News Bidding tips for springtime auctions
Bidding tips for springtime auctions
As we all know, the Spring selling season has now arrived for Melbourne’s property market. This means that we can expect to see an increase in the number of property auctions being conducted across Melbourne over the next few months.
For many experienced buyers, this means that there will be increased opportunities to purchase their next property. However, for some buyers, particularly those who are newer to the market, there is often a bit of nervousness about bidding at auction.
So here are a few tips you might find helpful…
- Do your research. Don’t leave it until auction day to ask questions. Ask for a copy of the contract as soon as it’s available, then check all the details well before the day, and ask any questions in advance. That way you can turn up on the day with certainty.
- Financial certainty. Similar to point 1, make sure you know exactly how much you can afford to spend before auction day. This includes confirming loan approvals, calculating purchase costs and fees.
- Have a plan. It’s important to arrive on auction day knowing exactly what you plan to do, and how you will respond to competition.
- Be confident. Position yourself prominently so the auctioneer and your competition can see you, and bid with confidence. On this point, don’t be shy about opening the bidding and countering other people’s bids quickly. You want the other bidders to feel like you aren’t going to stop.
- Get help. If you don’t feel confident, consider using someone else to bid, whether it’s an experienced friend or relative, or even a Buyer’s Advocate. Of course, don’t be shy about asking one of our team from Barry Plant Thomastown for assistance during the auction if you need it.
- Numbers matter. Last but not least, no matter what limit you plan to set on your bidding, never stop on an even number, because your competitors might. For example, if you were going to stop at $700,000, try going to $701,000. You’d be surprised how often a small extra bid seals the deal.
As I mentioned earlier, you should never hesitate to ask for assistance or advice before or during the auction. Our team at Barry Plant Thomastown is always happy to help, so feel free to give us a call at any time on 9466 3233.
Regards,
Con Constantinou
Barry Plant Thomastown