{"id":21009,"date":"2018-05-07T01:00:28","date_gmt":"2018-05-06T15:00:28","guid":{"rendered":"https:\/\/realestatetalk.com.au\/?p=21009"},"modified":"2018-05-07T01:00:28","modified_gmt":"2018-05-06T15:00:28","slug":"how-to-buy-a-property-before-auction-cate-bakos","status":"publish","type":"post","link":"https:\/\/channels.realty.com.au\/realtytalk\/how-to-buy-a-property-before-auction-cate-bakos\/","title":{"rendered":"How to buy a property before auction \u2013 Cate Bakos"},"content":{"rendered":"

We look into the question about buying before auction. No doubt many buyers would prefer not to put themselves under the competition of auction day.\u00a0 Cate Bakos<\/strong> from the Real Estate Buyer\u2019s Agents Association of Australia points out that there are three different ways to buy before auction.
\nTranscript:<\/strong>
\nKevin:\u00a0\u00a0<\/strong>We\u2019re definitely seeing more and more auctions being conducted, particularly in Sydney and Melbourne, but we\u2019re also seeing it in the other in the other cap cities as well that traditionally probably haven\u2019t been as pro-auction as Sydney and Melbourne. It raises the question about buying before auction. No doubt many buyers would prefer not to put themselves under the competition of auction day.
\nSo, what are the rules about buying before auction? It might seem attractive, but maybe there are some things that you should be aware of. I was interested to read an article by the Real Estate Buyer\u2019s Agents Association of Australia \u2013 and they were quoting their vice president Cate Bakos \u2013 about this. And Cate joins me.
\nCate, firstly, congratulations once again.
\nCate:\u00a0\u00a0<\/strong>Thank you.
\nKevin:\u00a0\u00a0<\/strong>Your Investment Property\u2019s<\/em>\u00a0Buyers Agent of the Year makes you the best buyer\u2019s agent in Australia, doesn\u2019t it?
\nCate:\u00a0\u00a0<\/strong>You\u2019re too kind, Kevin, thank you.
\nKevin:\u00a0\u00a0<\/strong>That\u2019s okay. Let\u2019s talk about this, because in the article you point out there are three different ways that a listing agent can actually manufacture the selling of a property prior to auction. I always thought of only one. So, let\u2019s deal with these.
\nI think Kate there is a very important point up front, isn\u2019t there? And that is many buyers who think if they try and buy a property before auction that theirs is the only offer that\u2019s going to be presented to the seller.
\nCate:\u00a0\u00a0<\/strong>You\u2019re absolutely right. People are often na\u00efve when they decide to be aggressive and try and push an offer through. And there are some auctions that can\u2019t be stopped. There are some legal reasons why some auctions have to run publicly.
\nSo, first and foremost find out if the possibility exists for the property to sell prior to auction. And then before you go ahead and put your offer in, understand how the agent wishes to deal with competing buyers.
\nYour point about assuming your offer will be presented as the only offer is so na\u00efve, because most agents want to do the right thing by their vendors and they want to give every buyer a fair opportunity to throw their hat in the ring.
\nKevin:\u00a0\u00a0<\/strong>Yes. They have a legal obligation, too, to make sure that if they\u2019re going to try and sell the property before auction that they at least contact all the other buyers to let them know to give the seller the opportunity to get the best possible price, Cate.
\nCate:\u00a0\u00a0<\/strong>Yes. The word \u201clegal\u201d is an interesting one. I think \u201cmoral\u201d is very important. And our legislation varies from state-to-state but the reality is that any good agent who is aware that there are competing buyers on a property will give everyone an opportunity or a heads up that it\u2019s happening quickly at the very least.
\nKevin:\u00a0\u00a0<\/strong>In your article you mention that some agencies actually have published how they handle this process. Is that fairly common, or is that more common in the southern states?
\nCate:\u00a0\u00a0<\/strong>I think it\u2019s very common in Melbourne and Sydney, particularly for the larger franchise groups as well. They like to have a really clear process. And I\u2019ve seen situations where different sales offices have different processes and even different sales agents have processes.
\nThe key point is that it is up to the agent and the agency as to how they\u2019d like to deal with competing buyers when it\u2019s outside of that public auction environment. But many agencies do have a published process, just to avoid confusion and to avoid having angry buyers pointing fingers if they feel that they haven\u2019t been dealt with fairly.
\nKevin:\u00a0\u00a0<\/strong>Yeah, it\u2019s a very difficult thing especially for buyers to understand that when they\u2019re put in competition like that they could feel like they\u2019re being a little bit cheated. We\u2019ll deal with that in just a moment, but I do you think that good agents when they\u2019re listing of property for auction, should actually say to the owner \u201cLook, I the event someone wants to make an offer prior to auction, how would you like me to handle that?\u201d In other words, have that conversation with the seller right up front.
\nCate:\u00a0\u00a0<\/strong>Yes, I think even to take it a step further, to describe to the seller with the various options are and why they have a particular preference for one over the other.
\nAnd different situations might create different opportunities and outcomes. It could be a property that was hard to put a figure on, or it might be a property that the agent anticipated to be a difficult one to sell, or it could be a crowd-pleaser where they know they\u2019ll have lots and lots of willing buyers. So, every situation can be unique as well.
\nKevin:\u00a0\u00a0<\/strong>You name three styles. One is the boardroom auction, the second one is a round robin style, and the third one is the best and highest. Let\u2019s deal with each one of those.
\nThe boardroom auction: you say here the following day. Is that if a property is passed in, is that what you\u2019re talking about?
\nCate:\u00a0\u00a0<\/strong>A boardroom auction doesn\u2019t necessarily mean a simulated auction takes place in the boardroom, but more often than not, that is what happens. And it doesn\u2019t have to be the next day, but generally the agent will give a deadline and they\u2019ll say \u201cIn the absence of any other offers, we\u2019ll sell the property to you at 6:00 tomorrow, but if there are other offers, we\u2019ll host a boardroom auction in our office.\u201d Or they could host a simulated auction at the property.
\nThey\u2019ll let people know exactly what\u2019s going on, but the point of it is that buyers will be seeing each other face-to-face, so it is one process that eliminates that feeling of \u201cAm I being bluffed, or is there really another offer or really another buyer?\u201d And that\u2019s why a lot of agents like doing it. It\u2019s visible. It\u2019s transparent.
\nKevin:\u00a0\u00a0<\/strong>And in that situation, the boardroom auction, is it likely there may be some conditional offers put on the table?
\nCate:\u00a0\u00a0<\/strong>Generally, they\u2019ll make sure that everybody\u2019s offer is unconditional, or if there are conditions, they\u2019ll make sure that the conditions are the same. So, for example, if they have three buyers and they\u2019re all putting forward offers that are subject to finance for two weeks, they\u2019ll make sure everyone is on the same page and agreeing to that. Because otherwise, you do create a bit of unfairness because someone with a strong offer will be bidding against someone who has a condition.
\nKevin:\u00a0\u00a0<\/strong>Is it typically run like an auction? Is there an auctioneer who actually calls it?
\nCate:\u00a0\u00a0<\/strong>Generally. It doesn\u2019t necessarily have to be quite the same style as an auctioneer, and it doesn\u2019t necessarily have to be someone who is well practiced and qualified to conduct an auction.
\nBut it needs to be a process where the person who submitted the offer that got the property on the market agrees that that\u2019s the price that they submitted, and then everyone has the chance to go around in circles.
\nThe person facilitating that process might say \u201cWe have a minimum of $1000 bids.\u201d Sometimes they\u2019ll have people in separate rooms and they\u2019ll go around with a clipboard and you have to write your offer down and initial it.
\nIt just depends on how they want to handle that process, but it\u2019s handled by usually the listing agent or someone who\u2019s handling the campaign, and it\u2019s transparent. That\u2019s the point about the boardroom auction; you can see the other buyers.
\nKevin:\u00a0\u00a0<\/strong>Yes, that\u2019s right.
\nThe second one was the round-robin style. Describe to me how that works.
\nCate:\u00a0\u00a0<\/strong>It\u2019s literally a phone call, or it could be driving around with an offer and getting it updated, but it\u2019s an agent going backwards and forwards, not necessarily with the buyers seeing each other, so it does rely on trust.
\nBut as I say to most people if an agent is saying the property is about to sell prior to auction and you have competition, it would be a very dangerous game to play to be bluffing without officially having another solid offer.
\nIt might be a case of an agent calling backwards and forwards to various buyers until they have one person left standing, and sometimes those phone calls can go past midnight \u2013 and I\u2019ve been part of that on many an occasion \u2013 or it could be calling people to come back in and initial offers and upgrade offers. It just moves backwards and forwards until one person is left.
\nKevin:\u00a0\u00a0<\/strong>Do you run the risk in that situation of gazumping?
\nCate:\u00a0\u00a0<\/strong>That risk is always there, but it\u2019s a low risk if it\u2019s a transparent process in terms of knowing that it\u2019s happening right now and tonight, and in the absence of anyone else, it will sell tonight.
\nYou generally don\u2019t find that there\u2019s gazumping unless there\u2019s a bit of foul play at hand or people trying to knock out another agent who has another offer so that they get a commission. That\u2019s a whole new story and it\u2019s not often that you face that. When it happens it\u2019s horrible, but I prefer to focus on agents to do the right thing.
\nKevin:\u00a0\u00a0<\/strong>Yes, so do I, but I raise that question because I think that\u2019s a question that many buyers would ask as well. Is it likely in this scenario that you\u2019d have different agents running with different buyers? Or is it just generally one agent?
\nCate:\u00a0\u00a0<\/strong>You do find that. Agents can have different buyers, and it depends on the internal policies within an office. With round-robin, you often find that someone else\u2019s buyer is on something but the fact is that it is back and forth and the offers are disclosed means that the buyers are reliant on that transparency.
\nKevin:\u00a0\u00a0<\/strong>And the final one was best and highest, which is the one that I\u2019m most used to because everything is fairly clear but describe to me your understanding of how that works.
\nCate:\u00a0\u00a0<\/strong>I don\u2019t like best and highest very much because it\u2019s not transparent. What happens with best and highest is everybody gets one shot to submit their offer with the terms, conditions, and price that is their best.
\nIt\u2019s meant to go in an envelope and presented to the vendor along with all of the other offers at the same time. No one is meant to describe what the others offers are, and in the case of multiple agents handling the offers, the agents aren\u2019t meant to tell each other, either.
\nNow, it can be a difficult process because if someone is privy to a best and highest offer, then they\u2019ll have time to tip off a buyer, they might be able to increase, but the whole point of best and highest is that the buyer stretches into deep pockets as deep as they can and gives their best offer.
\nAnd that\u2019s one reason why I hate it really. Our job is to try and buy as optimally for our clients as possible, so we don\u2019t want to give them everything we\u2019ve got.
\nKevin:\u00a0\u00a0<\/strong>Yes, two edges of the one sword here because from a buyer\u2019s agency point of view I can understand how that would not be appealing to you, working on the emotion of a buyer. But for an agent working on behalf of a seller, it gives them the opportunity to actually maybe get a premium price.
\nCate:\u00a0\u00a0<\/strong>That\u2019s right. There is one time when a best and highest can work well for a buyer, and it\u2019s when you think that that perfect property for you is on the very cusp of your affordability and you\u2019re happy to throw absolutely everything at it and if you get it for that price, you\u2019d be ecstatic. That\u2019s when it can work and if it goes above that, then you have no regrets.
\nBut the challenge with best and highest is if you do try and work out where the pin could land and you give an offer that you\u2019ve thought about that isn\u2019t your best and highest and then someone gets it for $500 more, you can be devastated. And likewise, if you beat someone by $40,000 that\u2019s a horrible feeling as well.
\nKevin:\u00a0\u00a0<\/strong>Yes, hopefully you\u2019d never find that out. But if you do miss it for $500 and you were prepared to pay that $500, then you only really have yourself to blame, haven\u2019t you? That\u2019s as I understand it in the best and highest because it\u2019s full disclosure, letting everyone know that they\u2019re in competition, \u201cWe\u2019re letting you know now that we may not come back to renegotiate.\u201d
\nSo, it\u2019s really difficult. And you can see this debate between you and me, how difficult sometimes it must be between the agent and the buyers.
\nCate:\u00a0\u00a0<\/strong>Very difficult and it gets really difficult if there isn\u2019t a comparable sale and the window of where you think it could reasonably land is wide. If you don\u2019t really want to go in at in at the very upper end of that window, then maybe if you throw the pin somewhere in the middle of it and then another buyer is slightly above you, you\u2019ve lost the property in an effort to save a little bit of money.
\nBut it is a hard one, and it often results in remorseful buyers. But what it does do is if it\u2019s done properly is it takes away that emotion of competing agents in an office, because everybody\u2019s buyer gets the same shot, and it also allows people to have a conditional offer and have the vendor judge that offer fairly. So, for example, a vendor might take the second-highest offer but it\u2019s the one that has no condition.
\nKevin:\u00a0\u00a0<\/strong>Such a good conversation, this one. But I guess the bottom line is pretty much what you said right at the start, and that is understand if you\u2019re going to be doing this what the ground rules are. Ask for them up front.
\nIf you\u2019re a little bit confused about this, certainly an option for you would be to employ a buyer\u2019s agent like Cate who deals with this all the time. They know what the rules are and they know how to operate.
\nHey, Cate, great talking to you as always. Congratulations again on being the Buyer\u2019s Agent of the Year for\u00a0Your Investment Property<\/em>, and look forward to catching up again real soon. Thanks Cate.
\nCate:\u00a0\u00a0<\/strong>Thanks, Kevin. It was lovely to chat.<\/p>\n","protected":false},"excerpt":{"rendered":"

We look into the question about buying before auction. No doubt many buyers would prefer not to put themselves under the competition of auction day.\u00a0 Cate Bakos from the Real Estate Buyer\u2019s Agents Association of Australia points out that there are three different ways to…<\/p>\n","protected":false},"author":176692471,"featured_media":21010,"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],"tags":[101],"class_list":["post-21009","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","tag-podcast"],"yoast_head":"\nHow to buy a property before auction \u2013 Cate Bakos - 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-buy-a-property-before-auction-cate-bakos\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How to buy a property before auction \u2013 Cate Bakos - Realty Talk\" \/>\n<meta property=\"og:description\" content=\"We look into the question about buying before auction. No doubt many buyers would prefer not to put themselves under the competition of auction day.\u00a0 Cate Bakos from the Real Estate Buyer\u2019s Agents Association of Australia points out that there are three different ways to...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/channels.realty.com.au\/realtytalk\/how-to-buy-a-property-before-auction-cate-bakos\/\" \/>\n<meta property=\"og:site_name\" content=\"Realty Talk\" \/>\n<meta property=\"article:published_time\" content=\"2018-05-06T15:00:28+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=\"13 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\\\/how-to-buy-a-property-before-auction-cate-bakos\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/how-to-buy-a-property-before-auction-cate-bakos\\\/\"},\"author\":{\"name\":\"rolanrush\",\"@id\":\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/#\\\/schema\\\/person\\\/384a57ac9e52cb9bf19896cb15eaa52d\"},\"headline\":\"How to buy a property before auction \u2013 Cate Bakos\",\"datePublished\":\"2018-05-06T15:00:28+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/how-to-buy-a-property-before-auction-cate-bakos\\\/\"},\"wordCount\":2602,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/how-to-buy-a-property-before-auction-cate-bakos\\\/#primaryimage\"},\"thumbnailUrl\":\"\",\"keywords\":[\"podcast\"],\"articleSection\":[\"Buying a property\",\"Kevin Turner\",\"Kevin's Update\",\"Latest Stories\",\"Property Investment\",\"Research\",\"Sponsored Channels\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/how-to-buy-a-property-before-auction-cate-bakos\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/how-to-buy-a-property-before-auction-cate-bakos\\\/\",\"url\":\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/how-to-buy-a-property-before-auction-cate-bakos\\\/\",\"name\":\"How to buy a property before auction \u2013 Cate Bakos - Realty Talk\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/how-to-buy-a-property-before-auction-cate-bakos\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/how-to-buy-a-property-before-auction-cate-bakos\\\/#primaryimage\"},\"thumbnailUrl\":\"\",\"datePublished\":\"2018-05-06T15:00:28+00:00\",\"author\":{\"@id\":\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/#\\\/schema\\\/person\\\/384a57ac9e52cb9bf19896cb15eaa52d\"},\"breadcrumb\":{\"@id\":\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/how-to-buy-a-property-before-auction-cate-bakos\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/how-to-buy-a-property-before-auction-cate-bakos\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/how-to-buy-a-property-before-auction-cate-bakos\\\/#primaryimage\",\"url\":\"\",\"contentUrl\":\"\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/how-to-buy-a-property-before-auction-cate-bakos\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"How to buy a property before auction \u2013 Cate Bakos\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/#website\",\"url\":\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/\",\"name\":\"Realty Talk\",\"description\":\"Your Trusted Voice For Property Investing. 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