Top Tips For Buyers Bidding At Auction: Insights From Our In-House Auctioneer Cameron Knoll

By Ellen Blundy | November 2024

 

Top Tips For Buyers Bidding At Auction: Insights From Our In-House Auctioneer Cameron Knoll

 

1. Be Prepared

Take the time to research the property and the local market. Understand comparable sales in the area to gauge the property’s value. Also make sure you have your finances and deposit ready to go and are comfortable with the settlement terms. If you have never been to an auction before then it’s a good idea to attend an auction or two in the lead up to the auction you are planning to bid at, to see how it all works and familiarise yourself with the process.

 

1. Have a Strategy

Whether you want to blow your competition out of the water with a BIG, BOLD bid at the start or want to suss out the competition and wait for the very last moment before you make your presence known, it is crucial that you have a strategy. Your strategy should align with your budget and what price you feel the property is worth. Know where the current bid is, think about what your next bid could be and stick to your limit!

 

1. Arrive Early

Get to the property 15-20mins before the start of the auction, grab a coffee, take another look around the property and choose where you want to be placed when the auction commences. This will allow you to settle in, get a sense of who else is there, and

 

1. Be Visible

Make sure you are in a prominent position where you can see both the auctioneer and the other buyers clearly. This will allow you to communicate clearly with the auctioneer when making your bids and also scope out the competition and track how they are going.

 

1. Be Confident

Confidence is key! When you bid, do it with conviction by either raising your hand or calling out your bid. This will show your competition that you mean business and have a clear plan.

 

Bonus tip!

1. Utilise the Team

At Peake auctions there are often multiple members of the sales team in attendance, ready to assist prospective buyers. If you are new to auctions or wanting another person in your corner, don’t be afraid to approach one of the team and they will be able to guide you through the process and be a valuable asset on auction day.

 

Ready to Make Your Move?

 

With these tips from Cameron Knoll, you’re now equipped to tackle your next auction with confidence. Looking for more expert insights, don’t hesitate to reach out to Cameron on 0428 762 148. Happy bidding!