Buying at auction can be nerve-wracking, so knowing how to read other bidders can be a big asset.<\/strong><\/p>\n Rich Harvey, buyers\u2019 advocate and CEO of propertybuyer.com.au, says before auction day, buyers should do their research and prepare well.<\/p>\n \u00a0<\/p>\n Make sure you do your research and prepare for the auction. Picture: Getty<\/p>\n<\/div>\n \u201cThe first thing buyers need to do is do research about the property they\u2019re thinking of buying,\u201d he says.<\/p>\n \u201cLook at the most recent comparable sales data to get an understanding of what the ballpark sale figure will be. Talk to the agent, but understand the range quoted may be over or under, or bang on. You need to do your own research,\u201d Harvey says. The next task is ensuring finance is in place, he adds.<\/p>\n Only then should buyers turn their mind to auction day, Harvey says. It\u2019s vital to have an auction day plan, he adds.<\/p>\n Central to this is having a clear maximum bid.<\/p>\n \u201cWe advise people write down their maximum bid on a piece of paper, so it\u2019s there in writing and unequivocal. Don\u2019t have a range in mind or vague idea. A maximum bid is simple, as it\u2019s the amount you simply won\u2019t go over,\u201d Harvey says.<\/p>\n Make a plan and stick to it, he adds.<\/p>\n Need more auction tips? Start here:<\/strong><\/em><\/p>\n Get to the auction early and size up the opposition, Harvey advises.<\/p>\n \u201cIn New South Wales, you have to register for an auction, so you want to have plenty of time to do that. Then have a look around at who is there.\u201d<\/p>\n Harvey, who regularly buys at auction on behalf of clients, says he likes to position himself so he can clearly see the auctioneer and the other bidders.<\/p>\n Position yourself so you can clearly see the auctioneer and the other bidders. Picture: Pic Darren England<\/p>\n<\/div>\n \u201cSome buyers like to bury themselves in the back, in the shadows somewhere, but I like to be able to see what\u2019s happening and look confident,\u201d Harvey says.<\/p>\n Body language is one of the best ways to read other bidders, he says.<\/p>\n Crossed arms normally indicate the person is tense and wants to play their cards close to their chest, while someone with their hands in their pockets is usually more relaxed and can be one to watch, Harvey says.<\/p>\n Being able to see a bidders\u2019 eyes can also help, although many people wear sunglasses to avoid giving away too much, he says. \u201cThe eyes can really show peoples\u2019 emotions, whether that\u2019s nerves or something else.\u201d<\/p>\n Appearing relaxed, in control and with deep pockets should be the aim, Harvey says.<\/p>\n \u201cYou want to come across relaxed and confident and that you have all the money in the world to spend on the property.<\/p>\n \u201cI\u2019ve seen a bidder lying on the footpath, with a glass of wine, to give the impression they were relaxed about the whole thing. It didn\u2019t work, he didn\u2019t win the auction!\u201d Harvey says.<\/p>\n Video: Do you have your auction strategy game on?<\/strong><\/em><\/p>\n The pace of bidding, tone of voice, change to the value of bids and even how people, couples in particular, interact with each other can be telling too and help secure a property, Harvey says.<\/p>\n \u201cThere are lots of subtle things you can pick up on and exploit,\u201d he says.<\/p>\n Like anything, practice makes perfect, Harvey says.<\/p>\n \u201cBidding at auction is not something most people do very often, which is why they\u2019re not particularly good at it. Buyers\u2019 advocates do it week in, week out, so become pretty proficient. Taking the emotion out is the key part,\u201d he says.<\/p>\n To buy a property for under $1 million at auction, most buyers\u2019 advocate charge between $500 and $1000, but it can save buyers \u201ctens of thousands\u201d of dollars, Harvey says.<\/p>\n
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