Can anyone recommend any tactics that may be used to try and secure a purchase at auction??
Maybe a bidding strategy? Or any other tactic?
Someone suggested loudly talking about a termite infected floor board they just saw….not nice, but hey….
I am also curious if anyone can recommend any suggestions on anything that could be used as extra bargaining power at an auction-for in the situation where it comes to negotiating with the vendors??
Someone suggested bargain for some furnishings.Anything else?? Even any conditions to bargain with??[biggrin]Peter SPANN has some classic auction techniques..haven’t read much about tactics from anyone else..
Too long to go into details here, you may be able to find his info somehwere though?REDWING
“Money is a currency, like electricity and it requires momentum to make it Effective”
Count The Currency With This Online Positive Cashflow CalculatorDon’t bid on the property until it is on the market all you are doing is driving the price up, After very bid yell out is the property on the market yet , if the property has not yet reached the reserve this will put pressure on people to stop bidding , after all why would you bid on a property that is not yet for sale, remember it is only for sale once it has made the reserve price.
If the property hits the reserve price and you want to bid walk right up to the autioneer stand 1 metre away from him put your hand high in the air and don’t pull it down the bid will always come back to you and this scares people they think you are crazy and they stop bidding. Thios is a tacktic I use and I have had people (complete strangers) ask me to bid on propertys for them when they have seen me in action. I have even bidded on propertys for other real estate agents .
Monopoly, my favourite game
I have read that even if the property hasn’t reached reserve & it about to be passed in you should make a bid so u have first right of negotiation with sellers? What do people think of this? I am going to bid at auction tomorrow – scary.
Leave all sense and sensibilities at home when you go to an auction. The auctioneer and his agents peppered in the crowd are trying to create a farcical show where you the bidders are their puppets. Upset their routine.
Bid as you see fit….all of this “I’ll take your 10 thousand bids.” is a complete crock – slow it right down, bid in ‘000’s, not 10’s…if you embarrass easily or have a whole bunch of social graces learnt and really care what people think of you, whatever you do don’t go to public auctions and bid.
You’ll spend many many thousands extra just so you don’t commit the mortal sin in your eyes of embarrassing yourself in front of complete and utter strangers….who cares…give it a fling…the worst that can happen is you don’t get it.
Just remember that the auctioneers have all gone to school and learnt every trick in the book and probably have years and years of dealing with ‘difficult’ bidders….your shenanigans will be small fry to them, get stuck into them. It’s a drama and they are trying to create some drama and pent up emotion…defuse the situation and play your own tune, see what happens.
I like to stand at the back of the room so the other people bidding can’t see me.
resiwealth
The most time effective method is (for me):
1. Know your limit for the property.
2. Have a low end and a high end price (high end being your limit).
3. Start by going straight to the low end price.
4. If someone bids against you, go to your half way price then your limit.If anyone out bids, they just paid too much.
This only works if you choose your limit well and make a reasonable assessment of the price. Never go to an auction thinking you’ll get a major bargain. People generally wont sell for way below market, if they do you may well have bought a lemon. So research is important.
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