Three tips for bidding at an auction

Auctioneer Alec Brown of Ray White Canberra shares his tips for bidding at a property auction.

Transcript

00:00 (upbeat music)

00:02 Number one, it's about being prepared.

00:07 It's having a pre-approval in place,

00:09 be it through a bank or broker,

00:11 because auction day is cash and unconditional,

00:13 so you've just got to make sure your lending's in place.

00:16 But also, two, in being prepared,

00:17 it's reviewing the contract,

00:19 looking at the building report,

00:20 maybe even reaching out to a solicitor

00:22 and having that reviewed as well.

00:23 But the more you can prepare for it,

00:25 the more confident you'll be on the day.

00:27 So number two, I would suggest you head out there

00:29 and actually have a look at some other auctions,

00:33 learn how they work, the different auctioneers

00:35 or different agents and their styles,

00:37 and get a bit of a sense of what bidding at an auction

00:40 actually looks like.

00:41 The more you can sort of familiarize yourself

00:43 with the process, the less daunting

00:45 it's gonna be on the day.

00:47 Number three, going in with a plan.

00:49 You've really got to be prepared on the day

00:51 to know what you will do, what you won't do.

00:53 Now, ultimately, it really boils down

00:55 to how much you'd be prepared to spend,

00:58 but I guess have that sort of plan

00:59 of how you're gonna be bidding.

01:01 Is it aggressive?

01:02 Is it laid back?

01:03 Are you going to be sort of the first one out of the gates?

01:06 Or are you gonna hang back until a little bit later on?

01:08 If you have, I guess, a set series of events or plans,

01:12 again, you'll have that little bit more

01:14 of an edge over your competition,

01:16 a little bit more comfort around what you're doing.

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