Often when we are bidding on behalf of our clients, we will call the Auctioneer by his or her name. Why? It adds credibility, builds trust and may throw other buyers off their game.
Just knowing the listing agent and being familiar with potential rival bidders is not enough if you want to have a firm grasp on an auction. Majority of buyers miss out on a little-known opportunity to get the competitive edge by not getting to know their Auctioneer.
Auctioneers all have their particular style and individual approach. Before an auction, a quick chat, a smile and handshake can go a long way. Missing out on the chance to do this before an auction limits your ability to influence the auction itself. The Auctioneer may give you an insight into the reserve price or appreciate the offer for you to kick off the bidding. Majority of the time, we will understand where the reserve price will sit. This helps us strategies and set up our first and subsequent bids.
Buyers need to assure the Auctioneer they are there to buy, completely confident about the task at hand, and willing to play fair with them. Let them know you will be placing a bid and that you need their attention when the bidding is underway. Make sure that when you bid, you’re loud enough to be noticed. Being overt about the fact that you are bidding ensures the agents won’t miss the bid. Be sure to stand where the Auctioneer and other bidders can clearly see you.
Our Buyer Agents are experts at locating, evaluating and negotiating property purchases and we also offer an auction bidding service to our clients who have found their dream home, but would prefer to remain anonymous or outsource the bidding.
As Buyer’s agents, we know and understand the auction process inside out. We know which strategy works best and have insider knowledge on what transpires before, during and after the auction.
The Auctioneer can set the amount by which bids increase. These are called ‘rises’ or ‘bidding advances’. You can bid at the amount stated by the Auctioneer or offer an alternative amount but it is up to the Auctioneer whether or not they accept an alternative amount.
The Auctioneer may:
Refuse a bid at any time during the auction, including when the auction hammer is falling.
Resume the auction at the last undisputed bid or start the bidding again, if there is a dispute over a bid.
Refer a bid to the seller at any time before the conclusion of the auction.
Withdraw the property from sale at any time.
If you need help bidding at auction, can’t attend due to other commitments, or just simply wish to remain anonymous, don’t hesitate to speak with one of our Property Buyer Agents on +61 8374 7652 or book a Zoom call here