Our Top 6 Tips for Bidding at an Auction

View our top tips for bidding at auctions below: 

1. Our number 1 tip is to attend other auctions and familiarise yourself with the auction process. See how auctioneers work and begin to understand the procedures, rules and regulations. Take the opportunity to look at some of the strategies being employed by other bidders. Importantly, attending other auctions will assist in building confidence and allow you to feel very comfortable with the process
2. Before arriving at the auction do your homework; research market conditions and property prices in your area then set your price limit and be prepared to walk away once bidding exceeds it. When at the auction, keep a cool head and stick to your budget
3. In some cases, it may be best to send a representative to bid in place of you. For example, if you feel that you may be emotionally caught up with the property or the process, sending someone in your place can eliminate the possibility of you bidding too much by getting caught up in the moment. You could send a family member or friend who has experience with the auction process
4. Bid with confidence. This will allow you to take control of the auction and may give you a psychological advantage over the other bidders. 
5. Understand the rules of an auction. The real estate agent is required to provide a copy of the Bidder’s Guide prior to the auction and to also have clearly visible a list of the auction conditions. This guide contains important information including how to register, the reserve price and what happens if you are the successful bidder.
6. Proof of identity. Remember that if you are bidding you must bring proof of identity showing your name and address. Note, this identity must be issued by a government authority or financial institution.

For more tips, you can also view the Savills Cordeau Marshall short video on How to Bid at an Auction.