How to avoid emotionally bidding above your budget at auction
By Advantage Property | 16th May 16
Auction bidding is a nerve wrecking one. It’s a high pressure situation and we have seen an increase of purchasers bidding on homes above their budget by getting too emotionally involved. We have some handy tips to keep in mind if you are planning to bid at an auction but if you’re still not feeling comfortable get in touch with us!
- Be prepared: Do your research and know your top price limit. If you feel well educated and have been following the market, spoken to professionals and know what level you can bid to, then this will help your confidence.
- Understand the terms and conditions for the sale: At the beginning of the auction, the auctioneer will announce the conditions of sale, these will vary between each property ensure you are paying attention.
- Recognise your emotions: How are you feeling on the day? Are you nervous? Are you feeling defeated from previous experiences? It’s good to be mindful with how you are feeling as this can trigger how you bid and affect your strategy.
- Pay attention: The bidding process can go very quickly. It’s important to be clear minded and aware of what is going on. Being distracted at the end of the bidding process can mean you miss our or purchase above your budget. Keep a keen eye on how the bidding increments are progressing will give you an idea of where the auction is heading.
- Moral support: If you think you may get carried away with the process, it might help to bring your partner or friend for moral support. If you’re upfront and clear to them about your budget they may be your saving grace if you start emotionally bidding! It also helps to have someone to celebrate with if you do purchase on the day.
These are some basic tips to assist you at auction. If you’d like more information on our negotiation only service to help you bid at auction, get in touch and we can talk you through it : sales@advantageproperty.com.au