Common mistakes bidders make at auction
By | 11th Jul 18

Doing nothing and waiting is not a strategy

Everyone will have an opinion when it comes to winning strategies at auction. We have had over 18 years’ of experience and we know the tell-tale signs of an inexperienced bidder.

Doing nothing and waiting is not a strategy

Often people who are not experienced attend auctions with an idea of what their budget is but will often “wait and see” while the whole bidding process is going on to gauge their winning chances. This is a big mistake and not really a strategy because you’re not actively being able to add pressure where it is needed to turn the auction in your favour.

The usual end result for someone who “waits and sees” is they usually go home disappointed without even putting their hand or paddle up. The thinking is if you aren’t prepared to bid at the start why would you bid at the end if you haven’t had the confidence to bid?

Waiting for the property to go “on market”

The key word in this strategy is waiting. In other words, waiting and not really doing anything! Some people like to wait until the property is officially called on the market but what people don’t know is that it’s not a legal requirement to call the property “on market” it’s a curtesy. So if you are waiting for this magical moment in the auction, you may walk away disappointed as not all auctions are called “on market” depending on the activity.

If you don’t have the intention to actually bid at auction you may want to review your strategy. Even if the property passes in at auction, it’s advantageous to be the last bidder because you will get the first right of refusal to negotiate with the sales team.

Not confident when negotiating or just tired of missing out at auction? Our negotiation only service could be the winning advantage you are looking for. Speak to one of our friendly and passionate buyer agents today to see how they can help you!