National Brokers Network

4 Simple Tips to Win at Auction

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.

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In Consideration of the Vendor of the subject business, or any other business introduced to the Proposed Purchaser and their agent National Brokers Network (“the agent”) providing information to the Prospective Purchaser, the Prospective Purchaser agrees:

1. To keep all information provided confidential in respect to the subject business and any other business introduced to the Prospective Purchaser by the Agent.
2. That no information is to be disclosed by the Prospective Purchaser to any third party without consent by the Agent;
3. That it will not use for themselves. Or for others benefit, such information other than to Purchase the subject business or other business introduced by the Agent;
4. That any agreement to purchase the whole or portion of the business shall be exclusively through the Agent;
5. To immediately return to the Agent all such information and other details in written form including any drawings and any copies made of written information, notes, summaries or extracts of any document therefor if any when requested by the Agent;
6. Under no circumstances will the Prospective Purchaser make direct contact with the vendor of the subject business or other introduced business without the prior written consent of the Agent;
7. If the Prospective Purchaser breaches this agreement or buys the business direct from the Vendor, the Prospective purchaser is liable to and indemnifies the Agent for any and all losses the agent may incur including economic loss and loss of income.v

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