Auction Tips for Buyers

For first time buyers, property auctions can be very intimidating. It’s important to understand how to navigate the event before attending.

Here’s four tips that will lead to a successful action.

Be Prepared

Preparation prior to the action is absolutely necessary to success. Potential buyers should research similar properties, speak to the selling agent and agree on a firm price limit to stick to.

After inspecting the property, whether you have an attachment with the property and if want it, ensure your finances are up to date and your deposit is ready. A successful bid on auction day will lead to a deposit payment on the day.

Get all the necessary inspections done before auction day too, because when that hammer comes down, it’s unconditional, with no cooling off period.

Don’t let nerves take over

One of the biggest mistakes that possible buyers make is attending an auction yet not bidding because they get nervous.

You should have done your homework and know the value you’re willing to pay for the property and its market value. If so, trust yourself, put your hand up and bid, strongly and confidently. While it can be daunting, an auction is a genuinely transparent process, a negotiation that happens out in the open, with people who want to buy a property.

People can have real peace of mind that they’re not paying, overs on the market value as it’s all done in front of you.

Think about your body language

It’s important to show confidence at an auction too. Stand tall, look confident, it’s essential to seem like you have deep pockets, can bid all day long and this will deter your competition.

If you are standing with poor body language, checking your phone or looking stressed out and out of your depth it will be obvious to other potentially more experienced attendees. Even if out of your comfort zone, appear extremely confident, do not hesitate to put your hand up with a decent bid and you’re nearly there.

Don’t be ‘invisible’

Auctioneers will generally attempt to meet as many prospective buyers prior to the auction, to ensure they’re aware of the current applicable legislation and terms and conditions.

Be keen, well-mannered and polite from that first interaction to build a relationship with the auctioneer and the result will be more a likely positive engagement over the course of the auction no matter the result.

If you’re looking to purchase a home in Balga, Mirrabooka, Girrawheen or Koondoola, don’t hesitate to reach out to the Professionals The Wright Team (08 9349 4655) for further information.

Professionals The Wright Team located in the heart of Balga & services the entire region with a particular focus on suburbs including Balga, Girrawheen, Westminster, Mirrabooka or Koondoola.