Property Auction day can be scary especially when it’s your first. It is so important to remain cool calm and collected, so be aware of your body language.
Everything at auctions happens very quickly so you need to be prepared in advance and remain cool.
The auction game is very tactical as you need to show some authority and give the impression you are experienced.
Always have some kind of plan to help you stay calm. You need to do some research before buying any property. Also try and go to as many auctions as you can so you gain knowledge of the market. Even paying 3% over the odds is big bucks.
Choose your area and get to know the selling prices, especially of the type of property you want.
Get your budget in place and always settle at an uneven number as most people go for the opposite, so you will already be ahead. For example most people will go for 500,000 whereas you should go for 503,000.
Always go through the contracts of sale before the big day. Agents are their to help and will usually accommodate your needs. For example you may want to give a smaller deposit than the contract is asking. Get everything arranged beforehand and this will also keep you calm.
Make sure you stand in a visible position so you are in view of the auctioneer. Ask questions to let the crowd and agents know you are serious. Follow the bids and even write them down if necessary. Remember the agents names and call them by it in front of the crowd. This will make them feel a bit inferior. If possible get the auctioneers name also. Good luck from us all at Pierre Finance, and if you need any advice contact our friendly team here!