Your Starting Bid

When you attend a property auction, your goal is to wrestle control of the auction’s pace out of the auctioneer’s hands. 

This gives you time to think so you don’t end up spending more than you should. It also allows you to get inside the heads of other bidders.

By slowing the auction down, you’re giving them time to think as well. 

It all starts with the opening bid. The trick  is to bid low without bidding so low that you trigger a vendor bid.

This is a bid the vendor makes in an effort to spark bidding. And in some cases, it’s going to be really high. 

You want to give the auctioneer the feeling that your bid is high enough for them to work with.

But what if the auctioneer still puts in the vendor bid after you make your opening bid?

You stop bidding.

The vendor bid isn’t representative of the market. It’s an artificial bid that just encourages you to bid against yourself.

If somebody else bids over the vendor bid, the auctioneer’s just succeeded in controlling the bidding increments.

That’s not a situation you want to get wrapped up in.

Read more about auction, The Challenges of Property Auctions

And also, join our community to talk to the first-time buyers we’re helping right now?

First House Buyer Group https://www.facebook.com/groups/firsthomefirstinvestment/