Real Auction Bidding Tips
There is one truth about an auction…the person with the highest bid wins. However, there are smart ways to compete at auction, ensuring you leave the auction either the winner or confident you gave it your best shot.
The auctioneer is the master and a good one will work hard to extract every dollar from every bidder, and so they should, it is their job.
Once you are on the floor, it’s you versus the competition. It’s a small special window in a sales campaign where the buyers can shape up to each other, not the vendor, agent or auctioneer. You as the buyer need to be ready.
Here are some tips to help you bid on the floor:
👉Stress test scenarios
Role play in a calm environment so when it happens on the floor your cognitive ability to react is better than your competitor (don’t forget to assume they have done the same and stress test that scenario too).
👉Set a limit
Assuming you have done all the research. Hard line the number, then ask yourself a very simple question; will I be disappointed if the property sells even a dollar more to the competition. If yes, find a new limit and continue to repeat until you are confident it is your best. Important, if you run out of money, stop and let it go.
Having bid on 100’s of properties, I know you need a toolkit of techniques and the ability to know which tool to use in the moment.
Want to know how I can help your next purchase? Contact me.