{"id":7360,"date":"2017-12-03T22:00:49","date_gmt":"2017-12-03T22:00:49","guid":{"rendered":"https:\/\/amazingproperty.com.ng\/blog\/is-it-better-to-have-someone-else-do-the-bidding\/"},"modified":"2017-12-03T22:00:49","modified_gmt":"2017-12-03T22:00:49","slug":"is-it-better-to-have-someone-else-do-the-bidding","status":"publish","type":"post","link":"https:\/\/amazingproperty.com.ng\/blog\/is-it-better-to-have-someone-else-do-the-bidding\/","title":{"rendered":"Is it better to have someone else do the bidding?"},"content":{"rendered":"

<\/p>\n

\n

Anyone can put their hand in the air, right? So why hire a professional to bid at auction?<\/strong><\/p>\n

According to one such expert, it\u2019s because buying real estate<\/a> under the hammer is much more complex than simply bidding. It can also be a scary prospect for many people, especially for those who\u2019ve never done it before.<\/p>\n

Melbourne-based buyer\u2019s advocate, Cate Bakos, says buying at auction requires carefully crunching data to settle on a limit, a clear auction day strategy, a cool head and even a bit of psychology.<\/p>\n

Cate Bakos explains the auction bidding process:<\/strong><\/em><\/p>\n

And as with any other life skill, practice makes perfect, so experience matters.<\/p>\n

So, she says, it makes good sense to hire someone who knows exactly what they\u2019re doing.<\/p>\n

Bakos says those who employ a professional to bid on their behalf generally fall into three categories\u00a0\u2013\u00a0<\/span>those afraid of public speaking, those who recognise they\u2019re out of their depth and people who are time-poor.<\/p>\n

\u201cWhy wouldn\u2019t you hire a professional who does it several times a week? Who knows all the tricks of the trade and has the ability to get a result?\u201d she asks.<\/p>\n

First comes setting a limit.<\/p>\n

\u201cAs a professional and experienced bidder, I always have a maximum figure established before I head to the auction,\u201d Bakos says.<\/p>\n

\u201cThe figure is based on a serious analysis of a property\u2019s features and merits, it\u2019s a combination of factors, including recent comparable sales, market sentiment, time of year and vendor motivation.<\/p>\n

\u201cI glean all information possible and then suggest a likely range to my client, so that a competitive limit can be set,\u201d she says.<\/p>\n

\"auction<\/p>\n

A professional bidder will figure out a maximum price with their clients. Picture: Getty<\/p>\n<\/div>\n

Bakos uses an \u2018X, Y, Z\u2019 pricing<\/a> approach with her clients.<\/p>\n

\u201cThe X figure is where it should sit, based on comparable sales data, Y is where you sit with competition and Z is the client\u2019s stretch figure,\u201d she says.<\/p>\n

On auction day, a professional will be armed with a plan and call on all their experience to read the crowd, to outwit and outlast them all.<\/p>\n

How to learn from auction mistakes:<\/strong><\/em><\/p>\n

\u201cAfter over a decade of auction experience and 800 auction bidding assignments, I\u2019ve learnt a lot about auction-bidder behaviour. Just because another buyer has a stronger budget, doesn\u2019t necessarily mean that they will be the winning bidder,\u201d she says.<\/p>\n

\u201cWhen I bid, I don\u2019t refer to my clients. I don\u2019t stop the auction. Nor do I take any liberties with additional bids over my approved limit. I bid strongly and strategically at the right moments, and my bidding increments are decided on at a moment\u2019s notice, while I digest the mood of the key bidders at the auction.<\/p>\n

\u201cIt is a game of confidence and strategy and the object of the game is to secure the property at or below the client\u2019s limit,\u201d Bakos says.<\/p>\n

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

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

Anyone can put their hand in the air, right? So why hire a professional to bid … Is it better to have someone else do the bidding?<\/span>Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":7361,"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":[1403,41,818,84,17],"class_list":["post-7360","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-opportunities-in-new-markets","tag-buy","tag-property","tag-real","tag-real-estate","tag-vendor"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/12\/auction-strategy_2000x1500.jpg?fit=2000%2C1500&ssl=1","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":7281,"url":"https:\/\/amazingproperty.com.ng\/blog\/how-to-bid-at-auction-over-the-phone\/","url_meta":{"origin":7360,"position":0},"title":"How to bid at auction over the phone","author":"Amazing Property","date":"November 29, 2017","format":false,"excerpt":"Mobiles are ubiquitous in modern life, so it\u2019s not unusual to see someone bidding at an auction on one. 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