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Top Tips for Buying at Auction in 2022

By Catherine Davey

Auctions are still the preferred method of selling for Vendors moving into 2022

Ray White Mount Papamoa and Mount Maunganui had a successful 2021 with 200 auctions called. With over 250 auctions under his belt for the year, Wayne Olver, our Auctioneer has put together his top tips for buying at auction.  The market is always changing, and Mr Olver along with the sales team can assist buyers in what best to do in this current auction climate.

Pre-auction preparation

Before auction day, make sure you have picked up a copy of the Auction Sale Contract. Your solicitor should check this and the property title. Double check your finance, you may be pre-approved – but does your bank want to check the house?

Don’t forget to get a builder’s report. Just as you would get a mechanical check when buying a car, you should have a trusted builder or inspection company check the house out.

Tell the salesperson you are interested! Properties can sell prior to auction day and you would want to have the chance to make an offer if it’s being sold prior.

Top 10 Tips for Auction Day

  1. Turn up early, relaxed and ready. Don’t run late finding a car park. You need to reduce your stress and at least look confident.
  2. Know how you’re expected to pay the deposit – Online Banking.
  3. Stay refreshed. Eat beforehand, have a drink with you. Depending on whether you attend the open home prior to the auction, or lengthy “in room” schedules and the negotiating process, you could be there for an extended period of time. You need to keep your energy levels up.
  4. Bid early even if you stop for a while. Your first bid is the hardest; it’s really a matter of breaking the ice. Remember with bids going up, the early ones are also cheaper!
  5. Have your game plan written down – where you expect to start and where your budget will stop you. While the auction is going, record the bids on your planning page. This will help you clarify whether you should bid again or not.
  6. If you’re still in budget, bid straight back against other bidders. Don’t hold the pressure with the auctioneer and everyone staring at you.
  7. If you’re going to call a bid, take a deep breath beforehand. Make sure you sound confident. You can bid by nodding, waving or calling out bids.
  8. Make sure you have a clear line of sight with the auctioneer. I’d suggest not sitting at the front or standing at the back. Stand to one side so you can see the auctioneer and all other bidders including those at the back of the room.
  9. Make sure you know who has the bid when the auctioneer is knocking the property down (selling it). Again, avoid standing at the back of the room, that’s where all the buyers stand. You don’t want to find he’s actually been pointing to the person next to you when you thought you had it!
  10. Talk to an experienced agent about bidding tips and techniques before the auction. You don’t want to miss out to another buyer because you didn’t have bidding experience or a bidding strategy.
Want to know more?

Contact your local sales person, or click on the photo and have a chat with Wayne Olver, the Auctioneer for Ray White Papamoa, Mount Maunganui, Whakatane and Ohope

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