In Australia, property auctions have become a weekend pastime. People gather around either to look for a good investment or test their luck of owning their dream homes. Some even hang around just to get ideas about the market—it’s like watching buskers, you see an auction and you just have to stop and take a breather for a moment.
If you’re one of those people who fantasise about winning at auction, here is your best chance! In this post, we will provide some helpful tips for beginners. We will also help you understand the objectives and how to stay in the zone.
Winning an auction
Property auctions are quite challenging, particularly for the inexperienced buyer. The first principle you need to know is that “winning” at auction doesn’t necessarily mean walking away with the property. It’s about the things you’ve learned and the whole experience. Just like what most experts would say, “it’s always a win-win situation when you join auctions.”
Here are some of the best tips:
- Always be ahead of time
The purpose of being ahead of time is it allows you to assess the situation. Take the best spot so you can observe the event much better. This will not only give you an understanding of the property rates you are going for, but it also gives you time to be more comfortable and familiar with the whole process.
Watching videos online may also give you some good reminders. This will help you know what to expect.
- Set your game plan
Never go to an auction without knowing your budget. Know your best limit and stick to it. Of course, you should not let anyone know about your maximum budget. This can change the whole scene since your “opponents” know your limits.
- Find an auction buddy
If you’re not confident with your decisions, asking for a little help would not hurt you. Find someone who can help you with some of the basics. Keep in mind that it would take a few visits before you can actually get the hang of it.
- Do more research
Having more information about the property being auctioned is very important. Of course, you should know it’s true value before you place your bid. This is why you should be updated with the current market value of different properties.
Winning an auction can be quite challenging. For some, it could be a long process. As mentioned earlier, it’s not always about walking away with a new property. It’s the experience and what you’ve learned from it.