Whether you’re thinking of buying real estate in Australia or New Zealand, you might find yourself after a property that is only selling through auction.
Auctions differ very greatly from private treaty sales, in that they involve a few more different angles that you have to consider. It’s not just a negotiating table where interested buyers are weighing up their finances with how much they want the property. From the moment the auctioneer asks for the first bid, it’s a head-to-head competition that involves not just numbers, but strategy and patience.
Statistics from CoreLogic and QV show that there is a shortage of housing in key cities across both of these countries, such as Melbourne, Sydney and Auckland, with prices escalating immensely over 2015. Thanks to this soaring demand, the auctions you attend could be intense affairs that result in all-out bidding wars.
With this in mind, there are all kinds of factors that can influence the way an auction can go. One that many people don’t consider or can underestimate is the effect that personal presentation can have. Standing out and setting yourself apart could make the difference between winning that property for sale and walking away disappointed.
You make your first impression in seven seconds, and it’s almost impossible to alter this once it’s set in people’s minds.
The way you’re dressed is the very first thing bidders see when they look at you. According to Anna Pitts from the Graduate Recruitment Bureau, you make your first impression in seven seconds, and it’s almost impossible to alter this once it’s set in people’s minds. Use this to your advantage.
When you show up at the auction, dress up as sharply as possible. This will give off an air of confidence and lend the idea that you may be an investor or powerful buyer with deep pockets.
Other potential buyers may be intimated or discouraged from bidding against you, feeling that they may have no hope to win. Doing this will give you a slight psychological edge right from the get go, all the way until the hammer falls.
When it comes to bidding for a home for sale, stand tall and boldly, and when you bid, use a strong voice.
When it comes to presenting yourself, the way your body moves speak volumes about your determination to win. When it comes to bidding for a home for sale, stand tall and boldly, and when you bid, use a strong voice.
“Look like you are going to own it, and make it look like you’re going to bid all day long,” says Wayne Maguire of Ray White Mission Bay in a July 8 New Zealand Herald article. No one really wants to go head-to-head against someone who seems experienced, driven and knows what they are doing.
Furthermore, Mr Maguire suggests standing half way down the room on the side so that you can see both the competition and the auctioneer. Not to mention, everyone can see you, ensuring that your presence is felt through the entire process. This, again, plays a part in enforcing your dominance during the auction.
We understand that this is a lot to think about when you consider all the other variables you’ll have to keep in mind. Furthermore, not everyone will be suited for the fast-paced, heat-of-the-moment nature of auctions. In this situation, it might not be a bad idea to have your agent bid on your behalf.
Ray White agents are always presentable, knowledgeable and confident bidders on auction day, and are great at exercising all these tips. This means they’ll know all the tricks and techniques in the book to ensure that you have the best chance at getting the property you want at the best price possible.