1. Head in with your documents pre-prepared
By now, you should have looked at your contract of sale, sought out legal advice, viewed the building and pest inspection (and any of your other checks and balances), undertaken any other required due diligence and prepared a cheque or other way to pay your deposit. There’s little time to do this on the day, so having all these things pre-prepared will go a long way to stop the last minute rush.
2. Engage an expert if you need the assistance
If you are concerned about bidding, then it may be worth contacting a buyer’s agent to assist you in the bidding process. Alternatively, you may decide that bringing a trusted mentor, friend, or acquaintance can assist you at auction.
3. Gauge the crowd ahead of time
Head to the auction early and gauge the crowd and the ‘vibe’ ahead of the start. This will help you think strategy and determine whether or not you may be contending against another buyer.
4. Know your highest price and do not waver
Before bidding, you should have determined the highest price you’re willing – and can afford – to pay. If you’ve made a thoughtful decision ahead of time, then this should enable you to set your limit on the day. If you do not make a researched judgment on the price then you may face overpaying in the heat of the moment. While it is debatable as to whether you should allow yourself to push a “few thousand” over your set price to get your dream home, it’s advisable that you determine a point to allow the property to go if it sails past your upper limit. Be strong as there is always another home.
5. Step back
Be confident and decisive when you are bidding, but if you find yourself getting caught up or confused then it’s time to quickly re-assess!!! GOOD LUCK!!