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Buying a home

How to bid at auction - The Auction Advantage Ep 3

15 August 2018

Nicole Jacobs, buyers advocate for Channel Nine's The Block, presents The Auction Advantage: tips to help you understand the auction process.

So you’ve done your research and you’re fully prepared for auction day. You know your bidding limits, and you’ve practised negotiating. Nicole’s got 5 key tips on what you can do to win on auction day.

5 tips to win an auction

  1. Know your strategy before you turn upHave your budget written down and know where you need to be on the day. You don’t want to be on the phone trying to find more money during the auction, as it sends a bad signal to other buyers that you’re about to reach your spending limit.

  2. Be non-emotional and confident
    Try not to express your emotions during the auction and be confident when you make a bid. This shows other buyers that you’re serious and know what you’re doing.

  3. Stand in a really prominent position
    Find a spot in the room where you can see everyone and everyone can see you. This will help you to observe the verbal and non-verbal cues of other bidders.

  4. Listen to the increments the Auctioneer is asking for
    This is crucial. The auctioneer will often nod at you after you make a bid to confirm that you agree to the amount. If you’re in a bidding war with another buyer, it may only be in increments of $1000, which could be the difference between winning and losing.

  5. Take the lead
    If you only want to bid in smaller increments, ask the auctioneer. They are trained to get the most money for their vendor, so don’t let them guide you through the process. You’re in control and can take the lead when it comes to making a bid and negotiating.

 

Visit the Home Buying Guide for more tips

 

Ready for the next step?

Nicole takes you through how to bid at auction and what to do when it comes time to negotiate.

 

Nicole Jacobs

Nicole Jacobs is founder and director of Nicole Jacobs Property and a licensed REIV estate agent. Nicole is passionate about helping people find their dream property and regularly appears on Channel Nine’s The Block as a buyers advocate. With nearly 20 years business experience, Nicole is a big supporter of women in real estate and empowering them to achieve their goals.


Information is intended to be of a general nature only and any advice has been prepared without taking into account any person's particular objectives, financial situation or needs. You should make your own enquiries, consider whether advice is appropriate for you and read the relevant Product Disclosure Statement or Product Information Document before making any decisions about whether to acquire a product

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