Bid to win: our tips for auction success14.03.2017
If you’re new to the world of property auctions, taking the plunge and bidding on a lot can seem daunting. In a fast-paced environment, it can be difficult to keep your head in the game and make logical decisions, which might ultimately cause you to lose out on a great opportunity. Having a strategy in place is key, whether you’re a first-time auction buyer or a seasoned pro, so we’ve compiled our top tips to help you decide on the best course of action.
Familiarise yourself with the environment
Before you even consider placing a bid, it’s important to get familiar with the auction process. Attend an auction beforehand, preferably run by the same auctioneer, so that you can get a feel for their style, as well as how other bidders go about securing lots. Once you’ve familiarised yourself with the way auctions work, the real thing will seem less nerve-wracking.
Choose your seat wisely
Once you’re in the room, position yourself wisely. You need to be in a spot where the auctioneer can clearly see you. It makes sense to sit close to and in plain view of the auctioneer so that you can easily signal them. However, be aware that more seasoned bidders are likely to stand at the back of the room, where they can see other bidders. This can be challenging because you can’t see them to determine their bidding strategy.
Develop a bidding style
Don’t worry too much about small gestures like scratching your nose; the auctioneer won’t necessarily take these as a bid, or even notice them. What’s more, you can always signal to the auctioneer that what they’ve taken as a bid wasn’t one! Instead, develop a clear signal and stick to it, allowing the auctioneer to accurately identify when you are bidding. A clear bidding style will also give off an air of confidence and assertiveness which may give you the upper-hand on your competitors.
Know when and how to stop bidding
Knowing when and how to stop bidding is just as important as knowing how to bid. Set yourself a clear budget way ahead of the auction and bring a friend along to make sure you stick to it. If you end up losing the bid for the property you were after, it’s important not to make impulsive bids on other lots; you might end up spending your savings on something that doesn’t offer the opportunity you were after. Ending your part in the bidding process is simple. All you have to do is shake your head at or avoid eye contact with the auctioneer and sit still to make it clear to them that you’re no longer interested.
As an established property auctioneer in Sussex, we’re experts in the local market and know what works. If you have any questions about our auctions, please don’t hesitate to get in touch with the team at Austin Gray.