How to Properly Prepare for an Auction

Author
YNM Real Estate
Date
19 December 2021
Category
News

Property auctions can be filled with anxiety – as a buyer, it’s important to be prepared with a game plan and strategy. Here are our top tips to be prepared for your next auction:

  • Secure approval for finance

Before your search begins, be sure to properly secure approval for finance. By getting this pre-approval, you know what your true borrowing power is.

  • Get a good feel for the crowd

On the day of the auction, it's important to have a good look at the crowd around you. It will give you a good idea of the type of buyers – those who’ve had auction experience and those who are new to the game.

  • Get comfortable at auctions

If you are planning on purchasing via an auction, then visit a few as practice runs. This will give you a good feel of the process, how bids are made, how different auctioneers run bidding and the different strategies of different bidders.

  • Do your research

Find out what has been sold in the area and for how much. Get a good idea of the location and the local property trends – by knowing more it will give you confidence on your bidding strategy, your max bid and the market value of the property. Auctions can quickly get out of hand – and its common mistake for first time bidders to quickly bid over market value.

  • Have a clear end goal in mind

Go into the auction with a clear bidding strategy in mind. This means, amongst other things, having a final bidding figure – which you will not go over. A clear end goal will also help you have confidence when bidding against fierce competitors.

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