Property Auctions | Eight Tips To Make Sure You Win Your Next Auction

8 Tips to Ensure You Win Your Property Auction in Australia

In today's video, we're gonna talk about the eight best tips to ensure you win your property option. If you're thinking about buying real estate in Australia, most likely you will attend a few options and may even have to bid at one. The auction is a necessary evil to ensuring that you get the right property for you. And in this blog, we hope that we give you the confidence to go out and make that offer. Let's get started.

1. Do Your Research

Knowing intimately what you're buying gives you a lot of peace and ensures that you turn up to auction day knowing exactly what you're making offer on from the type of build the area, the land size, why the person is selling all these elements and many, many more. Ensure that you know exactly what you're purchasing, which enables you to make a lot of decisions on the day on whether or not the property is worth the price that it's go.

2. Set a Budget

Often, auctions are emotional driven. The auctioneer is tasked with getting a crowd together, fielding offers putting people against each other to drive emotional bidding and hopefully get someone to overpay for a property. That is their job. Their job is to ensure highest and best price. Your job is to set a budget on what you think the property is worth for you.

3. Attend Multiple Auctions

Attending a number of auctions is crucial to gaining the confidence and experience needed to succeed. Our culture and country is not really about haggling, and attending auction can be super nerve-racking. Attend as many as you can, from ones in your suburb to ones in completely different suburbs, to get a sense of how things are going.

4. Arrive Early

Turning up late and arriving at the last minute will increase your stress level and either force you to over bid, or force you just to sit back and miss the day. Arrive early, park out front, go look at the property one more time, find your spot where the auctions happening, where you feel comfortable, and get ready to watch the proceedings or maybe even join.

5. Don't be Intimidated

An auction is just a group of people trying to buy a property. No one is forcing you to buy it. No one is forcing you to go and make offers on it. This is your opportunity to take a big breath and think about do I want this property for my family and my future. And if so, all you have to do is raise your hand and say a number and see what happens with it.

6. Bid Confidently

Knowing your bidding strategy and bidding confidently will put you at the forefront of winning a property. There is an art to getting out there and bidding confidently, and it's important to have a bidding strategy. Some people like to stay back and come at the end. Some people like to go big at the start. Some people like to fatigue $10 leads.

7. Get Professional Help

If for some reason you have gone from auction to auction to auction and you never seem to find a winning strategy, you really do need to seek professional help. It can be someone that you know that can help you understand where things are going wrong, such as your financial planner, your accountant, or your mortgage broker. You can also pay for professional advice from a buyer's agent.

We hope this has helped you understand our tips for heading into an auction. Buying a property can be nerve-racking, but by doing your research, setting a budget, attending multiple auctions, arriving early, not being intimidated, bidding confidently, and seeking professional help when needed, you can increase your chances of success at your next auction.

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