Chief auctioneer’s tips for first-time bidders
Buying at auction can be daunting even for old-hands, so for unexperienced bidders or first-timer’s, going in blind is not recommended.
With activity in the property market increasing and predicted to rise in the coming months, it’s important buyers bring their a-game.
Chief auctioneer with Ray White Queensland Mitch Peereboom has revealed his top tips to be competitive at auction, and it starts long before the bidding itself.
“When looking at property, regardless of whether its auction or private treaty, preparation is very important,” Mr Peereboom said.
“Get your finance organised, know how much you want to spend, know your limit, and make sure you have good open dialogue with the bank because when it comes time to make an offer — if you’re offer is unconditional (no finance clause because you’ve been approved), that offer is significantly stronger.”
“Your offer is more likely to be considered by the vendor because of the favourable terms for the seller — so it puts you in a stronger position when negotiating.”
New development wired up for the future
House of the Week: Beauty by the beach
He also highlighted the importance of buyers doing their due diligence in terms of research, and inspections pre-auction.
“Do pest inspections, valuations, council searches, and approach that proactively to make sure when you get to auction, you can bid knowing that you’ve done everything you needed to.”
Being prepared and informed will ultimately make buyers confident to bid, which Mr Peereboom says is a huge advantage in securing the property.
“By being in a position to participate at an auction, you’re putting yourself at a much higher advantage than those who aren’t prepared.”
“Some buyers will wait to see what other bidders do on the day but ultimately the property will never sell unless there’s an offer on the table that the seller would accept.”
“There’s no point in waiting, because if you bid confidently you’re going to send a message to the other buyers that not only are you going to buy the property, but you’re confident in its value.”