If you want to win at auction, you need to bid like a pro.
Learning how to ask some probing questions and even a few hand signals could help you secure your next property.
Tip 1: Don't let a sales consultant’s opinion on price influence your decisions around value. The best question you can ask the agent is, “Why is the vendor is selling?” You want to be sure you are dealing with someone who is motivated to sell, not someone who is trying to get you to fund their future dreams.
Tip 2: Want to know if you’re dealing with a true professional? Ask the sales consultant about recent sales in the area, what the properties were on the market for versus the final price they sold for.
Tip 3: When bidding, make yourself known to the auctioneer and position yourself where you can see the competition. Learning a few hand signals is a great way to calm your nerves on auction day or if you’re reluctant to speak up.
Tip 4: Using a range of strategies like random bids, double bidding, jump bidding, half, double, same and auto bidding can put you ahead of your competition. Good luck! Credit: Aaron Davis, National Auction Manager, Harcourts New Zealand
This article is featured in Harcourts Property Focus, Issue 3 2021.