How to Bid Successfully at Auction? | Glenelg Real Estate Blog
Monika Bonet, Principal of Raine & Horne Glenelg offers these tips how to bid successfully at Auction;
1. Attend Similar Auctions Prior
Attend as many similar auctions as you can in the weeks leading up to your auction. This will allow you to better understand the system and observe your Auctioneer in action. It’s not in your best interests to be a complete novice at the auction, during which you plan to make a purchase commitment.
2. Check out the Venue
If the auction is to be conducted ‘in-rooms’, locate the venue and any transport or parking facilities well prior to the auction date. This may avoid a last minute panic and the possibility of missing out on the property that you’re interested in purchasing.
3. Arrive Early
Arrive early and get comfortable. If you need help, bring along a friend or an agent to bid on your behalf. In this instance your proxy bidder must register or otherwise your bid could be thrown out. Also by arriving early you can strategically locate yourself so you ca clearly see the Auctioneers and the other bidders.
4. Establish Your Financial Limit
Establish a limit of how much you’re willing to spend on a property, and be prepared to walk away when (or if) the bidding exceeds your limit.
5. Understand the Bidding Process
Get a feel for the bidding process before you start. If you’re not sure get a Licensed Land Agent to bid on your behalf.
6. Start Bidding When Bids Are in Your Price Range
Start bidding when the figure is below or within your price range. Don’t be shy about opening the bid at a figure to suit you, and don’t hang back until the last bid. You should participate within your price range or you could miss out.
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