Although many people feel completely overwhelmed at the thought of having to bid on a property that they would like, this need not be the case if they arrived prepared. Below are a few great tips to help ensure that you gain the competitive edge at the next house auction you attend.
1. Don’t Try to Hide at the Back of the Room
Too many people have missed out on obtaining their dream homes at auctions because they try to hide themselves away during the bidding process. Instead, don’t be afraid to look determined and act decisive. This will give other bidders the impression that you have every intention of winning the auction.
2. Don’t Hold Back during the Bidding
The quicker you engage in the bidding process, the more seriously you will be viewed by competitors at the auction. In addition, many other bidders will feel intimidated by the whole process and walk away if you keep bidding continuously.
3. Do Come in Early with a Strong Bid
Many bidders have used this strategy with tremendous success, especially if they have done their research beforehand to determine what the property is really worth. Coming in early with a strong bid often takes competitors by surprise, meaning that they will often walk away when this happens.
4. Don’t be Afraid to Bid First
Too many people are afraid to bid first, thinking that it won’t mean much. However, property auctions are very seldom won on the first bid anyway – unless you come in with an extremely attractive offer. Research has also shown that people who are confident enough to start the bidding process will usually still be around right at the end – when the bids count more than ever.
5. Consider Hiring a Professional Bidder
This strategy can be extremely effective, especially if you have never attended a property auction before or if you think that your emotions will overrule common sense when bidding. It is important that you let your professional bidder know ahead of time what your spending limit is so that it is not exceeded.
6. When Someone Bids Against you, Bid Again Immediately
Offering a counter-bid immediately gives the other bidder the idea that you are going to continue bidding until the end. In a lot of cases, this has resulted in your competitors walking away sooner than they would have otherwise.
7. Don’t Forget the Pre-Purchase Inspection
Although using the above mentioned strategies will enable you to stand a better chance of winning a house auction, it’s no use placing the winning bid on a property that is going to cost a lot of money and cause a significant amount of heartache at a later stage because major structural repairs need to be performed. Always ensure that you have a pre-purchase inspection performed ahead of time so you can determine whether the property in question will still be worth bidding on or not.
If you would like to find out more about the various property inspection services we offer, get in touch with us today. Our team will be able to answer any questions you may have or even set up an appointment for a property inspection as soon as possible.