{"id":10936,"date":"2017-03-29T03:00:55","date_gmt":"2017-03-28T16:00:55","guid":{"rendered":"http:\/\/realestatetalk.com.au\/?p=10936"},"modified":"2017-03-29T03:00:55","modified_gmt":"2017-03-28T16:00:55","slug":"why-you-could-be-paying-too-much-at-auction-patrick-bright","status":"publish","type":"post","link":"https:\/\/channels.realty.com.au\/realtytalk\/why-you-could-be-paying-too-much-at-auction-patrick-bright\/","title":{"rendered":"Why you could be paying too much at auction – Patrick Bright"},"content":{"rendered":"

Patrick Bright<\/strong> has some good advice about bidding at auction that could save you thousands of dollars.\u00a0\u00a0 He talks about a mistake that he has seen many buyers make every weekend.
\nTranscript:<\/strong>
\nKevin:<\/b>\u00a0 I went to an auction yesterday. At one stage, I\u2019m nearly sure that one of the bidders actually bid against themselves. They had placed a bid and they placed another one. According to my next guest, Patrick Bright, that\u2019s a fairly common occurrence.
\nGood day, Patrick. How are you doing?
\nPatrick:<\/b>\u00a0 Morning, Kevin.
\nKevin:<\/b>\u00a0 So you\u2019ve seen this happen quite often where the highest bidder will actually bid against themselves?
\nPatrick:<\/b>\u00a0 It\u2019s quite common, yes. It is. I\u2019ve been bidding at auctions on behalf of clients for nearly two decades, and it\u2019s a very common occurrence. I\u2019m formerly an auctioneer myself, and I watched people do it when I was calling them, and I speak to many auctioneers and they say probably every second or third auction, they\u2019re getting one or two people doing it.
\nKevin:<\/b>\u00a0 Yes. I\u2019ve been to many, many auctions. As an auctioneer, I\u2019ve conducted a lot as well. It\u2019s a very emotional state, isn\u2019t it, for the bidder? And it\u2019s quite easy to understand why when the auctioneer does call and give that high inference of sale, they\u2019ll stick their hand up to make sure that are, in fact, the highest bidder.
\nPatrick:<\/b>\u00a0 Yes, they do. They lose track. They lose track of it. You are in an emotional state, and if people are very nervous and they don\u2019t expect just how much pressure is on them until they\u2019re actually bidding with their own money, in the moment, and they want this property. It\u2019s different if you go and watch a few auctions, which I always recommend clients do and people do if they\u2019re going to bid at one, but it\u2019s just not the same when your own money is on the line.
\nKevin:<\/b>\u00a0 Now, there\u2019ll be a number of people listening now saying, \u201cWell, the auctioneer should then turn around or someone should turn around and say, \u2018No, I won\u2019t take that bid because you\u2019ve already done it.\u2019\u201d But they\u2019re under no obligation to do that, Patrick, are they?
\nPatrick:<\/b>\u00a0 No. An auctioneer is under no obligation to tell you you\u2019re bidding against yourself. And at the end of the day, they want the thing to flow, and if they pause and lose momentum by even thinking of doing that, it\u2019s going to slow things up, and that\u2019s not what they want to do. They want it to push on, and their interest, they\u2019re representing the seller, so if you want to bid against yourself, who are they to stop you?
\nKevin:<\/b>\u00a0 You said you\u2019re an auctioneer, so you\u2019ve obviously had this experience as the auctioneer where someone\u2019s done this. What did you do?
\nPatrick:<\/b>\u00a0 We kept going. That\u2019s what you\u2019re trained to do. As an auctioneer, you\u2019re under no obligation to tell anyone, and you\u2019re being paid by the seller. The agent and the auctioneer are being paid by the seller, not the buyer. So they\u2019re not there to represent the buyer. If the buyer isn\u2019t confident in knowing what they\u2019re doing, they should get their own professional representation to avoid that.
\nKevin:<\/b>\u00a0 At any stage, if someone did that\u2026 Let\u2019s play a bit of a hypothetical here now. You\u2019re the auctioneer and I\u2019ve just placed a bid against myself and then I realize that I\u2019ve done it or someone whispered in my ear and said, \u201cHey, listen you. You\u2019ve just bid against yourself,\u201d have I got the ability to withdraw that bid?
\nPatrick:<\/b>\u00a0 You do. A buyer can withdraw his bid. They can withdraw a bid at any time prior to the fall of the hammer.
\nI have seen that happen on the odd occasion, where someone\u2019s bid an incremental amount or realized they may have gone over their budget, and they\u2019ve had a conversation with their partner, their spouse, and realized that they can\u2019t back up that bid. Yes, I have seen people pull the agent to one side and say, \u201cHey, I\u2019ve bid over my limit. I\u2019ve been caught up in the emotion. I need to pull out of that.\u201d And they will withdraw the bid.
\nI\u2019ve also seen the agents have that conversation and then they have someone else to take over and keep going with it. It\u2019s never ended up in a disaster \u2013 that I\u2019ve seen \u2013 but it certainly can rock the momentum of an auction.
\nKevin:<\/b>\u00a0 As a bidder, you bid on behalf of your clients. You\u2019re in a situation where you\u2019re in the auction. You probably are the highest bidder. You\u2019re getting pressure from the agent, who\u2019s probably whispering in your ear, and then the auctioneer is calling for you to either increase your bid or try and negotiate you up. How do you resist that?
\nPatrick:<\/b>\u00a0 Well, I simply say if we\u2019re the highest bidder you\u2019ve got no better offer, why would I bid against myself? And I just sit tight. You know, there\u2019s no need to bid against yourself. They have it on the market, or even if it\u2019s not on the market, they\u2019ll be pressuring you when it\u2019s not on the market more so than if it is, because once it\u2019s on the market and hit the reserve, it\u2019s a matter of it\u2019ll be sold.
\nBut prior to hitting the reserve, if you are the highest bidder and you\u2019re short of the reserve, or what the vendor hopes to get, then they will put pressure on you, and you just have to sit tight.
\nKevin:<\/b>\u00a0 Do you always use the same bidding strategy, or do you vary a bit \u2013 sometimes you might decide that you\u2019re going to go straight to the price with the king hit bid? Do you have a strategy like that?
\nPatrick:<\/b>\u00a0 I do have various strategies. It depends on the mood and the amount of people bidding. One I did a couple of weeks ago, the property was really heavily under-quoted and there were literally 20-something people holding bidding cards. I knew where value would stack. We\u2019d made a pre-auction offer that was rejected, and it was a sensible offer. I knew the reserve was going to be around there, and I knew that it\u2019d probably sell for more than that anyway.
\nWe opened with that bid straight off the bat. I looked around, and it basically knocked out three-quarters of the room that were there, of the crowd. They were just stood out. We then only had to play the auction out with about three other bidders.
\nThat rocks people and that sends a message. Now, you have to be careful doing that, and you really need to know your values and numbers, because I\u2019ve seen people do that and they make only one bid and no one else bids, and they\u2019ve bought it.
\nKevin:<\/b>\u00a0 You\u2019re on pretty safe ground in a situation like the scenario you just gave us because you\u2019d made that offer prior to auction. You were obviously prepared to pay for it and pay that figure for it. So you were one pretty safe ground, I would imagine.
\nPatrick:<\/b>\u00a0 Reasonably yes, but we know their numbers. We\u2019ve done our research, and we\u2019re confident of where value sits. If you\u2019re going to make a strong opening bid, you really need to know your numbers, because I\u2019ve seen people do this a number of times. They\u2019ve been given a bit of advice \u2013 open strong, knock the competition out. They certainly did, and they paid a figure that no one else even made a bid against, and it was on the market with one bid. So that tells you that they\u2019ve gone way too aggressive.
\nKevin:<\/b>\u00a0 Do you ever get the chance nowadays to buy prior to auction, or do you find that most sellers are happy to go to auction, obviously to get that premium bid?
\nPatrick:<\/b>\u00a0 Yes. It moves around. It\u2019s quite interesting. Quite a lot is actually selling before auction. You have to understand the clearance rates that are calculated \u2013 we\u2019re sitting around 70% to 80% clearance rate is where the auction stats sit, just using Sydney as an example \u2013 that includes all sales prior to auction, sales on the day of the auction, and sales that happen within seven days of the auction.
\nThe real clearance rates, on the day, at the auction, is probably closer to 50% if you calculate and take into account all the pre-auction sales so it\u2019s quite a different figure. I would say, at the moment, at least a third, maybe even more, are going before auction.
\nKevin:<\/b>\u00a0 Is that sign that the sellers or the agent lose their nerve?
\nPatrick:<\/b>\u00a0 No, it\u2019s not. There are two reasons one sells before auction from my experience, and as you know, I was previously a sales agent as well. The reason people generally would take a deal before auction is because someone was offering a figure that we just didn\u2019t think anybody else was going to get near at the auction, so we needed to take this money and run, because auctions are only ever going to get the second-highest price.
\nIf you have somebody who\u2019s offering $1 million before auction but you think that most of the market is sitting around the $900,000 or $950,000 mark, then you\u2019re wise to take that million because you\u2019re not going to see it on auction day. You might see it around $900,000 or $950,000 where the competition is. So that\u2019s one reason.
\nThe other reason is if the seller has already bought and rather than take the bird in the hand, it\u2019s at a figure they\u2019re comfortable with, it\u2019s a figure that allows them to move on with their life and make their commitments of the next purchase they\u2019ve made or you give them the settlement date they want.
\nOne of the things I\u2019m always looking for as the agent is has the seller bought? What\u2019s their settlement date? Is that important to them? Can we give that to them? And then let\u2019s talk about price, because price is important but it\u2019s not as important in those circumstances as terms and timing.
\nKevin:<\/b>\u00a0 Sometimes the auction does actually achieve that really big premium price, Patrick, doesn\u2019t it?
\nPatrick:<\/b>\u00a0 Very. Here\u2019s the thing. An auction is lotto outcome for the buyer and the seller. It really is, and you are playing a bit of a lotto game there. In my experience \u2013 and there are at least 40 auction weeks a year, and I\u2019m doing anything from one to five a week, and I\u2019ve been doing it for 18 years \u2013 to give an idea, my estimation is around about a third of the properties that sell at auction do get a very strong price that they probably would not have got had they just been stuck on the market with a price.
\nAbout a third of time, I think, they\u2019re still around about fair money \u2013 pretty much within a few percent of what they would have got with a price guide \u2013 and about a third of time, we\u2019re getting a below fair-market bargain.
\nUnderstand this: not everybody goes to an auction. Probably half of my clients who hire me, who have been looking on their own and they\u2019re fed up with it, say to me, \u201cI\u2019m not interested in going to an auction, Patrick. We\u2019ve been to three or four. We\u2019re sick of wasting money on building reports. We\u2019re sick of the disappointment. We\u2019re sick of the under-quoting.\u201d So they lose a percentage of the buyers.
\nBut they don\u2019t need everybody to get a sale. However, you have to understand that it\u2019s not going to capture everybody in the market.
\nKevin:<\/b>\u00a0 Patrick, we\u2019ve going to have to go, mate, but I want to thank you once again for being with us. Patrick\u2019s book, of course \u2013 look out for it \u2013 is\u00a0The Insider\u2019s Guide to Saving Thousands at Auction<\/i>. A great read.
\nPatrick, thanks again for your time, mate.
\nPatrick:<\/b>\u00a0 Thanks, Kevin, as always.<\/p>\n","protected":false},"excerpt":{"rendered":"

Patrick Bright has some good advice about bidding at auction that could save you thousands of dollars.\u00a0\u00a0 He talks about a mistake that he has seen many buyers make every weekend. Transcript: Kevin:\u00a0 I went to an auction yesterday. At one stage, I\u2019m nearly sure…<\/p>\n","protected":false},"author":176692471,"featured_media":10940,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[33,10,11,13,36,22,25],"tags":[101],"class_list":["post-10936","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-case-studies-topic","category-kevin-turner-sponsored-channels","category-kevin-update","category-latest-story","category-property-investment-topic","category-research-topic","category-sponsored-channels","tag-podcast"],"yoast_head":"\nWhy you could be paying too much at auction - Patrick Bright - 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\/why-you-could-be-paying-too-much-at-auction-patrick-bright\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Why you could be paying too much at auction - Patrick Bright - Realty Talk\" \/>\n<meta property=\"og:description\" content=\"Patrick Bright has some good advice about bidding at auction that could save you thousands of dollars.\u00a0\u00a0 He talks about a mistake that he has seen many buyers make every weekend. 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