Have you ever been to an auction before? It's a stressful yet exhilarating climate, and therefore extremely easy to lose your cool. If you don't keep your wits about you, that dream property you've had your eye on could easily end up with a homeowner that isn't you.
We've got four tips that will help you own the auction and win your dream home.
You shouldn't show up and bid on the first house that semi-appeals to you – that's an easy way to throw your money down the drain. Preparation for this investment is crucial to your success. This means you need to assess your finances to see what you can afford in the first place. You never want to go above your budget in the auction. After that, it's a matter of inspecting the property and market, as well as getting a property valuation so you don't get carried away and over-bid.
The agent in charge of showing the property will be able to give you the specific details, including how the payment process is going to work. It is illegal, however, for them to give price guidance for auction properties.
If you've never been to an auction before, it's in your best interest to attend quite a few events as a silent observer. This way, you know the rules of the auction, what to expect and how to strategise accordingly.
It's important to stay calm and level-headed. If you show up late, you're going to feel rushed and it can be hard to regain composure. Additionally, have a meal ahead of time, or bring a snack if you think you could get hungry. When you're at the auction early, you can also get a read on the rest of the room, and get optimal seating, of course. Don't hide yourself away in the back of the room. It's better to sit in the middle where everyone can see you, it's a sign of confidence which also brings us to our next point.
Once the auction gets started it will be especially important for you to maintain confident body language. At this point, you've done your research in advance of the auction so you'll be able to hold that confident guise as you won't be expecting too many surprises, from the property itself, that is. Even if you do get rattled, do your best to maintain composure. That means you have to keep your poker face on the whole time. Sit up straight and try not to give the other bidders a tell.
Don't forget to dress to impress as well!
Give yourself a little bit of room to go up, but if you are dead set on a property you could very well walk away if you start your bidding high. Since you have a firm understanding of both your finances and the value of the property, you should be able to put in a firm bid right off the bat. This move tends to intimidate other prospective buyers as they are surprised by your high bid. It's not good strategy to sit around and see what happens on the property you're interested in. Get in the game immediately.
This strategy will work especially well if you follow our last tip – remain confident.
Contact our Ray White Surfers Paradise Group and we'll help assist you in finding a property and prepping you for auction day.
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