8 September 2020
Six Top Tips for Success at Auction
Whether you are a first-time buyer, a property veteran or just looking for your next step in the market, purchasing at auction can be an exhilarating or a daunting ride. Here are 6 tips to help you succeed.
We know how it feels – you find a great place and you just want to make it yours. But before you start launching into bids, it’s worth getting a clear picture of what you can spend.
Go in with your eyes open
The last thing you want when you’re buying a property is surprises. So, it’s really important to cast your eyes over the building and LIM reports/Council records.
Once you’ve made the winning bid, you’re expected to sign it there and then, so it’s important to do your ground-work ahead of time. Keep an eye out for any special conditions or easements in the auction terms and conditions.
Know your limits
It’s can be easy to get a bit carried away in the heat of an auction, so the smartest thing you can do is set yourself a concrete bidding ceiling before you arrive. Sometimes sending someone to bid on your behalf who knows your limit is a clever tactic.
Keep your cool
Make sure you keep your head in the moment. As bids start getting thrown around, this is the time to take a few deep breaths and remind yourself of your game plan. Take control of the bidding.
Make sure your deposit is sorted in advance, because you aren’t winning an auction without it. A deposit is usually 10% of the purchase amount and is most commonly taken as electronic bank deposit immediately after the auction.
Auctions are a great way to buy – they are transparent and you know exactly who you’re up against on the day.
The key is to have a solid plan in place, don’t hesitate with your bidding, and get help and advice from your real estate salesperson.