Auction Day Checklist

Auctions can be emotion fuelled and unpredictable affairs. Some are fast-paced and fiery, whereas others can draaaaggg onnnn for what seems like forever with all bidders playing the long game, not moving a muscle for minutes on end. It is easy to get swept up in the adrenaline of auction day, so below are some things to ponder before putting your paddle up:

  • It might be useful to attend a few auctions as an onlooker prior to the one that you plan to bid at. Familiarising yourself with the process and observing how different auctioneers and bidders behave may help you to feel more relaxed come auction day, and equip you with a few different bidding strategies.
  • Each state has different rules and regulations regarding property auctions e.g., some states require you to register for auctions, and others do not. Be sure to read up on the requirements of your state or territory before attending the auction.
  • Arrive slightly early for the auction so that you can walk through the property one final time, secure a prime spot amongst the crowd and mentally prepare yourself. If you arrive flustered at the very last minute, you might not be in the right headspace to execute your bidding plan.
  • Know your price limit and stick to it. It can be quite easy to get carried away in a bidding war, especially if you have become emotionally attached to a property. But if you have done your homework, you will have a fair idea of what the property is worth to you. If you have pre-approval, then you will know what your approximate borrowing capacity is, so always keep that figure (or a smaller figure if you don’t think it’s worth your maximum budget) at the forefront of your mind.
  • Position yourself so that you are in clear view of the auctioneer, to ensure that he or she can see you when you raise your hand / paddle.
  • Auctioneers can sometimes try to play on the emotions of bidders. After all, it is their job to try and get the highest possible price for the vendor. Try to ignore the auctioneer’s theatre and don’t allow them to pressure you into bidding.
  • When you do decide to bid, remain calm and project confidence.
  • SHARE

Disclaimer:

This article is written to provide a summary and general overview of the subject matter covered for your information only. Every effort has been made to ensure the information in the article is current, accurate and reliable. This article has been prepared without taking into account your objectives, personal circumstances, financial situation or needs. You should consider whether it is appropriate for your circumstances. You should seek your own independent legal, financial and taxation advice before acting or relying on any of the content contained in the articles and review any relevant Product Disclosure Statement (PDS), Terms and Conditions (T&C) or Financial Services Guide (FSG).

Please consult your financial advisor, solicitor or accountant before acting on information contained in this publication.