Don’t Let Auction Anxiety Hold You Back From Your Dream Property!
Lucy Marie Bulla
Buyers Advisor and Expatriate Specialist at Brady Marcs Buyers Advisory
Are auctions causing you stress when it comes to buying property? You're not alone. Many buyers fear auctions because of the public arena, the need for quick decision-making, lack of control, and the fear of losing.
But with the right strategy, there are significant benefits for buyers in the auction process, the biggest being transparency.
Let's start with – Due Diligence:
Before the auction frenzy, ensure your foundation is solid.
Have your contract reviewed and approved, including any changes.
Delve into the strata report for insights on potential maintenance or special levies.
Conduct a thorough building and pest inspection to avoid surprises.
Get your loan approved and understand all costs involved.
Setting Your Limit
Add at least 10%+ to the price guide for a realistic estimate.
Know your maximum bid and stick to it.
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Understand the reserve price and bid confidently to secure your dream.
Bidding Scenarios and Tactics:
Use a Knockout Bid in competitive situations.
Don’t hesitate to make the first bid if nobody else does – there is nothing to lose and much to gain.
Adjust your bidding strategy based on the number of bidders - if there are many bidders then consider a strong first bid just over the price guide. However, if there are only 1 or 2 other bidders then consider a bid less than the price guide as your first bid and watch the reactions of the other bidders.
Mix up bidding increments to keep everyone guessing. This way you disrupt the auctioneer’s rhythm as this is how they increase the price.
Maintain poker-faced body language to keep your strategy hidden. The auctioneer and agents are skilled at ready non-verbal signs. And never discuss your next bid as the auction ends, this is a giveaway that you have reached your budget or are over your limit.
Confidence is key!
Don't let fear hold you back from securing your dream property.
Do you know we can bid on your behalf at auction? It’s one of the services we offer.
Get in touch if you’d like to discuss how we can help. https://calendly.com/lucybulla
Executive Assistant to CEO|Business Development*B2B lead generation.
10 个月I completely relate to the anxiety mentioned in this post, as auctions can indeed be overwhelming. However, I appreciate the practical advice provided to help navigate through this situation. Thank you for sharing this insightful information, Lucy.