{"id":10580,"date":"2017-03-02T07:00:09","date_gmt":"2017-03-01T20:00:09","guid":{"rendered":"http:\/\/realestatetalk.com.au\/?p=10580"},"modified":"2017-03-02T07:00:09","modified_gmt":"2017-03-01T20:00:09","slug":"auction-bidding-made-easier-simon-cohen","status":"publish","type":"post","link":"https:\/\/channels.realty.com.au\/realtytalk\/auction-bidding-made-easier-simon-cohen\/","title":{"rendered":"Auction bidding made easier – Simon Cohen"},"content":{"rendered":"

There is a new App you can download that has been designed to give auctions a tech makeover and streamline the bidding process for buyers. \u00a0We talk to the inventor and tell you how to get this great buying tool.
\nTranscripts:<\/strong>
\nKevin:<\/b>\u00a0 I mentioned at the start of the show that there\u2019s a brand new platform called AuctionWiz streamlining the bidding process for buyers. Joining us now from the company who\u2019s behind this one \u2013 Cohen Handler \u2013 Simon Cohen, who is one of the directors of that company.
\nGood morning, Simon. Thanks for your time.
\nSimon:<\/b>\u00a0 Good morning, Kevin.
\nKevin:<\/b>\u00a0 Tell me about AuctionWiz.
\nSimon:\u00a0<\/b>\u00a0For about the past five years, we\u2019ve seen a lot of buyers bidding at auction. We sponsor the major auction centers in Australia, and we\u2019ve seen bidders who go up and specifically bid on the biggest asset they\u2019re ever going to buy without much experience. Mainly over the past 12 months, Ben and I have built this platform where someone who wants to bid hops on, they fill out the criteria of the property they are looking to buy, they get matched with three of the buyer\u2019s agents from Cohen Handler. All these buyer\u2019s agents have independent reviews \u2013 and they get to choose who they want to bid and represent them at the auction.
\nKevin:<\/b>\u00a0 How much work investigation will you do, and will you help me set some limits and values on it?
\nSimon:<\/b>\u00a0 Yes, absolutely. There will be different options. What you will do is you\u2019ll hop on the platform, you fill out all the details of the area you\u2019re looking in, etc., and you\u2019ll get matched with three different buyer\u2019s agents in that area, so you have your choice.
\nYou\u2019ll be able to pick which one you like the sound of. You can then connect with them and they can go into as much due diligence on the property for you if you wish, or they\u2019ll simply just discuss price limits and they\u2019ll bid at auction for you. That\u2019ll be up to you as far as how much due diligence you want.
\nKevin:<\/b>\u00a0 I imagine this would be fantastic, too, for someone who wants to buy a property in Brisbane, say, and may be living in Melbourne. They can engage a buyer\u2019s agent in the Brisbane market to buy it for them. Is that the idea?
\nSimon:\u00a0<\/b>\u00a0It\u2019s definitely one of the ideas. A lot of Sydney-based investors, for example, use us to buy in Brisbane, and as you rightly say, it\u2019s a huge benefit for people like that. But also buying at auction is highly emotional. It\u2019s very stressful.
\nEven if you\u2019re buying your own home and you\u2019re a first-home buyer, you want someone to take control for you. Otherwise you really get pushed up in price, you go beyond your limit, and you don\u2019t really know what\u2019s going on.
\nKevin:<\/b>\u00a0 Who is going to use this, do you think? Who will be the major users? Will it be investors or will it be home buyers \u2013 maybe people too busy to go or even don\u2019t have the skill to do this?
\nSimon:\u00a0<\/b>\u00a0I think it\u2019s going to be a bit of a mixture of first-home buyers and investors. It might take a bit of time for the more seasoned buyer to catch on. But definitely investors, as you say, and first-home buyers. For them, it\u2019s a no-brainer.
\nKevin:<\/b>\u00a0 What\u2019s the cost of doing this, Simon?
\nSimon:<\/b>\u00a0 It\u2019s around $699, which is just a one-off flat fee.
\nKevin:<\/b>\u00a0 That is only if I get you to buy. So getting the app is free?
\nSimon:<\/b>\u00a0 Yes, absolutely. And if you engage with us.
\nKevin:<\/b>\u00a0 How much notice would you need to gear up for this?
\nSimon:<\/b>\u00a0 It really depends how much choice you want. You\u2019ll get matched to the three. If the one out of the three is already busy at that auction time, you\u2019ll go to the next person or the next person. It really depends how much choice in the person you want bidding for you.
\nKevin:<\/b>\u00a0 I\u2019m just curious to know why someone would use this. Most people generally do actually bid on their own behalf but given the fact that some people only ever buy one or two properties in their entire lives, what do you see as some of the tragic mistakes they make, and how can spending this $700 actually save them some money?
\nSimon:\u00a0<\/b>\u00a0I\u2019ve seen people bid against themselves at auction. They were the last bid at $690,000. The agent or the auctioneer gets them to bid against themselves to $700,000 or $710,000, which is highly unnecessary. I see them bid because they think someone else has made a bid but they haven\u2019t. I see them go above their limit.
\nTypically increments at auctions go in $10,000, $15,000, $20,000, increments. So, if you\u2019re spending $695, to save $10,000 or $15,000, it certainly makes sense.
\nKevin:<\/b>\u00a0 They\u2019re pretty basic mistakes, aren\u2019t they? Does that happen because of the emotion of the auction or the fact that they don\u2019t really know or understand what\u2019s happening?
\nSimon:<\/b>\u00a0 There are some incredibly seasoned people who go to auction \u2013 people who have done it before \u2013 but emotion takes over. Whenever you\u2019re buying something for yourself, emotion always takes over.
\nKevin:<\/b>\u00a0 Good talking to you. Simon Cohen, director of Cohen Handler. Tell us how we can get that app.
\nSimon:<\/b>\u00a0 Just go into the browser and type in AuctionWiz.com and it should come up. It\u2019s in beta stage right now. We\u2019re just making a few touches, but you can enter all your details and you\u2019ll still be in touch with a buyer\u2019s agent.
\nKevin:<\/b>\u00a0 Sounds fantastic. AuctionWiz. Good on you, mate. Thanks, Simon.
\nSimon:<\/b>\u00a0 Thank you. Have a great weekend.<\/p>\n","protected":false},"excerpt":{"rendered":"

There is a new App you can download that has been designed to give auctions a tech makeover and streamline the bidding process for buyers. \u00a0We talk to the inventor and tell you how to get this great buying tool. Transcripts: Kevin:\u00a0 I mentioned at…<\/p>\n","protected":false},"author":176692471,"featured_media":14664,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[32,10,11,13,36,22,25,27],"tags":[101],"class_list":["post-10580","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-buying-a-property-topic","category-kevin-turner-sponsored-channels","category-kevin-update","category-latest-story","category-property-investment-topic","category-research-topic","category-sponsored-channels","category-trends-topic","tag-podcast"],"yoast_head":"\nAuction bidding made easier - Simon Cohen - 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\/auction-bidding-made-easier-simon-cohen\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Auction bidding made easier - Simon Cohen - Realty Talk\" \/>\n<meta property=\"og:description\" content=\"There is a new App you can download that has been designed to give auctions a tech makeover and streamline the bidding process for buyers. \u00a0We talk to the inventor and tell you how to get this great buying tool. 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