Collings Real Estate, Edit

How To Bid at an Auction

March 29, 2021

Watch body language

Non verbal cues offer valuable glimpses into a rivals buying power. One of the biggest mistakes is not watching the competition whilst bidding for a property. Check for competition speaking to their family as it indicates that they’ve reached their limit. If such a buyer comes back with a desperation bid, immediately place a higher bid which will equate to a knockout blow to the other competitor.

Control the tempo 

The faster the bidding the more likely buyers are to go along with it and place higher bids. Bidding in odd increments forces the auctioneer to more challenging arithmetic therefor slowing down the bidding tempo. Starting a bid at an uneven amount is more likely to get the bidding going at lower price increments.

Bid confidently at the end

Bidding confidently at the start may send a message to competitors that your are willing to pay any price for the property. By waiting till the end of an auction you will be able to gauge who the real competitors are, and will be in a place of power over them due to the surprise of a new competitor.

Related read: Expert Tips for Winning At An Auction

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