Not everybody loves auctions. They can be quite daunting processes; poker face with big sunglasses or wear your best clothes in an attempt to scare away the competition? Here are some tips on how to help you prepare to buy at auction:
1. Prepare and stick to your guns.
Don’t let anyone rush you or get caught up in keeping up with other people’s bidding. Do your own homework, have your bidding strategy clear and know what your exit point is.
2. Be seen.
Position yourself in a way that allows you to see what is going on and equally important, allows the auctioneer to see you. Don’t hide away in a corner, make sure you can see and be seen.
3. Loud and clear.
When you bid, state your amount loud and clear. Don’t be afraid to state the full amount. Some people think there is a trick to this, to abbreviate or use jargon. The best thing is to stay calm and use full sentences. Clear and steady wins the race.
4. Knock out the competiton.
You might have been part of an auction where the bidding starts low. Too low. Knock out the competition that isn’t serious about the bidding by offering a much higher bid. But stay within your limit to allow yourself to get the property for the value you believe is fair.
5. Choose the right people.
Auctions are emotional days, and days you will remember. Choose to surround yourself with good people who will support you and make the experience stress free. Your bid is as important as any other bid on the day. If you miss out and believe you did your homework, you can walk away knowing you will be even better prepared for the next opportunity.
If you are keen to experience an auction this Spring, please join us at our Spring Fling Auction Event on November 6th. You can read more about this event here: http://bit.ly/2dIZ7Lt