are the highest bidder yet the other party is deliberating and considering bidding. At this point if you are still under your budget and can sense the other party is almost finished you can increase your bid again in an attempt to deliver a knockout blow.
2.
End your bid with the number 8. This is beneficial if there are other bidders who are Chinese. Number 8 is a lucky number for them so using this at the end of your bids can help to throw them off. An example would be a bid of 2,008,888. I have personally seen this first-hand used as a tactic and that person ended up securing the property.
3.
Don’t bid until right at the end of the auction. This would be when the property has reached its reserve and is about to sell. The benefit of this is you only bid when you have to and can watch as other bidders compete against each other throughout the auction.
4.
Implement a big bid increase. The tactic of increasing your bid can be a game-changer when it is a tightly contest property. If bids are in $25,000 increments or even $10,000 and then all of a sudden a $50,000 bid is entered other parties can very quickly decide the property isn’t for them. Although this may be more of a bluff than anything depending on your budget perception is vital and if you look like you have deep pockets it can be the difference between securing a property or not.
5.
Let the other party think they are about to win. Controlling the tempo of an auction can come in many forms but essentially it is doing the opposite of the other bidders. I call this the emotional roller coaster where let’s say the other party is bidding large amounts fast. At this point, you wait as long as possible let the auctioneer give three calls and just as he is about to drop the gavel then place a late bid. Continue this tactic as long as you feel is necessary it is very effective and it will demoralise the other bidder.
When you sense a change in his body language or pace of bidding you take control and increase with a larger bid.
