Going to an auction can be a great way for you to get your hands on a property for a low price. Yet this is a commitment and you typically don’t get to view the property before you buy it. You should have a bidding strategy in place. This will help you to decide if you should continue to bid or let it go to the other interested parties. In the previous blog, we explained to you the pros and cons of auction vs private sale. In this article, we give you more details about how to bid at a property auction.
If you are going to step into the arena of bidding on property at an auction, you need to be confident. You need to remain calm even when there is pressure to continue to raise your bid by those around you. Be realistic and don’t let the buzz around you get you to keep bidding higher and higher, or you may suffer remorse later on.
Ask Someone to do it for you
If you are intimidated, ask a friend or family member with experience to bid for you. They can go with you and help you to stay relaxed. This is known as a proxy and they will be able to get things done for you. Keep in mind, what they bid and agree on, you will be bound to!
You may find it is easier to get what you want when you count on a buyer’s agent. They can bid on a property for you. They will only bid on certain criteria you have selected and up to a given dollar amount. This can help you avoid trying to make time in your schedule to go to the auction. It can also prevent you from spending more than you had intended.
OUR APPROACH AS REAL ESTATE AGENTS
At Barnett Real Estate, we focus on combining our extensive experience, innovative approaches and specialised knowledge of the Geelong real estate market to achieve the best results for our clients. We care more about you than your property. If you’re interested in buying, renting or selling a property in the Geelong region, call us today on 03 5222 1488 or contact us online.