{"id":19829,"date":"2017-12-20T01:00:34","date_gmt":"2017-12-19T14:00:34","guid":{"rendered":"https:\/\/www.realestatetalk.com.au\/?p=19829"},"modified":"2017-12-20T01:00:34","modified_gmt":"2017-12-19T14:00:34","slug":"how-to-bluff-at-an-auction-bryce-holdaway","status":"publish","type":"post","link":"https:\/\/channels.realty.com.au\/realtytalk\/how-to-bluff-at-an-auction-bryce-holdaway\/","title":{"rendered":"How to bluff at an auction &#8211; Bryce Holdaway"},"content":{"rendered":"<p><strong>Bryce Holdaway<\/strong> joins us with his best auction bidding tips for buyers.<br \/>\n<strong>Transcript:<\/strong><br \/>\n<strong>Kevin:<\/strong>\u00a0 If you\u2019re intending to go bid at a property auction this weekend, here are some great bidding tips for you as a buyer. Joining me to talk about those from EmpowerWealth.com.au \u2013 they are buyer\u2019s agents \u2013 Bryce Holdaway.<br \/>\nGood day, Bryce. How are you?<br \/>\n<strong>Bryce:<\/strong>\u00a0 Hey, Kevin. Good. How are you?<br \/>\n<strong>Kevin:<\/strong>\u00a0 Good. Are you bidding at any auctions this weekend?<br \/>\n<strong>Bryce:<\/strong>\u00a0 Yes, we\u2019re always bidding at auctions everywhere.<br \/>\n<strong>Kevin:<\/strong>\u00a0 Yes, that\u2019s your business. Tell me some of the strategies you use or some of the advice you\u2019d give for people going to an auction to bid for themselves.<br \/>\n<strong>Bryce:<\/strong>\u00a0 The number one, Kevin \u2013 this is easier said than done \u2013 is you have to have this supreme confidence that you\u2019re there to buy. It\u2019s largely a game of bluff, and you need to let the other bidders who are bidding against you know that you mean business and you\u2019re there to buy. It\u2019s actually not easy to do, given it\u2019s that public speaking environment and everyone can get a little bit intimidated.<br \/>\nThe analogy that I talk about is you\u2019ve set a limit, and let\u2019s call that the cliff face. Your job is to run as hard as you possibly can at that cliff face knowing that no sane human being would actually ever jump; you\u2019re going to stop right at the very end. But right up until the point where you do stop, someone who is observing you would look at you and \u201cOh my goodness, he\u2019s going to jump off.\u201d<br \/>\nThat\u2019s the same analogy when it comes to bidding at an auction. You have to run at that cliff \u2013 i.e. your upper limit \u2013 as hard and as fast and as confident and as boldly as you can, because what you\u2019re doing is sending a message to the other bidders that you mean business and you want to buy, even though at the end of the day, every single person \u2013 including your buyer\u2019s agent \u2013 has a limit.<br \/>\n<strong>Kevin:<\/strong>\u00a0 I\u2019ve never heard it expressed that way, but really, you\u2019re just showing absolute confidence. You have no hesitation whatsoever, just very bold.<br \/>\n<strong>Bryce:<\/strong>\u00a0 I\u2019ve seen people turn up in Porsches. I\u2019ve seen people wear the preppy vests. I\u2019ve seen people put the Tom Cruise aviators on. I\u2019ve seen people try to intimidate people at the beginning of an auction. The only thing I\u2019ve ever seen consistently work is confidence, and as I said at the top, it\u2019s easier to say than to do. But it is the number one tactic, in my view, for anyone at auctions.<br \/>\n<strong>Kevin:<\/strong>\u00a0 Okay. Another one?<br \/>\n<strong>Bryce:<\/strong>\u00a0 For me, position where I stand is really critical. I actually want to stand on the shoulder of the auctioneer. If you imagine the auctioneer standing in front of the property looking at the crowd of bidders, I want to either be on his left shoulder or on his right shoulder and enough distance away from the auctioneer that he or she doesn\u2019t feel like I\u2019m encroaching on their space, because these auctioneers have big egos and you don\u2019t want to go into that space where you\u2019re actually putting them off.<br \/>\nBut the reason I want to stand there is I want to see what the auctioneer sees. And I actually want to make sure that if anyone is bidding against me, I want to know who they are to be able to look them in the eye.<br \/>\n<strong>Kevin:<\/strong>\u00a0 That\u2019s very intimidating.<br \/>\n<strong>Bryce:<\/strong>\u00a0 It is. That\u2019s my job, to be professionally intimidating so that people keep their hands in their pockets. Because my third tip is once I know who my bidders are, I watch them. I don\u2019t spend much time focusing on the auctioneer; I spend all my energy focusing on the other bidders because I want to know (a) who they are, and (b) I want to look for their non-verbal body language.<br \/>\nI want to know when they\u2019re starting to get sweaty. I want to know when they\u2019re starting to get fidgety. I want to know when they have that look, the one, Kevin, where all of a sudden, the bid comes in and their eyes dart to their partner, because I know they\u2019ve just reached their limit and I\u2019m pretty close to going in for the kill.<br \/>\nSo, I want to look at them and I want to maintain eye contact with them. I spend more time focusing on them than I do on the auctioneer.<br \/>\n<strong>Kevin:<\/strong>\u00a0 Wow. What next?<br \/>\n<strong>Bryce:<\/strong>\u00a0 The next one is I call the auctioneer by name. Kevin, you\u2019re the auctioneer. I\u2019m standing on the shoulder. I\u2019m looking at my competition, and it comes in for a bid. I\u2019ll go, \u201cI\u2019ll give you another $1000. Thanks, Kevin,\u201d and I say your name purposefully.<br \/>\n<strong>Kevin:<\/strong>\u00a0 Why is that?<br \/>\n<strong>Bryce:<\/strong>\u00a0 Because I want the perception that there\u2019s a really tight relationship between me and the auctioneer. I want the other people who are bidding against me to go \u201cHang on a second, what\u2019s going on here?\u201d They put their hands in their pockets and they go \u201cDo these guys actually know each other?\u201d<br \/>\nThe reality is I don\u2019t know them\u2026 Well, I probably do know them a lot better than the people in the crowd, but there is certainly no commercial relationship other than I\u2019m just calling him by name; no one else is doing that because I want the perception.<br \/>\nRemember this is two parts strategy, one part bluff. I want the perception that we\u2019re in bed together, and I want them to start going in their mind \u201cWhat\u2019s going on here?\u201d and then hopefully, put their hands in their pockets.<br \/>\n<strong>Kevin:<\/strong>\u00a0 Wow. I never want to bid against you. What else, mate?<br \/>\n<strong>Bryce:<\/strong>\u00a0 My fifth one is slow the bids down to $1000 as quickly as possible. A clever auctioneer won\u2019t let you do that. But my job is to slow the bidding down; their job is to slow the bidding up. I will do whatever it takes. If they ask for ten, I\u2019ll give them a five. If they ask for five, I\u2019ll give them a one. Clever auctioneers won\u2019t let you do that, but I\u2019ll be persistent.<br \/>\nDon\u2019t be afraid, when they\u2019re calling for a $10,000 bid and they won\u2019t reduce it, actually give them $13,000 because what happens is the next one, they want to round up, so the next one they\u2019ll obviously accept it is a seven, and then you can match the seven.<br \/>\nYou can actually strategically get your way down to a lower amount as quickly as you can. But ultimately, you want to slow the bids down to $1000 as quickly as you can.<br \/>\nA slight footnote to that is I never really bid less than $1000, because I only see people bid less than $1000 can make close to their top limit, so I don\u2019t want to send any messages to my competitors that I\u2019m close to my upper limit.<br \/>\n<strong>Kevin:<\/strong>\u00a0 Yes, quite intimidating, too, if the bidding does actually get down to $500, then you throw in another $1000, it\u2019s almost going to knock them out as well.<br \/>\n<strong>Bryce:<\/strong>\u00a0 Yes. No one does $500 unless they\u2019re very, very close to their upper limit.<br \/>\n<strong>Kevin:<\/strong>\u00a0 Yes. What else, mate?<br \/>\n<strong>Bryce:<\/strong>\u00a0 My last one is don\u2019t bid against yourself. If you\u2019re in a situation where the auctioneer throws in a vendor bid and you\u2019re the person who had the bid prior to them, keep your hands in your pocket. Don\u2019t bid against yourself, because what they want to do is throw in another vendor bid and then all of a sudden, you realize there\u2019s actually no one else here. I\u2019m the only competition; I\u2019m working against myself.<br \/>\nSo if the auctioneer puts in a vendor bid and it\u2019s over to you, sit tight. Wait until the very end, and if you want to throw in a final one just to make sure that you have the right of first refusal to negotiate the reserve price, you do that. But during the auction, never, ever bid against yourself.<br \/>\n<strong>Kevin:<\/strong>\u00a0 There you go. Some great strategy insight there. Go back and have another listen to that, I can tell you. Bryce Holdaway is a buyer\u2019s agent from EmpowerWealth.com.au.<br \/>\nBryce, thank you for that insight, mate. I can tell you, I certainly don\u2019t want to bid against you this weekend. That\u2019s for sure.<br \/>\n<strong>Bryce:<\/strong>\u00a0 Good on you. Thanks, Kevin.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bryce Holdaway joins us with his best auction bidding tips for buyers. Transcript: Kevin:\u00a0 If you\u2019re intending to go bid at a property auction this weekend, here are some great bidding tips for you as a buyer. Joining me to talk about those from EmpowerWealth.com.au&#8230;<\/p>\n","protected":false},"author":176692471,"featured_media":19830,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[34,10,11,13,22,25,27],"tags":[101],"class_list":["post-19829","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance-topic","category-kevin-turner-sponsored-channels","category-kevin-update","category-latest-story","category-research-topic","category-sponsored-channels","category-trends-topic","tag-podcast"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>How to bluff at an auction - Bryce Holdaway - 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\/how-to-bluff-at-an-auction-bryce-holdaway\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How to bluff at an auction - Bryce Holdaway - Realty Talk\" \/>\n<meta property=\"og:description\" content=\"Bryce Holdaway joins us with his best auction bidding tips for buyers. 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