{"id":7030,"date":"2017-11-09T23:00:15","date_gmt":"2017-11-09T23:00:15","guid":{"rendered":"https:\/\/amazingproperty.com.ng\/blog\/auction-tips-for-buyers\/"},"modified":"2017-11-09T23:00:15","modified_gmt":"2017-11-09T23:00:15","slug":"auction-tips-for-buyers","status":"publish","type":"post","link":"https:\/\/amazingproperty.com.ng\/blog\/auction-tips-for-buyers\/","title":{"rendered":"Auction tips for buyers"},"content":{"rendered":"

<\/p>\n

\n

Property auctions can be intimidating, especially for first-time buyers, so knowing what to do and what not to do is essential.<\/strong><\/p>\n

David Holmes, LJ Hooker\u2019s national auction manager, shares his advice.<\/p>\n

\"private<\/p>\n

Property auctions can be intimidating. Picture: Getty<\/p>\n<\/div>\n

Four top tips for a successful auction day\u2026<\/strong><\/p>\n

Be prepared<\/h2>\n

Holmes says pre-auction preparation is absolutely vital to success. Would-be buyers should talk to the selling agent, research comparable properties, decide on a strict price limit and commit to sticking to it, he says.<\/p>\n

\u201cOnce you\u2019ve inspected the property, know you have a connection and want it, ensure your finances are all sorted and your deposit is ready to go. If your bid is successful, you will be required to pay the deposit on the day,\u201d Holmes says.<\/p>\n

\u201cGet all the necessary inspections done before auction day too, because when that hammer comes down, it\u2019s unconditional, with no cooling off period,\u201d he adds.<\/p>\n

Don\u2019t let nerves take over<\/h2>\n

The biggest mistake many potential buyers make is turning up to an auction and not bidding because of nerves, Holmes says.<\/p>\n

\u201cIf you\u2019ve done your homework and know the market value of a property, put your hand up and bid, strongly and confidently. While it can be daunting, an auction is a genuinely transparent process, a negotiation that happens out in the open, with people who want to buy a property,\u201d he says.<\/p>\n

\u201cPeople can have real peace of mind that they\u2019re not paying, say $50,000 over the market value, because it\u2019s all done in public.\u201d<\/p>\n

Think about your body language<\/h2>\n

At an auction, it\u2019s also important to appear confident, Holmes says.<\/p>\n

\u201cYou need to look confident and essentially, like you have very deep pockets, like you can bid all day long, to deter your competition,\u201d he says.<\/p>\n

\"worried<\/p>\n

Don\u2019t let your body language show how nervous you are. Picture: Getty<\/p>\n<\/div>\n

\u201cDon\u2019t be on the phone or looking like you\u2019re out of your depth or stressing out, as other bidders will be able to sense that. Appear very, very confident, put your hand straight up with a decent bid and you\u2019re half-way there,\u201d Holmes says.<\/p>\n

Don\u2019t be \u2018invisible\u2019<\/h2>\n

\u201cAs an auctioneer, I always go and meet the potential buyers before an auction, to ensure they\u2019re aware of the relevant legislation and terms and conditions. There\u2019s no point trying to hide up the back and not talk to the auctioneer and agent staff,\u201d Holmes says.<\/p>\n

\u201cIf you\u2019re keen, polite and courteous from the get-go, the auctioneer will be more likely to engage positively with you too.\u201d<\/p>\n

\n <\/p><\/div>\n

Realestate au <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Property auctions can be intimidating, especially for first-time buyers, so knowing what to do and what … Auction tips for buyers<\/span>Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":7031,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"jetpack_seo_schema_type":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[4],"tags":[695,4906,1403,4907,12908,543,3021,41,818],"class_list":["post-7030","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-opportunities-in-new-markets","tag-agent","tag-auction-tips-for-buyers","tag-buy","tag-car-auction-tips-for-buyers","tag-home","tag-home-buying-guide","tag-private-sale","tag-property","tag-real"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/11\/private-sale-vs-auction_800x600.jpg?fit=800%2C600&ssl=1","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":6858,"url":"https:\/\/amazingproperty.com.ng\/blog\/auction-tips-how-to-read-bidders-at-auction\/","url_meta":{"origin":7030,"position":0},"title":"Auction tips: How to read bidders at auction","author":"Amazing Property","date":"November 1, 2017","format":false,"excerpt":"Buying at auction can be nerve-wracking, so knowing how to read other bidders can be a big asset. Rich Harvey, buyers\u2019 advocate and CEO of propertybuyer.com.au, says before auction day, buyers should do their research and prepare well. \u00a0 Make sure you do your research and prepare for the auction.\u2026","rel":"","context":"In "Opportunities In New Markets"","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"Research Buying Homes 800x600.jpg","src":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/11\/research-buying-homes_800x600.jpg?fit=800%2C600&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/11\/research-buying-homes_800x600.jpg?fit=800%2C600&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/11\/research-buying-homes_800x600.jpg?fit=800%2C600&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/11\/research-buying-homes_800x600.jpg?fit=800%2C600&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":7192,"url":"https:\/\/amazingproperty.com.ng\/blog\/top-tips-to-up-your-auction-game\/","url_meta":{"origin":7030,"position":1},"title":"Top tips to up your auction game","author":"Amazing Property","date":"November 22, 2017","format":false,"excerpt":"Leading buyers advocate Cate Bakos explains how to nail an auction as a buyer. 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