Are you usually nervous at property auctions? If yes, then you are not alone. Even the most experienced bidders are at times nervous.
In its simplest form, auctions should be a fair game where the person with the most money and the intention to buy will end up with the highest bid. That doesn’t happen in reality. In the real world, auctions are a lot like poker. People get intimidated, there are perceptions and false notions, there is some smart strategizing and influencing your competition to make your way to the highest winning bid.
If you have a good agent then he or she will be there to offer you optimum support, but you too should prepare yourself for a showdown. Here are some tips that can help you to outbid your competition at auctions.
- Always dress right for the auction. If you are prepared for the event and you manage to impress others, then you would have a pleasant foundation for your bids. People judge others by how they look or present themselves. Wearing a great suit, having an impression that you are loaded with cash, driving a fancy car to reiterate your riches and having an assertive attitude that you mean business will intimidate a lot of people. Some seasoned bidders will not be affected but you can dilute the influence or even the intent of amateur bidders. Less competition means you would get to purchase properties at better prices.
- Be proactive before and during the bidding process. Be engrossed in the literature or the information supplied to you. Focus on people and keep observing them. Ask a question or two before the auction begins which will establish you as a key player and not just another random bidder. As you establish that you mean business and you know a lot, or at least more than some of the others, many people will fret to go up against your bidding.
- Be ready to trump others with a bit of unexpected bidding. If you plan to go up to a certain amount for a property and you are substantially off the mark when someone else raises your bid, you can raise your bid to your maximum amount without thinking of increasing it by five or ten grand depending on the other bid. This will immediately trump the other bidders. It will be your last bid but it will also be the winning bid as others pull out. These are known as knockout bids.
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