{"id":8816,"date":"2016-08-07T01:00:10","date_gmt":"2016-08-06T15:00:10","guid":{"rendered":"http:\/\/realestatetalk.com.au\/?p=8816"},"modified":"2016-08-07T01:00:10","modified_gmt":"2016-08-06T15:00:10","slug":"how-under-bidders-trip-themseles-up-shannon-davis","status":"publish","type":"post","link":"https:\/\/channels.realty.com.au\/realtytalk\/how-under-bidders-trip-themseles-up-shannon-davis\/","title":{"rendered":"How under bidders trip themselves up – Shannon Davis"},"content":{"rendered":"

 
\nIn property, as in life, there are no prizes for coming second. Just ask any auction under bidder \u2013 that is someone who has just missed out.\u00a0Shannon Davis<\/strong> will have a look at the vulnerability of the \u2018under bidder\u2019 and how that can lead to some disastrous decisions.
\n <\/p>\n

Transcript:<\/strong><\/h4>\n

Kevin:<\/b>\u00a0 As auctions become more and more popular around Australia, we are finding that you need to understand about the auction process and especially if you find you\u2019re in the position of being the under-bidder \u2013 you maybe just missed out \u2013 some critical areas where you could make mistakes in a scenario like this. Joining me now to speak from his experience, Shannon Davis from Metropole Properties.
\nShannon, what do you see are some of the big mistakes that happen in a situation like this?
\nShannon<\/b>:<\/b>\u00a0 I think the biggest vulnerability that buyers show is perhaps when they\u2019ve just been an under-bidder at an auction. Auctions can be stressful. The high-demand properties usually use that mode of sale, and when you\u2019ve missed out maybe once, twice, or three times, it can feel like the whole world is against you. Nothing pulls at a buyer\u2019s emotions just like an auction campaign and an unsuccessful one at that.
\nKevin:<\/b>\u00a0 We are seeing a number of people who are getting very frustrated with the auction process, missing out on a number of properties and finding that they just get to the end of it and they think, \u201cI\u2019m sick of this,\u201d and they end up almost making a snap decision on what could be the wrong property and even paying too much for it.
\nShannon<\/b>:<\/b>\u00a0 Definitely. I call that one the fed-up purchase. There has been a lot of buyer remorse with that. They\u2019ve missed out a few times and they\u2019re just probably too emotional and vulnerable to really be making smart long-term decisions at that point.
\nI think you need to know what price you want to go to and kick yourself that someone would buy it at that point. Once you have that point, stick to your limits and you need to shut it out after that. Preparation will bring you confidence, so the more you prepare, the more you\u2019ll know your values and missing out won\u2019t probably hurt as much.
\nKevin:<\/b>\u00a0 Very difficult, isn\u2019t it, for someone who really, really wants a property they love. You can see in some of these television shows where they actually go well above what they had planned to pay because they just don\u2019t want to miss out. That emotion, take that away and maybe have someone bid for you and make those decisions on your behalf.
\nShannon:<\/b>\u00a0 Yes, definitely. It can be a competitive experience. A lot of persuasion going on with lots of agents at that time, and you\u2019re being vulnerable to those urgings and maybe not going to make a sound long-term decision because you\u2019re just fearing the missing out. That\u2019s what really makes people overpay and perhaps even just buy a property that wasn\u2019t in their original objective.
\nKevin:<\/b>\u00a0 I know, as a buyer\u2019s agent, this is what you do all the time. This is your job, so you\u2019ll go and represent someone at an auction, you\u2019ll bid on their behalf, and you\u2019ve obviously established a limit with them before you go into that auction. From your experience, in a market like we have now, how many times would someone have to miss out on a property to secure the one that they want? Do you have any stats like that?
\nShannon:<\/b>\u00a0 Yes, I think you need to make sure you\u2019re looking at the right price range. If it\u2019s a very buoyant market, things are creeping up all of the time, so perhaps you have to put into check your expectation for what you\u2019re looking at and you might be looking at the wrong price bracket.
\nBut when we\u2019re representing people, we\u2019re looking to make our first bid our last. We\u2019re going to stick to our limits and we\u2019re looking to stifle the momentum of the auction because we\u2019re trying to do the opposite of what the auctioneer is doing. The auctioneer will start with the bargain hunters, then move up into the more genuine buyers, and then hit the real emotional buyers last and draw every penny out and pause and use lots of discussions to try to keep people on the hook.
\nWe don\u2019t want that to happen, so we\u2019re not looking to pinch it; we\u2019re looking to get it to a fair market price pretty quickly and walk away once their limits have been reached.
\nKevin:<\/b>\u00a0 As a bidder, do you use strategies to try to knock out some of the other bidders, come in with a big, powerful first bid? Do those sorts of strategies work, Shannon?
\nShannon:<\/b>\u00a0 A good first-off bid and every bid straight back out strong as the last and making sure that you have the body language and position in the auction to know where all your competition lays. The more questions and notes you can take on that, the better.
\nKevin:<\/b>\u00a0 Yes, I suppose you do also get to know the auctioneer. Do you find it easier to intimidate other bidders as opposed to intimidating the auctioneer?
\nShannon<\/b>:<\/b>\u00a0 We\u2019re doing this four or five times a week whereas other people are doing it four or five times a lifetime. An auctioneer is doing this four or five times on a Saturday, so really, it\u2019s hard to intimidate an auctioneer, but with bidders representing themselves, it can be a lot easier.
\nWhen you go to particular auctioneer\u2019s auctions, they all have little tells and tricks and words and phrases that they use. Over time, you get to know when it\u2019s on the market and getting close to its end.
\nKevin:<\/b>\u00a0 Thanks, Shannon. Always great talking to you, mate. Shannon Davis, of course, is a buyer\u2019s agent and he is the director of Metropole Properties. Shannon, thanks for your time.
\nShannon<\/b>:<\/b>\u00a0 No worries, Kevin. Any time.<\/p>\n","protected":false},"excerpt":{"rendered":"

  In property, as in life, there are no prizes for coming second. Just ask any auction under bidder \u2013 that is someone who has just missed out.\u00a0Shannon Davis will have a look at the vulnerability of the \u2018under bidder\u2019 and how that can lead…<\/p>\n","protected":false},"author":176692471,"featured_media":8818,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[6,32,10,11,13,36,17,25],"tags":[101],"class_list":["post-8816","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-buy-in-brisbane","category-buying-a-property-topic","category-kevin-turner-sponsored-channels","category-kevin-update","category-latest-story","category-property-investment-topic","category-property-investment","category-sponsored-channels","tag-podcast"],"yoast_head":"\nHow under bidders trip themselves up - Shannon Davis - 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-under-bidders-trip-themseles-up-shannon-davis\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How under bidders trip themselves up - Shannon Davis - Realty Talk\" \/>\n<meta property=\"og:description\" content=\"  In property, as in life, there are no prizes for coming second. Just ask any auction under bidder \u2013 that is someone who has just missed out.\u00a0Shannon Davis will have a look at the vulnerability of the \u2018under bidder\u2019 and how that can lead...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/channels.realty.com.au\/realtytalk\/how-under-bidders-trip-themseles-up-shannon-davis\/\" \/>\n<meta property=\"og:site_name\" content=\"Realty Talk\" \/>\n<meta property=\"article:published_time\" content=\"2016-08-06T15:00:10+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=\"5 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-under-bidders-trip-themseles-up-shannon-davis\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/how-under-bidders-trip-themseles-up-shannon-davis\\\/\"},\"author\":{\"name\":\"rolanrush\",\"@id\":\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/#\\\/schema\\\/person\\\/384a57ac9e52cb9bf19896cb15eaa52d\"},\"headline\":\"How under bidders trip themselves up – Shannon Davis\",\"datePublished\":\"2016-08-06T15:00:10+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/how-under-bidders-trip-themseles-up-shannon-davis\\\/\"},\"wordCount\":1047,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/how-under-bidders-trip-themseles-up-shannon-davis\\\/#primaryimage\"},\"thumbnailUrl\":\"\",\"keywords\":[\"podcast\"],\"articleSection\":[\"Buy in Brisbane\",\"Buying a property\",\"Kevin Turner\",\"Kevin's Update\",\"Latest Stories\",\"Property Investment\",\"Property Investment Topics\",\"Sponsored Channels\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/how-under-bidders-trip-themseles-up-shannon-davis\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/how-under-bidders-trip-themseles-up-shannon-davis\\\/\",\"url\":\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/how-under-bidders-trip-themseles-up-shannon-davis\\\/\",\"name\":\"How under bidders trip themselves up - Shannon Davis - Realty Talk\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/how-under-bidders-trip-themseles-up-shannon-davis\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/how-under-bidders-trip-themseles-up-shannon-davis\\\/#primaryimage\"},\"thumbnailUrl\":\"\",\"datePublished\":\"2016-08-06T15:00:10+00:00\",\"author\":{\"@id\":\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/#\\\/schema\\\/person\\\/384a57ac9e52cb9bf19896cb15eaa52d\"},\"breadcrumb\":{\"@id\":\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/how-under-bidders-trip-themseles-up-shannon-davis\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/how-under-bidders-trip-themseles-up-shannon-davis\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/how-under-bidders-trip-themseles-up-shannon-davis\\\/#primaryimage\",\"url\":\"\",\"contentUrl\":\"\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/how-under-bidders-trip-themseles-up-shannon-davis\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"How under bidders trip themselves up – Shannon Davis\"}]},{\"@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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