Here are five more tips to help you form a winning auction strategy:
1 - Boost your knowledge
“This will also give you a realistic insight into the prices properties are advertised for and the prices they actually sell for. Before you attend the auction, ensure that you have a plan including knowing when you intend to commence bidding and at what price point you should stop.
“If you have any questions about the auction rules, ask the agent in attendance.”
Buyers agents will tell you that confidence goes a long way on auction day. They often recommend that you position yourself where you can be seen and heard by all. Your bids should be loud and clear.
“You need to control your emotions at auction because emotions will cost you money,” says founder of EPS Property Search, Patrick Bright. Bright suggests that auctions aren’t for everyone and that if you’re at all nervous it’s a good idea to have someone else to bid on your behalf.
3 - Get a feel for the numbers
“If you blow your limit, your dream home can become your nightmare liability as you struggle to make mortgage repayments that are more than you budgeted for,” says Bright.
4. Be organised
All of these tips boil down to being organised. From taking the time to learning about the suburb you’re interested in, to preparing your finances, then checking your ability to secure a home loan and getting to the auction early, it all helps build your game plan.
5. Contact a Conveyancer
Contact a Conveyancer to inspect the Contract for Sale of Land before Auctions and to take care of the legal side of the deal. If you think we can be of further assistance contact us on 02 9644 1551.