Oakbank / Mount Barker - RLA 173455 Blog

How to Bid with your Head and not your Heart at Auction

 

Auctions can be a very stressful process and for many of us we need to remember not to over extend ourselves financially.  You go in with a budget and stay with it!  Emotionally we become attached to a property but always remember there is another one out there for you.

 

Preparing for an Auction

Research and know your limit.  Follow the market and speak to professionals before attending an Auction.  If you have done your homework it will assist you on the day.

 

Understand the Conditions & Terms for the Sale

Before the Auction starts the Auctioneer will advise of the conditions of sale.  These do vary so it is important that you take note and understand the conditions.

 

Emotions

Be aware of your emotions on the day. If you have previously missed purchasing a property at an Auction, this may make you feel defeated before the Auction starts.  Are you feeling nervous? Try to keep your emotions in check and stay with your strategy.

 

Pay Attention

As bidding can happen very quickly it is important to keep up and be aware of what is happening – don’t be distracted or you might bid higher than what you intended.  Follow the bidding increments and you will be able to see in which direction the Auction is heading.  So that you are in control call out the full figure of the bid, not just the increments.

 

Support

It will help to bring along a family member or a friend to support you on the day.  If they are aware of your budget they may prevent you from bidding out of your reach.  If you do purchase the property there is someone there to celebrate with you also.

 

 

 

 

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