Recent Buying Selling Lifestyle Investor Tenants
Recent Buying Selling Lifestyle Investor Tenants
Buying

Tips for Auction Day!

14-Nov-2017
Written by Ashley Blake
Finding and falling in love with a property can be an emotional roller coaster, especially if it's the "one"!

If the property you have your eye on is set to go to auction, it's important to be well prepared, have a plan in place and (try) to stay cool under pressure. Keep your game face on! Things often happen quickly at auction so being ready to act and stamp your authority will leave the impression you know what you're doing...even if you don't!

Before auction day
It may be obvious but doing your research is key to being prepared. Attend as many other auctions as possible to get a true feel for the local market and understand the process on auction day.

When it comes to the property you're interested in, read the contract thoroughly and ask all the questions you need to prior to the big day, such as deposit amounts, settlement terms etc.

It's easy to get carried away during an auction with emotions flying high and before you know it, you've placed a bid $20,000 over your budget! Set your budget BEFORE the auction and more importantly, stick to it!

On Auction Day
It's game day! Don't hide in the crowd, make yourself shown, ask the auctioneer questions and show the other bidders you are ready to participate and mean business! Make strong, confident bids, hold your bidders card up high and record all the bids so you can keep track of where the bidding is up to.

This tip may get a laugh but...keep calm! Easier said than done but if you can at least come across as calm and under control, it will give the impression you know exactly what you are doing. Remember every other buyer is feeling how you are!

The most important thing to remember is to keep within your budget and be prepared to walk away. There are always new properties coming onto the market each week so if this one doesn't work out, there will always be another.

Our team are always available to chat if you have any questions regarding buying at auction and are here to help you along the way! Feel free to call us at anytime!

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