{"id":10504,"date":"2017-02-16T15:00:15","date_gmt":"2017-02-16T04:00:15","guid":{"rendered":"http:\/\/realestatetalk.com.au\/?p=10504"},"modified":"2017-02-16T15:00:15","modified_gmt":"2017-02-16T04:00:15","slug":"10504","status":"publish","type":"post","link":"https:\/\/channels.realty.com.au\/realtytalk\/10504\/","title":{"rendered":"5 ways to win at auction"},"content":{"rendered":"

In his column for\u00a0Switzer<\/a>, John McGrath discusses\u00a0the bets ways to win at auction.\u00a0<\/strong><\/p>\n

Here’s what he had to say:<\/h4>\n

This Saturday (February 18) and next Saturday (February 25) are shaping up to be very big auction days in Sydney. \u00a0\"mcgrath\"<\/a>
\nGiven the shortage of stock throughout 2016, competition among bidders was particularly fierce across the city and many buyers missed out.
\nIf you\u2019re among them, you\u2019re probably feeling a bit anxious about trying again this year.
\nBut you have to get back out there, particularly now when we tend to see a surge in new listings before the Easter break.<\/strong>
\nYou\u2019ll find you have more choice now, but competition will still be strong.
\nConfidence is a key component of buying at auction and knowledge helps build confidence.
\nSo this week, I\u2019m going to give you some of my best bidding strategies to help you get over the line this auction season.<\/p>\n

1. Start low<\/h4>\n

One of my tactics is to make a low bid to start the auction.
\nAt the outset, you don\u2019t know how many interested parties there are and how much they\u2019re prepared to bid.\u00a0\"auctions_01_05_06\"<\/a>
\nSo there\u2019s no need to put in a high bid in the early stages.
\nJust place a low bid and see where the auction goes from there.<\/strong>
\nThe other advantage to bidding first is the auctioneer will note your interest and keep an eye on you, so you\u2019re less likely to be missed when the bidding heats up.
\nOnce the bidding starts, just sit tight, size up the other bidders and watch how the auction unfolds.
\nI wait until near the end of the auction, when the bidding has slowed down and the other bidders are starting to lose steam, to place my next bid.<\/strong>
\nThe auctioneer will start the \u2018going once, going twice\u2026 \u2019 routine, and then I\u2019ll come in with a clear and confident bid.
\nIf the other buyers make further bids, I will immediately respond with a higher bid.<\/p>\n

2. Project confidence<\/h4>\n

The one auction strategy that I have observed working consistently is creating the impression that you will continue to bid until you own the home, no matter what.
\nIt\u2019s about projecting confidence and psyching out the other bidders.
\nMore timid bidders are often put off by an aura of unstoppable self-assurance and they\u2019ll stop bidding.<\/p>\n

3. Assertive bidding<\/h4>\n

My bids are fast and assertive. \u00a0\"auction\"
\nAgonising over every bid is a definite sign of weakness.
\nIf a buyer is looking worried and having hushed conversations with their partner every time they make a bid, that\u2019s a clear signal they\u2019re near (or over) their limit.
\nSo keep your cool, even if you\u2019re only a few thousand from your limit.
\nDon\u2019t hesitate on your bids.<\/strong>
\nIf other buyers are dithering over their bids, you can knock the wind out of their sails by immediately responding with a higher bid.
\nBe prepared to bid confidently up to your limit and then walk away.
\nI also recommend calling out the amount of your bid in full, rather than just raising your paddle.\u00a0\"auction<\/strong>
\nThis allows you to project confidence and determination with your tone of voice.
\nIt also reinforces the full price being bid, rather than the increment, which might only be $5,000, $1,000 or even $500.
\nWhen the bidding is down to small increments, it\u2019s easy for buyers to lose sight of the amount of money being bid.
\nCalling out the full amount of your bid is a reality check for other buyers.<\/p>\n

4. Stick to your walk-away price<\/h4>\n

The rapid pace of auctions leaves you with little time to make decisions on the fly.
\nRather than putting yourself in this position, it\u2019s advisable to think through all the angles before auction day.
\nYou have to go into an auction knowing at what figure you absolutely will not make another bid.<\/p>\n

5. The hand of fate<\/h4>\n

On the day, the person who wants the property the most and has the biggest chequebook will buy the home. \u00a0\"sale
\nYou need to be mentally prepared to miss out, particularly in hot markets, so having a slightly fatalistic approach can help.
\nGo hard for what you\u2019re after, but in the back of your mind accept that if circumstances prevent you from owning the home, there\u2019s probably a message in that.
\nExperience has told me that fate plays a hand in finding the right home and you should go with it.
\nGood luck!<\/p>\n","protected":false},"excerpt":{"rendered":"

In his column for\u00a0Switzer, John McGrath discusses\u00a0the bets ways to win at auction.\u00a0 Here’s what he had to say: This Saturday (February 18) and next Saturday (February 25) are shaping up to be very big auction days in Sydney. \u00a0 Given the shortage of stock…<\/p>\n","protected":false},"author":176692471,"featured_media":9304,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_wpcom_ai_launchpad_first_post":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[13],"tags":[],"class_list":["post-10504","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest-story"],"yoast_head":"\n5 ways to win at auction - Realty Talk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/channels.realty.com.au\/realtytalk\/10504\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"5 ways to win at auction - Realty Talk\" \/>\n<meta property=\"og:description\" content=\"In his column for\u00a0Switzer, John McGrath discusses\u00a0the bets ways to win at auction.\u00a0 Here’s what he had to say: This Saturday (February 18) and next Saturday (February 25) are shaping up to be very big auction days in Sydney. \u00a0 Given the shortage of stock...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/channels.realty.com.au\/realtytalk\/10504\/\" \/>\n<meta property=\"og:site_name\" content=\"Realty Talk\" \/>\n<meta property=\"article:published_time\" content=\"2017-02-16T04:00:15+00:00\" \/>\n<meta name=\"author\" content=\"rolanrush\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"rolanrush\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/10504\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/10504\\\/\"},\"author\":{\"name\":\"rolanrush\",\"@id\":\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/#\\\/schema\\\/person\\\/384a57ac9e52cb9bf19896cb15eaa52d\"},\"headline\":\"5 ways to win at auction\",\"datePublished\":\"2017-02-16T04:00:15+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/10504\\\/\"},\"wordCount\":749,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/10504\\\/#primaryimage\"},\"thumbnailUrl\":\"\",\"articleSection\":[\"Latest Stories\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/10504\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/10504\\\/\",\"url\":\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/10504\\\/\",\"name\":\"5 ways to win at auction - 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