No two auctions are ever alike; they\u2019re like snowflakes, and that\u2019s why there are a range of common strategies for auctions that you can take.<\/p>\n
View.com.au chatted to buyers agent Nicky Cadry, who has extensive experience in representing clients at auctions, for his view about the best way to approach them.<\/p>\n
\u201cEvery single auction is unique,\u201d he said.<\/p>\n
\u201cIt could be held in a specialised auction room, a real estate agent\u2019s office or on-site; the auctioneer could be the best in the industry or could be inexperienced; there could be one registered bidder or there could be ten. Each time you bid at an auction all these factors need to be taken into account.\u201d<\/p>\n
Not being aware of the various ways that auctions can proceed and the way in which auctioneers handle a crowd can quickly place you on the backfoot.<\/p>\n
\u201cWe have seen, time and time again, buyers placed under pressure by agents and not understanding the situation.\u201d<\/p>\n
With a new home being one of the largest financial decisions a family can make, it can often be beneficial to use the expertise of a buyer\u2019s agent, whether finding properties and\/or bidding at auction. If you do decide to go it alone, View.com.au lists a few things to consider.<\/p>\n
Make a bold bid early on<\/strong><\/p>\n This can be an effective strategy to effectively silence other bidders before they begin. It shows you don\u2019t want to waste time reaching the reserve and are happier bidding at the potential limits of other bidders\u2019 budgets.<\/p>\n \u201cIn some cases, going in strong with an early bid shows confidence and bravado,\u201d Mr Cadry said.<\/p>\n This involves significant research into the local market and using an agent\u2019s Statement of Information to be sure about the property\u2019s value. But of course, it doesn\u2019t suit every auction.<\/p>\n Bidding late<\/strong><\/p>\n One of the most common techniques used by The biggest risk of this strategy is that if everyone else adopts it, the vendor may become dissatisfied with the level of interest in the property (due to a lack of bids) and pass the property in.<\/p>\n The best way to decide whether to go in strong or hold back is to look at the other bidders.<\/p>\n
\nbidders at auctions, and one that places more pressure on the agent, is to remain out of the game for as long as possible to see how the auction proceeds.<\/p>\n