Sydney Real Estate Tips and Tricks To Crush The Competition At A Property Auction

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Now if you’ve ever wondered how professional auction bidders manage to win auctions time and time again, it’s because we have a brief case full of battle tested strategies and in the next few minutes I want to share just a few of those with you.

Now research, and preparation are a must.
Do your homework to understand what price range the property is likely going to sell for by looking at recent comparable sales, understanding the current supply and demand for that type of property.
Be thorough with your research. For example, Is there development, or infrastructure planned nearby that will see an uplift in values?
It is safest to assume that the market knows everything, that other bidders are aware, and will price this in to their bidding.
You also need to gauge the momentum of the market- whether things are running hot, or purchasers are more conservative.

Some research you can do from your desk, by looking at RPData, reading local DA applications and council meeting minutes and recent sales results, for the rest you have to be on the ground, talking to local residents and business owners, and of course, attending local auctions in the weeks prior- to gather first hand evidence about the area.

You cant rely on the media or selling agents to give you accurate information.

Once you are confident of the price range you think your property will go for, there is NOTHING WRONG with making a pre auction offer, because the best way to win a property auction is to make sure the property never makes it to auction in the first place.

Sometimes a property cannot be negotiated prior, for example if it is for sale by the public trustee or is a contested deceased estate. Otherwise, put a convincing offer in because A known quantity and a guaranteed sale is always a temptation especially for a nervous seller.

Another important tip is to Confirm your lending capacity and finance! Let your broker know you’re going to auction, and what your max bid will be, so you can bid with confidence on the day.

Your maximum bid should be decided the day before at latest, and in your mind should be a number you believe will win the auction. You must plan to have the highest bid, rather than just hoping that no one else has the highest bid. Mindset is very important.

On auction day, plan to arrive ten minutes prior- just enough time to register and choose a position in clear view of auctioneer and other bidders.
Set your stage. Be well dressed. You’re there to win. So Look the part.

When you bid, speak clearly and confidently. Call each bid in whole numbers, and at your pace. For example it your bid is $2.79mil say $2,790,00 which is a nice reminder for everyone of the amount of money on the table. Choose your own bidding increments if the auctioneers increments are not to your liking, and if the auctioneer rejects your bid, thats ok. Take a breath and jump back in when you’re ready.

Every single auction is different, and different strategies will apply, so its a good idea not to plan to run with one strategy, but rather have a few plans rehearsed and ready depending on the day.
Depending on auctioneer and other bidders you may choose to bid early, or wait until the closing moments. Regardless, if the bidding does not meet the owners reserve, make your intention immediately known to auctioneer and selling agent that you wish to take part in post bidding negotiations.
Remember that if the auction does proceed to negotiation auction conditions still prevail and the sale will be unconditional.

Now one final tip, if you are not confident to bid- get someone to bid for you- a confident public speaker friend is fine, but for the best result and for a simple one off fee you can hire me to do your bidding and significantly increase your chances of walking away the winner on auction day.

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