Auctions are daunting for most people, especially for first time buyers. Even for those who aren’t fazed by a large crowd or public speaking can be crumble under auction conditions
At VARO, we believe in providing our potential auction purchasers with sound advice in preparation for auction day that will not only give you that competitive edge but help you avoid making any costly mistakes.
What’s Your Limit?
Success on auction day can be as simple as having a solid idea as to what the property is realistically worth. However many buyers get hung up on their fine tuning their bidding strategy that they forget to consider the likely selling price on the day.
Being this prepared allows you to consider a reasonable ‘stretch price’ before the auction and prevents any on the spot thinking or getting carried away with your bidding.
Once you’ve decided on a firm price that you’re willing to pay, you can then prepare for the excitement of auction day. Keep in mind that the auction process can have a significant emotional toll particularly for those who feel anxious at even the thought of an auction.
Cool, Calm and Collected
It might be as simple as to avoiding caffeine, eating a big breakfast or carefully selecting the right person to accompany you and you can ease both the physical and emotional impact of a process that can otherwise be quite stressful.
Controlling any nerves and appearing to bid with total confidence is important but the real skill is being able to pick up on other bidders body language cues (which can be very powerful.) A nervous buyer – especially one who is approaching their bidding limit – will be obvious to an experienced bidder.
Keep a look out for signs of agitation, anxiety and last minute budget discussions as they can give you a valuable hint that an opponent is running out of strength and more importantly money.
The majority of buyers are so unprepared for the intensity of auction day that they opt out of bidding process entirely even though they may have a reasonable budget.
You’ll find that the success buyer will often be calm, strong and hard to read.
Dressing to Impress
When a bidder feels confident, they appear confident. From heel, jeans, sneaker or a suit, wearing something you feel great in can give you that extra confidence boost that you need on auction day
Sporting a pair of dark sunglasses can increase your courage and lets the bidder glance at the entire auction crowd.
Bid Loudly, Boldly & Quickly
No auction strategy quite matches that of a firm bidder, who intentionally positions themselves in the middle of the crowd in clear sight of the auctioneer, and throws out clear fast-paced bids.
Making the opening bid with a suitable amount will also assert confidence and control at the auction. There is some truth to the notion that the first bidder is usually the successful buyer at the end of the day.