The Key to Auction Success
Buying property in Sydney often means facing off with an auctioneer. Auctions are not just theatrical events but strategic battles. According to Brenton Potter, Senior Buyer’s Advocate at National Property Buyers in Melbourne, every auction requires a unique approach, but preparation is the ultimate key to success.
Pre-Auction Preparation
Preparation is vital. Here’s what you should do before auction day:
- Inspect the Property: Ensure it’s worth buying.
- Market Research: Investigate recent sales in the area to gauge potential interest.
- Contract Review: Have a legal professional review the contract and negotiate terms.
- Inspections: Conduct pest and building inspections to avoid surprises.
- Stay Informed: Inform the agent of your interest and request updates.
- Attend Auctions: Observe other auctions by the same agency to understand their trends and styles.
Common Auction Strategies
Here are some strategies to consider:
- Bid First and Last: Show confidence by opening and closing the bidding.
- Strong Mid-Auction Bid: If bidding slows, a strong bid can discourage competitors.
- Nervous Bidder Act: If the property might be passed in, act like you’re low on funds to secure negotiation rights.
- Timely Bids: Careful timing can prevent you from becoming an easy target for experienced bidders.
- Gain Experience: Attend auctions to learn firsthand.
Leveraging a Buyer’s Agent
Not confident in your auction skills? A skilled Sydney buyers agent can anticipate auction trends and competition, ensuring you bid strategically or avoid overpaying. As a practised auctioneer and experienced bidder let Advanced Buyers Agents show you how to have a serious competitive edge at auctions. It is a performance and strategy to slow the pace
Conclusion
Winning at auctions is all about preparation and strategy. Whether you go it alone or use a professional buyer’s agent, being informed and prepared will enhance your chances of success in Sydney’s competitive property market.
