Real Estate

Vital tips to ensure your success at auction

WHEN most people hear the word auction, whether they are selling or buying, it raises their emotions.

When buying, it’s the uncertainty about if their budget will buy their dream home. When selling, most are worried that the property may not reach their reserve.
As Buyers Agents, we represent our clients at auctions most weeks. We have tried and tested strategies to help give us an advantage in a very emotive arena.
Here are our top nine tips to help you:
Be prepared – Attend auctions. This is the best way for you to get on the ground experience of what is selling in the area and how much for.
Pricing – do you your price research. Don’t use last year’s prices as they are not the most comparable due to the shift in market. Look at current sales and also what is similar on market.
Have your team lined up – Make sure you have a good solicitor/mortgage broker/conveyancer/strata or building inspector who can work quickly.
Solicitor/conveyance – Have them make the necessary amendments to the contract and take a copy with you to the auction.
Don’t get emotional – Don’t be over emotional about the property. Try and take a step back and assess everything.
Have a budget and stick to it – Don’t be afraid to walk away if the price is too high.
Arrive early – Survey the crowd; there will be a lot of ‘sticky beaks’, check out who are serious contenders with bidding cards.
Go slow – It is not a race.
Be strong – Bid strongly and confidently and be careful not to bid against yourself.
If you have to go to auction and are unfamiliar with the process, not confident, or simply not available, why not take advantage of a Buyers Agent’s experience and tested auction strategies and have your own secret agent working for you? Give Amanda Gould at HighSpec Properties a call on 0410 608 352.