Auction do’s and don'ts

We’re talking in person auctions.. they may take place in front of the property on the street, inside the property or in a boardroom at the agents office. Let’s unpack a few strategies and considerations, but remember… Just like real estate itself this is not an exact science, there is no one particular formula for success when it comes to auctions.

Let’s get into it.

When to arrive.

We typically recommend people turn up just before they kick off the auction. Your nerves will be running incredibly high as it’s not every day you walk into a situation preparing to spend your life savings.. So the less time you’re at the property, the more you’ll keep your nerves at bay, or at least private! Take some big deep breaths while you’re sitting in the car, mentally prepare yourself and try to stay cool, calm and collected.

What to wear. 

For every person who says come well dressed, looking like you’ve got bags of cash in your Range Rover, there will be others that reference Steve Jobs and suggest to be as unassuming as you can. What we will say is dress comfortably.. If you know that when you get put under pressure your neck or chest goes red, wear a high neck top. If you feel stronger and more confident in your Saturday best, wear that! 

Where to stand.

Again, no right or wrong answer, just don't stand behind a tree - you don't want the auctioneer missing your bid! We often recommend standing towards the front making sure you can see the crowd.. It helps if you need to stare down the competition! Also if you are a confident bidder, and you have a nervous partner or friend with you.. We recommend you stand alone. You might have a great poker face, but the body language of the person next to you will give it all away! 

What the strategy is. 

Should you bid first, or hold out until it goes on the market? What increments should you bid in? Again, no exact strategy here.. We have been involved in over 1500 transactions and have seen the winners of the auction be both the people who kicked things off, and equally the ones who swoop in at the end. We do have one recommendation here, which is if bidding has commenced, perhaps you are involved or not.. and the price has gone above the top end of the quote, ask the auctioneer if the property is on the market. There are a few reasons for this, it keeps the agent on their toes. The property technically should be on the market at the top of their advertised quote range. It also shows other bidders you know what's going on, and when it is declared ‘on the market’ make sure you’re the last person with your hand in the air, as this means the property is selling and has passed the owners reserve! 

Setting the budget.  

This is important.. Have a budget before you go to the auction and Stick. To. it. If you think you might waver on this, and talk to your parents, partner or friend mid auction.. Do not stand next to them!! This is where we get a lot of people.. As soon as we see them conversing with their loved one, we know we have them on the ropes… so do not be that person! 

Anddd there's a few others, but we’ll have to reserve them for the smart ones that come to the professionals to bid on their behalf!  

Tabitha