Expert Auction Bidding Strategies
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Auctions are highly competitive and stressful, and a buyer’s agent will often try to secure a property before auction. However if a seller is determined to go to market, it is vital to have an auction strategy in place in order to buy the right property, for the right price. Your auction bidding strategy can be the difference between winning and losing your dream property.
Propertyfy Buyer’s Agents will work with you to ensure you don’t overpay and have the best possible chance of winning your auction.
Who should use Propertyfy Auction Bidding service?
- If you are not comfortable with bidding or how to build an auction strategy
- You are unsure of the dynamics at play between other bidders and the vendor
- You do not want to attend in person in order to maintain anonymity
- You are not sure how much you should be bidding
- Unable to attend the auction in person
- You want to leverage Propertyfy network of real estate agents in order to get a competitive advantage
- Concerned you are too emotionally invested in the property and might overpay
What can a Propertyfy buyer’s agent do for you at auction?
- Be your professional negotiator and buyer’s advocate
- Provide advice on market comparisons to determine if a property is overpriced, underpriced or fair market-value
- Utilise tactics and strategies based on experience and training to give you a competitive edge at auction
- Guide you through the auction process and rules
- Understand and navigate auctioneers’ tactics to make sure you don’t get intimidated or overpay
- Act on your behalf if you either can’t or don’t want to attend an auction in person
- Post-auction negotiation if the property passes-in
WHAT YOU NEED TO KNOW ABOUT AUSTRALIAN AUCTIONS
What are current auction clearance rates?
Propertyfy closely monitors metro-city and state-wide auction clearance rates. These rates are a key indicator for the level of future competition in the market and can help to inform an auction bidding strategy.
Keywords to know that will help you win at auction:
- Reserve Price
- Vendor Bid
- Hammer Price
- Passed In
- Absentee Bid
- Under the Hammer
- Bidders Guide
- Cooling-off Period
- Opening Bid
- Fall of the Hammer
- Inspection Times
- Jump Bid
- Knockdown Price
- On the Market
- Proxy Bid
- Reserve Bid
- Vendor’s Statement
- Bid Increment
- Gazumping
- Settlement Period
FAQ
What is the best auction bidding strategy?
Each auction is unique, so it’s important to understand the dynamics at play before you start to bid. It is important to understand the market dynamics, how many other bidders there are, and how serious they are, as well as the motivations of the seller. It is also key to understand the tactics the auctioneer and real estate agent selling the property are likely to use in order to try to increase the price. Utilising the services of a buyer’s agent with existing real estate relationships and experience at auctions can be helpful to increase your chances of being successful at auction.
Is it OK to bid against yourself at auction as an auction bidding strategy?
Technically you can bid against yourself at an auction, and a real estate agent may encourage this if the property has not yet reached the reserve price. However it might be more advantageous to negotiate with the vendor if the property passes in (doesn’t sell at auction) so it is important to have a good understanding of your auction bidding strategy.
How do I register for an auction?
Each state in Australia has different rules about registering for an auction. Propertyfy buyer’s agents in Sydney, Melbourne, Brisbane, the Sunshine Coast, the Gold Coast and Adelaide have experience in the process and will guide you through the process. The Real Estate Institute of Australia and the equivalent organisation in each state are great resources to help you understand the process of an auction.
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We specialize in buying, selling, leasing, and property management, striving for excellence in every aspect.
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- contact@propertyfy.com.au
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About us
We specialize in buying, selling, leasing, and property management, striving for excellence in every aspect.