Auctions can be pretty stressful, stakes are high and everyone is out of their comfort zone.
No need to panic!
Here are 6 Tips from RealRenta that will help make you feel like a Pro at your next Auction:
- Prepare yourself by visiting several auctions before you bid. Talk to buyer’s agents, real estate agents and auctioneers.
- Ask the selling agent to qualify why the property is selling at the asking price. An agent should be able to provide you with evidence of comparable sales in the area.
- Keep a poker face. Don’t share any specifics with the selling agent, especially about how much you are willing to pay.
- Get in early, bid early and start bidding low.
- It’s not a race, so go slow. Going slow puts pressure on the seller to adjust the reserve price downward.
- Call your bids out with confidence and in a verbose manner. Say the whole dollar amount instead of increments, for instance “$636,000” rather than” $6000”
- Don’t bid more than your budget allows and get pre approval before you go to an auction.
If you have won at auction, you will need to pay your deposit, which is usually 10% of the purchase price and you will need to sign your contracts.
Good Luck!
Want to see how easy it is to manage your Investment Property?
Use RealRenta for Free for up to 2 months, visit www.realrenta.com.au
