Spring has long been a busy season on the Australia real estate market, and it was a popular time to bring houses to the auction and to attract bidders to offer their best price in real time.
For many Australians, the auction phase has been an environment with a high bet that can even feel daunting for seasoned buyers.
Competitive bidding, rapid decisions and emotional pressure often combine auctions to make one of the most difficult obstacles on the path to homeowner.
Especially for the first time buyers, experience can be overwhelming. But with the right preparation and a clear plan, auctions can be less intimidating.
We asked three experienced auction masters – Jellis Craig’s Ben Harrison and Sam Rigopoulos and Adrian Butera from Compton Green – to help buyers to navigate auctions this spring.
Preparation for an auction
Before bidding starts, successful buyers should have laid the foundation with a thorough preparation.
Mr. Harrison, partner and auctioneer at Jellis Craig Northcote, said it was important to stay calm and not to become overwhelmed by the auction process.
Auctions can be intimidating for many buyers from home, especially first buyers. Photo: Lisa Maree Williams/Getty
“Sometimes people can talk themselves from the auction process, so the first tip is to concentrate on the house you want to buy, not the process,” he said.
He said that buyers should do their homework, such as revising the contracts, speaking with agents about settlement conditions and locking a clear bidding strategy.
Mr Butera, director and auctioneer at Compton Green West, encouraged buyers to think about the mechanics of auctions themselves.
“Every auctioneer is different,” he said.
“Their calls are different, the way they explain a property on the market can be somewhat different.
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Ben Harrison of Jellis Craig said that buyers of Huizen should do their homework before the auction day. Image: delivered
“I would encourage every bidder to attend a few auctions, even if they do not offer, so that they can understand a really thorough example and see how auctions take place in that area.”
Mr. Rigopoulos, director and auctioneer at Jellis Craig Northcote, said that buyers should follow a more direct approach.
“If you love the house, cut the competition at the pass,” he said.
“Make a daring offer asked that the growth and depth of competing interest stifles – offer to buy, not just to participate.
National house prices have risen by 5.3% for the year until August, according to the last proptrack home price index. Photo: Getty
“Get familiar with the fact that buying means that you are willing to pay more than someone else who looks at it.”
Bidding during the auction
As soon as the auctioneer opens the bid, trust and speed are just as much as preparation.
Mr. Harrison said he even thought it was nerve -racking in himself, but said that strength in the delivery was crucial.
“If you hesitate between bids, it is just encouraging your competition to think that you are almost ready,” he said.
“It is a matter of showing strength and standing for a long time, strongly bid and offer quickly.”
Mr Butera said that buyers should be clear and decisive, warning against the reluctance until a property was explained on the market.
Adrian Butera from Compton Green encourages buyers to offer with confidence. Image: delivered
“We have seen examples where buyers were fighting and waited, but did not realize that the auctioneer might have passed it on to someone else, giving them the first right to buy the property in the reserve,” he said.
“If your goal is to buy the property, offer with confidence.”
Mr. Rigopoulos said that auctions ultimately come to perception and psychology as money.
“There are only two things that can influence an auction to your advantage,” he said.
“You just have more money to spend, or the competition thinks you have more money to spend.”
Sam Rigopoulos from Jellis Craig said that bidders should offer aggressively and quickly answer rival bids. Image: delivered
His advice was to project strength: aggressive, to quickly answer rival bids and present yourself as someone with deep pockets.
“Seasoned buyer lawyers is in a position that can see the whole crowd – they dress sharp, they look serious and they offer as if they no longer have steam,” he said.
After a failed auction
Even with the best preparation and a confident strategy, many buyers inevitably walk away empty -handed.
Dealing with that disappointment is just as important.
Harrison said it was natural to feel empty after a failed auction because buyers often invest a lot of time, energy and emotions in the run -up to an auction.
“It’s okay to mourn and it’s okay to be disappointed, but it’s not okay to stay in that mood for weeks in succession,” he said.
Mr Butera said that buyers should use the experience to show agents that they are serious contenders.
“Buyers must actively remind agents that they brought and missed them at the auction, and ask the agents to help them find another home,” he said.
Agents will rather hunt opportunities for bidders who had proven themselves at an auction, he said.
Mr. Rigopoulos agreed that proactive communication is important.
“I would send an e -mail or SMS to every important agent in your market, let them know what you missed and what you are looking for,” he said.
“We don’t always know who the bidders are on the market, so that proactive contact means that we might be able to place you in a house that we have.”
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