Bid like a Boss: It’s Buying O’clock

Posted in Insights February 2nd 2024

As we embark on the journey into the new year, many of us pursue the perfect home within Canberra’s vibrant real estate market. And for those of you who are in the race, attending auctions is understanding how you start strong. Fear not, dear Buyer, because we’ve gathered inside information from Canberra’s auction experts to help you bid Like A Boss and secure your dream property with confidence.

Do your homework:

At Hayman Partners, we believe that knowledge is power. Before entering the auction arena, take the time to research the property and its surroundings thoroughly. Look for recent sales data, analyse market trends, and familiarise yourself with the property’s unique characteristics and property value. The more informed you are, the better prepared you will be to make strategic bidding decisions. This is where your relationship with the selling Agent is helpful.

Attend Auctions as an Observer:

Consider yourself a spy in training and auctions as an Observer to get a feel for the process. Witness the bidding dynamics firsthand, watch the Auctioneer’s methods, and pay close attention to strategies employed by other bidders. Familiarising yourself with the atmosphere and pace of auctions can help ease your nerves when it is your turn to bid.

Set your limit (and stick to it):

It’s easy to get caught up in the excitement of an auction. But seasoned bidders know the importance of setting a clear budget and sticking to it. Determine your absolute maximum bid based on your financial situation and the property’s value that you have researched. Don’t let emotions dictate your bidding strategy—know when to walk away if the price exceeds your limit.

Confidence is the key:

When it comes to bidding at auction, be sure to exude confidence and determination in your intention. Stand tall, make eye contact with the Auctioneer, hold your bid card high for all to see, and bid with conviction. Projecting confidence can deter competing bidders and signal to the seller that you are a serious contender.

Develop a bidding strategy:

Develop a bidding strategy based on your observations and the property’s perceived value. Some bidders prefer to start with a strong opening bid to set the tone, while others like to wait and evaluate the competition before jumping in. Consider using odd increments or strategic pauses to throw other bidders off the scent so you gain an advantage.

Stay calm under pressure:

Auctions can be fast-paced and adrenaline-fueled, but it’s critical to remain calm and composed, even amid a bidding war. Keep a steady hand and a poker face and avoid revealing your desperation or eagerness to get your hands on the property. Remember that patience and composure can be powerful assets in negotiations.

Have a Plan B:

Despite your best efforts, there is always a chance that you will not get the property at auction. Be prepared with a contingency plan in case you are outbid by exploring other properties, reviewing your budget, or considering alternative purchasing methods such as private negotiations.

And if this wasn’t your chance to buy the property, don’t be disappointed! Remember, that’s why we are your Personal Property Partners, and we will help you to find your ideal property in the Canberra real estate market, whether it’s a home or houses for sale.