What are some things to consider when bidding on property?
When it comes to securing Surfers Paradise property at auction, taking the time to research your local market is one of the most important things to do before the proceeding. Being well informed about the median values of real estate in the local area will give you a benchmark to work from with your bidding, which is essential to making sure you secure the best deal possible.
However, the major aspect of buying at an auction is the bidding. If you're new to the process and have little to no experience with these proceedings, there are a number of different things to consider before starting. It could pay to go and see a few auctions as an observer before participating in your own – this can help give you an insight into the processes involved and provide you with the confidence needed.
Don't bid too early
This is a crucial thing to be aware of and reign in, before you ruin your chances of actively competing for the property you desire. There are a number of different ways to approach this, which can all contribute to your success. For example, one approach is the refrain from bidding until the property has at least reached reserve. This gives you an idea about how much the property is being anticipated to sell for, while also gauging the competition – aka those who are intently bidding and pushing the price up.
Of course there's no right or wrong way to bid on real estate. However, to position yourself in the best place to make decisive bidding moves later into the process means being observant – with the best way to do this is to take the bidding as slow and deliberate as possible.
Bid with confidence when you do begin
Once you start to warm to the process and decide to make your first bid, make sure you keep your bids as clearly as possible. The auctioneer can set the amount each rise – often called bidding advances – which means keeping your ears and eyes open to make sure you're bidding the right amount. However, you're also allowed to ask questions during the process. This can even extend to finding out who made a previous bid, so take the time to get all the information you need before making your next move. After all, buying real estate is a huge investment of time and money on your behalf – so you'll need to ensure you're making the right decision for you and your future.
This will become more important as the auction starts to draw to a close and the bidding advances start to shrink. This is where knowing your financial limits and being aware of how much each bid is worth will pay off.
Keep your maximum bid a secret
Remember: You're competing with everyone else in the room for the right to purchase this property. Therefore, disclosing how much you're willing to spend on the home is a great way to potentially undermine your efforts, giving other buyers the insight the need to make adjustments to their own plans and effectively bid you out of the market.
Following these tips could be a great place to start when it comes to buying real estate in Surfers Paradise in the near future. Early next year will be The Event, a massive real estate occurrence in the Gold Coast that brings together over 120 property experts to help people buy and sell property. If you're interested in getting into the local market, this could offer a great opportunity to do this in an active, supportive environment.