tips on bidding at auction

Are you ready to start bidding at auction?

You may find it difficult to believe right now, (particularly given the chilly temperatures we’ve been experiencing lately), but the official start of the Spring property market is now just a matter of days away. This means that quite a few Victorians will be stepping up their house-hunting activities, including preparing to start bidding at auction. But how confident do you feel about buying a property that is being auctioned?

Some buyers, particularly those that are new to the market, find the idea of bidding at auction a daunting one. For some, this can be due to a lack of familiarity with the whole process of bidding at auction. For others, it’s a lack or certainty about the right tactics and strategy. Either way, here are a few tried and tested tips that you might find helpful.

  • Firstly, do your research on the area and property values well before auction day.
  • It pays to attend as many auctions as you can, particularly in the area you’d like to but, so you become familiar with the process and the people.
  • The more auctions you experience, the greater the understanding you’ll have of what happens, what the auctioneers say and do, and how the successful bidders go about the process of bidding at auction.
  • Becoming familiar with property auctions also extends the paperwork as well. Don’t be shy about asking the agents for a copy of the paperwork before the day of auction. This way you can get to know what is in there and have the opportunity to ask any questions before the day.

Of course, if you are at all unsure about bidding at auction yourself, or even being fully confident about judging what a property is worth, one solution is to get an expert on your side. Maybe you’ve already found the right property, but are unsure about the price guide being quoted and want an expert opinion on what it’s really worth? Or you just want a skilled professional bidding for you at the auction.

Ian Reid Buyer Advocates can steer you through the process and help you achieve a tremendous saving in both time and money. Our thorough research, specialist market knowledge and experience in every category of real estate can give you a real edge, to ensure you not only finish ahead of other buyers, but also ahead of the market itself!

So, if you would like to talk to someone who can help you through the entire process of buying a property, whether that involves bidding at auction or not, you can call our Customer Service team on 9430 0000 or visit the Ian Reid Buyer Advocates website.