Going to Auction this weekend...
- Thread starter LoneWolf
- Start date
Pay more than anyone else at the auction 
guaranteed winner!
Haha but realistically unless emotions gets involved that all it comes down to.
Someone isn't going to stop bidding below their maximum ceiling because you have used some sort of tactics.
Could be the case if it's closer to the max.
Just bid with confidence
guaranteed winner!Haha but realistically unless emotions gets involved that all it comes down to.
Someone isn't going to stop bidding below their maximum ceiling because you have used some sort of tactics.
Could be the case if it's closer to the max.
Just bid with confidence
So tracksuit or not?
Pay more than anyone else at the auction
Quoted for truth.
In Sydney metro depending on suburb, I would say 15% above price guide. Some agents are sneaky, they know the place will def go over 600K or the reserve is above 600K but they still advertise a price guide of 520K.
I don't think it's sneaky at all. End of the day they still have a low reserve. They are trying to get the best price for their vendor, if that means having a low reserve so be it... It could mean that the property is sold cheap.
But it won't happen like that as most people do DD before an auction to see what it's worth. I prefer auctions without a price guide when buying.
Make one bid early on, but not first or second. It indicates to others that you are serious. Then don't bid again till it's getting near the end.
If any of the agents are buzzing around your ear, swat them like you would a fly. Tell them to urinate off.
Make your bids loud and clear. Don't say four fifty, say Four hundred and Fifty thousand dollars.
Yeh trackie it, too cold for a mankini.
I am going to be bidding at an auction this weekend so this is good timing.
I have never actually bid before (one auction I would have it went higher than my max before I got involved) but have tried to attend as many as possible to get a better idea.
But in the meantime I have a lot of unsubstantiated thoughts on the subject!
While ultimately it's whoever will pay the most for the property, the winners highest bid may be over the limit they set for themselves at the start of the auction.
If everyone was cool and collected (like us investors) and had a hard maximum bid the auction would be quick and clean.
It's why I love bid snipers for online auctions. You eliminate the option for people to get emotional about their maximum bid and increase it. I have seen many online auctions where buyers just keep upping their maximum, because they think a win is just $1 away.
I think (to a lesser extent perhaps) the same thing applies to house auctions. I know a friend who had a hard limit on a property but on the day he was sure he could get it for a little more and talked himself into raising his maximum. (he got it in the end too)
So I think you want to try and discourage other bidders from making emotional bids above their maximum. I think there is little you can do to stop someone bidding to their maximum, but if you can stop them thinking they can win by going over budget then that could help.
But how best to do that? I don't know....
Most of the advice in here and such threads seems to sum up what I think. Bid with confidence. Don't let other bidders know when you are close to your limit. Bid late and aggressively / confidently to give them less time to talk themselves into increasing their maximum.
I'll report back on how this works out for me...
I have never actually bid before (one auction I would have it went higher than my max before I got involved) but have tried to attend as many as possible to get a better idea.
But in the meantime I have a lot of unsubstantiated thoughts on the subject!
While ultimately it's whoever will pay the most for the property, the winners highest bid may be over the limit they set for themselves at the start of the auction.
If everyone was cool and collected (like us investors
) and had a hard maximum bid the auction would be quick and clean. It's why I love bid snipers for online auctions. You eliminate the option for people to get emotional about their maximum bid and increase it. I have seen many online auctions where buyers just keep upping their maximum, because they think a win is just $1 away.
I think (to a lesser extent perhaps) the same thing applies to house auctions. I know a friend who had a hard limit on a property but on the day he was sure he could get it for a little more and talked himself into raising his maximum. (he got it in the end too)
So I think you want to try and discourage other bidders from making emotional bids above their maximum. I think there is little you can do to stop someone bidding to their maximum, but if you can stop them thinking they can win by going over budget then that could help.
But how best to do that? I don't know....
Most of the advice in here and such threads seems to sum up what I think. Bid with confidence. Don't let other bidders know when you are close to your limit. Bid late and aggressively / confidently to give them less time to talk themselves into increasing their maximum.
I'll report back on how this works out for me...
Thanks for the tip!! Very useful
Will do this and say it out loud (FOUR HUNDRED AND FIFTY THOUSAND, AND I WILL HIGHLIGHT <DOLLARS>)
I attended an auction a few weeks ago on my street. Turned up with a grumpy toddler in the pram and I'm sure I looked like I needed a few hours sleep. There was a fair crowd and so I hung back with the neighbors. Even though I had a bidders card everyone seemed surprised when I made a few bids. At that point I got the annoying agent whispering me 'advice' on how to bid at auction and that while my bids were interesting numbers they wouldn't win me the auction. I politely let him know I didn't need his help.
I tend to watch the first few bidders have a go and if things get quiet I throw in a bid about 5-7k higher. I tend to give odd numbers rather than giving the auctioneer 5k increases. I always have a limit in mind and may go a few K over but that's it.
Good luck!
I tend to watch the first few bidders have a go and if things get quiet I throw in a bid about 5-7k higher. I tend to give odd numbers rather than giving the auctioneer 5k increases. I always have a limit in mind and may go a few K over but that's it.
Good luck!
Won an auction recently with my brother in law.
Agent came around like a fly around poop once we started bidding.
Said to us "Thats some strong bidding", "Whats you're limit" We were both thinking - as if we're going to tell you our limit you idiot.
Brother in law turned around and said "We"re alright champ" and continued on our conversation and ignored him. To scare the agent away, I think my brother in law started telling me he really needed to take a dump and decided to go into more detail - how it feels likes is an explosive one and just plain disgusting nasty stuff, maybe thats why the agent decided to leave us alone after hearing that
Main thing is to get rid of the agent - you've got your limit stick to it. Otherwise agents will be in your ear saying crap like "make a strong bid and knock them out" , "good work", "just another five thousand should do it" , 'we're nearly there"
You'll be surprised how well that actually works on people especially when they are emotional. The tactic is designed to mess with your head so you can't think straight. All they need is one out of the two bidders to not think straight and keep throwing stupid bids to up the price. If they can get get all bidders to not think straight you can imagine how wild the price would go.
Agent came around like a fly around poop once we started bidding.
Said to us "Thats some strong bidding", "Whats you're limit" We were both thinking - as if we're going to tell you our limit you idiot.
Brother in law turned around and said "We"re alright champ" and continued on our conversation and ignored him. To scare the agent away, I think my brother in law started telling me he really needed to take a dump and decided to go into more detail - how it feels likes is an explosive one and just plain disgusting nasty stuff, maybe thats why the agent decided to leave us alone after hearing that
Main thing is to get rid of the agent - you've got your limit stick to it. Otherwise agents will be in your ear saying crap like "make a strong bid and knock them out" , "good work", "just another five thousand should do it" , 'we're nearly there"
You'll be surprised how well that actually works on people especially when they are emotional. The tactic is designed to mess with your head so you can't think straight. All they need is one out of the two bidders to not think straight and keep throwing stupid bids to up the price. If they can get get all bidders to not think straight you can imagine how wild the price would go.
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