5 Mistakes to avoid at auction

The First Home Guidebook

There’s no question that the idea of bidding at an auction is pretty daunting - especially for first home buyers! As a professional bidder, I often see a lot of confusion amongst buyers around how much to bid, when to stop and how to keep track of the numbers.

Today, I’m taking you through 5 mistakes to avoid at auction to ensure your experience isn’t so stressful, and to help you approach the process with much more confidence.

One of the mistakes that I believe is most important to avoid is failing to set your auction bidding limit before the bidding starts. It's easy to think you know your limit, but when the heat of the moment arrives, decisions can get hazy. I talk about doing the prep work beforehand to determine your absolute walkaway price, so that you can bid confidently and stick to your limit without remorse.

Mix-ups can happen to even the savviest bidders. During auctions, people can often lose track of where the bid is up to. This can be especially nerve-wracking if you’re an inexperienced bidder. However, I explain how taking a moment to clarify things with the auctioneer is perfectly fine, and super important if you want to stay in the game.

While there are some great strategies to give yourself an edge at an auction, overthinking things can lead to unnecessary stress and confusion. For example, I’ve seen many people wait until the last minute to bid. While this might seem like a smart move, it sometimes means they’re too late and end up missing out. I discuss how coming prepared and in turn trusting yourself will put you in the best position possible.

Another mistake I see buyers make is not being prepared for pass-in scenarios. This can be quite stressful if, for example, the property passes in to you and there’s pressure for you to make a quick decision. I run through how this process works, and share my advice on creating a strategy should you find yourself in this high-pressure situation.

Ultimately, there is a bit of psychology at play during auctions. It’s completely fair that you might feel too nervous or second-guess yourself when it comes to making bids. That’s why I recommend turning to professionals or someone you trust to do the bidding for you. There’s no shame in reaching out for help, and if outsourcing is your best chance at success, then there’s no reason to hesitate.

I hope this episode is a helpful guide and helps you step out with confidence if you’re planning to attend an auction any time soon!

LINKS:

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Connect with Amy:

Website: www.thefirsthomeguidebook.com.au

Instagram: @amy_lunardi_property