Veronica Morgan - Principal of Good Deeds Property Buyers and Co-host of Location Location Location Australia
Here’s some tips that will help you when bidding at auction. The first thing you need to do is set your limit in advance. Don’t go to an auction without knowing what your maximum bid is going to be. Don’t go over it, be really strict on that.
The second thing is to make sure you project confidence. You really want to show every other bidder in that place that you have deep pockets and that you are not going to stop. Now the reality is of course you are going to stop but don’t give the game away until you run out of money.
And the third thing is that the auctioneer will want to actually create a rhythm. They want to get you all biding certain amounts, with every bidder chiming in at certain times and they’re going to start big and get small until it’s smaller and smaller and smaller until the auction finally peters out. You can mix it up, you don’t have to follow their rules, you can actually bid bigger to scare someone else off or you can bid smaller than they’ve suggested. They can always reject the bid and then they’ll come back to you if nobody else wins. So don’t think you have to follow the auctioneer’s suggested bidding.
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