Introducing Plans by UNO đ
Donât let anyone convince you that thereâs a âsurefire wayâ to come out on top at a property auction. Every auction is different, and finishing with the best final bid is part science, bluff, luck and performance art. Richard Wakelin has been in the property business for four decades. The Melbourne-based founder and director of Wakelin Property Advisory says that in all of that time he hasnât seen two auctions that were alike. âIâve done literally hundreds of auctions and theyâre all different,â he says. âYou have different styles of behaviour when it comes to real estate salespeople and auctioneers. You have different vendors. You have different demand, supply and demand issues. There are all sorts of different elements that sit around the business of bidding.â Wakelin says auctions can be a difficult place for the timid or inexperienced. âThe sad point is that no one ever tells them that theyâve paid too much or they should have bidded at a particular point in time,â he says. âOr they went and bought the wrong property. Instead they get greeted by a smiling friendly real estate agent who congratulates them and makes them feel better.â Assuming you have done your due diligence, properly assessed market sentiment and know that your finance is in place, what can you do to improve your chances of bidding successfully at auction? We asked two experts on both sides of the gavel â buyers advocate Wakelin and Sydney auctioneer Rocky Bartolotto â for suggestions to help you thrive in the auction cauldron:
âI think itâs great when a bidder walks up to me and introduces himself,â says Bartolotto, co-director of Property Auction Services. âThe auctioneer knows youâre there, and knows that you want to buy. I think itâs important even standing up the front â showing youâre not fearful and youâre there to buy this property. Youâre there to work with the auctioneer.â
âOne thing thatâs really important is to bid incredibly confidently,â Wakelin says. âLook like youâve got another $500,000 up your sleeve. Itâs important to be strong and assertive, not antagonistic or adversarial. You want to be absolutely firm and look like youâre the one whoâs going to buy the property now. If the property is going to be passed in, make sure youâre holding the highest bid because that gives you first right of refusal to negotiate afterwards and exclusively.â
Understand how to slow down or speed up the bidding or mix things up if you need to, Wakelin says. âItâs a case of knowing when to bid and when to change the bidding increments,â Wakelin says. âIf the auctioneerâs looking for bids of $10,000, we might cut it down to $5000 [price increments]. Ultimately we might cut it down to $1000.â Bartolotto thinks youâre likely to be better off coming into the bidding hard and early. âI think a great strategy is to open up the bidding and let the crowd know that youâre there to buy,â he says. âMost prospective buyers hold off, but when you make a bid it says to the others that youâre serious. But if youâre there to buy, it really doesnât matter if you bid at the start, the middle or towards the end ⊠that comes down to personal preference.â
Bartolotto says that some bidders choose to wait until the auctioneer says the property will âdefinitely be sold todayâ. This can be a mistake. âOccasionally a property doesnât get announced that itâs on the market â itâs not a must-do for an auctioneer to call this,â he says. âMost do. But some auctioneers at the start of their preamble say that theyâre not going to announce when the property is on the market.âI donât see any reason for buyers to wait for that moment to know theyâre playing for keeps. If youâre there to buy on the day, youâve obviously spent your money on research, solicitors, building and pest inspections. If you want to buy the property, just bid. I donât think thereâs any reason to âgame-playâ.â Book a call in with UNO
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