Bidding Boldly At Auctions

There is a school of thought for auction bidders that says start boldly, giving it your next-to-last big shot. This is in opposition to the start slow and go cautiously school.

Sounds crazy, doesn’t it? Yet, there is a logic in thinking bold. First of all, it may knock the wind out of other bidders’ sails. By the time they figure out what’s happening, the hammer may have sounded. Without the chance to warm up, the opposition may simply never get started. There is also the risk that if the other party gets warmed up first, the auction could rapidly move along before you, yourself, have your bearings.

Then there is the chance that the auction will not reach the reserve price. As the person making the strongest bid, you will be given the first right to negotiate with the seller as soon as the bidding ceases. This may be the most vulnerable time for the seller, for their position may harden with the passage of 24 hours. So your chances of a compromise are greater.

Another idea is to attend some other auctions beforehand to get experience, preferably with the agent selling the house you have in mind. This will give you a better idea of what you may encounter. You should also have in mind your ideal price, what you could comfortably pay and your absolute maximum price. This will give you the confidence to be a bold bidder.

If I can be of assistance in any auction matters, whether buying or selling, feel free to phone me on 0418 517 525 or pop into our offices.
Alternatively you could contact Stuart Marr, our fully licensed Auctioneer & Real Estate Agent who has had over 25 years in the Auctioneering profession on 0400 902 284.