Welcome To The World Of Real Estate Auctions
What I’ll Teach You:
The Auction Process From Start To Finish
Step 1 – Inspecting The Property
Step 2 – What To Do At The Inspection
Step 3 – What To Ask The Agent
Step 4 – What To Do Following The Inspection
Step 5 – Preparing The Comparative Market Analysis / Calculating Estimate Market Value
Step 6 – Request A Formal Valuation
Step 7 – Financing Your Auction Purchase
Step 8 – Getting A Read On The Buyers
Step 9 – Setting Your Buying Limit
Step 10 – Deciding On Your Bidding Style
Step 11 – The Bidder’s Registration Form
Step 12 – Bidding On Behalf Of Others
Gearing Up For Game Day:
Day Of The Auction – Lights, Auction, Action!
Step 13 – Preparing For The Big Day
Step 14 – What To Wear – Dressing For Success
Step 15 – When To Arrive
Step 16 – What To Do At Registration
The Contract Of Sale
Conditions Of Sale
Deposit Cheque / Transfer
Step 17 – Approaching The Auction Team
Step 18 – Strategising Your Game Plan
Step 19 – Creating Allies Within The Auction Team
Step 20 – Power Positioning – Where To Sit / Stand
Step 21 – Making Your First Bid
Step 22 – Placing A Knockout Bid
Step 23 – Making Each Bid Count
Step 24 – Dealing With Competing Bidders
Step 25 – Placing The Winning Bid
Step 26 – Contract Follow-Up
Is The Property On The Market?
Bidding Against Yourself
Auction Terminology – What It All Means
What Is The Reserve Price?
What Does It Mean When A Property Is Passed In?
When Is A Property “On The Market”?
Why Does The Auctioneer Call 3 Times?
What Is A Vendor Bid?
Conclusion / Summary
Wendy’s Auction Master Checklist – Download
How To Book Wendy For Your Upcoming Auction
WELCOME TO THE WORLD OF REAL ESTATE AUCTIONS
Ahh, the thrill of the Auction!
Nervous Buyers sizing each other up. An awkwardly awaiting crowd filled with anticipation. Suited up Real Estate Agents working the room and an Auctioneer orchestrating the show.
Most people are terrified of Auctions, but as much as you might think, Auctions really aren’t that scary.
It’s just that most Buyers are unfamiliar with them.
After all, how many times a year would you be bidding at an auction?
If you’ve been to as many as I have (over 200 of them!) then you will realise there’s a basic formula to it all. It’s just that many Buyers will only ever buy or bid at an Auction once or twice in their lives, so understandably the game isn’t obvious to them.
To even get to THIS point though means they’ve had to bite the bullet, get over their fears, jump in, and make that very first bid.
Fear of the unknown is generally what makes Auctions SEEM like the impossible to rookie bidders, and especially the First Home Buyer crowd. Heck, I even know of some very seasoned Property Buyers and Investors who can’t bear the thought of turning up to an Auction and making a bid!
Their nerves just get the better of them.
Many Buyers give Auctions the flick and move onto other properties because they place Auction in the too hard basket.
But if your dream home or perfect investment property happens to be selling under the hammer, well, what choice do you have but to go all-in on Auction?
The truth is, many of the BEST properties are bought at Auction and this is why you ABSOLUTELY must jump in and give Auctions a go if you’re serious about buying Real Estate.
If you can get over the fear of turning up and placing that first bid, you are immediately opening yourself up to greater opportunities in the property world.
For the Buyers who are fearless to the Auction factor, I commend you for giving it a go.
Registering to bid and attempting to buy a house at an Auction for the first time is certainly not for the faint hearted.
Many of my clients have reiterated to me over the years, “Wendy, if it wasn’t for you, we wouldn’t be here. This is way over our heads!”
Charging head first into the unknown, especially the Auction process, doesn’t necessarily mean you’ll come out a winner however, and just “giving it a go” doesn’t always equal success (even if you managed to secure the property).
I’ll tell you right now, flying blind and “just winging it” are NOT the way to approach Auctions if you expect a successful outcome.
You see, as much as I believe there is a formula to Auctions, there is also a level of expertise one must acquire to really be on-point at an Auction and walk away with the very best result.
In my opinion, you just don’t get this expertise unless you’re bidding at lots of Auctions, consistently, ALL THE TIME. The variables can and do change from Auction to Auction depending on the Auctioneer, the selling Agents, who is bidding, the Buyers on the day, the seller’s motivations, current market conditions and even the style of the property.
You can never really get a full grip on any one Auction because each can differ immensely.
Reading the play and adjusting your strategy at the flip of a dime (or the call of the Auctioneer) becomes a real skill. As the old saying goes, “practice makes perfect”, so in order to be a gun at Auction, you need to get yourself into a few bidding wars to acquire this ability.
Time and time again, I see Buyers walk away seemingly successful (because they’ve made the winning bid), but I know deep down they could have achieved an even BETTER result if they only knew a few basic rules of the game, and applied the strategies that I know save thousands.
So with that said, how do you put yourself in the strongest position possible at an Auction?
If you’re reading this, then you’re obviously savvy enough to realise some of the variables I’ve described above and how they can disadvantage you as a Buyer if you’re not in the know.
You’re cautious, and I COMPLETELY get it. You should be. You’re about to play with hundreds of thousands, heck, maybe millions of dollars in the heat of the Auction moment – This is nail biting stuff!
I’ll be honest, I truly believe the BEST way to buy property at Auction is to have a third party professional represent you. I know, you’re probably thinking, “yes of course you would say this Wendy!”, but let’s be honest for a second… How many poor or irrational decisions have YOU made under pressure and with emotions mounting?
Add money to the mix, and there’s a ripe old recipe for disaster if you lose your head, and your wallet, which is incredibly easy to do at an Auction.
The huge benefit of a third party bidding on your behalf is that they are somewhat removed from the emotion of the purchase and can make bids objectively rather than emotionally. Not to mention, it saves you the hassle, time and emotional anguish that is typically attached to the Auction process.
The heat is off when you’re not in the hot seat.
This is why many Buyers appoint me to represent them at their Auctions. Sure, they might not be completely new to property, but they understand and see the benefit of appointing a professional third party who can help place them in the strongest position possible going into the Auction.
The emotional roller coaster of the day can be removed to allow for a strategic, more planned approach to securing the property for a price that is no more than what the Buyer originally wanted to pay.
With that said, I also understand that many Buyers WANT to give it a go, bid themselves and maybe tick it off the bucket list of things they’ve done.
I get this, and I’m certainly not going to stand in your way if you want to represent yourself.
That’s why I’ve written this Book.
I want you to approach the bidding arena with confidence, place strategic bids, intimidate the competition, and feel you walked away a winner (whether you bought the property or not).
Sound like a plan?
WHAT I’LL TEACH YOU:
THE AUCTION PROCESS FROM START TO FINISH
Throughout this Book I will describe the actual process of buying a property at Auction, Step By Step from the very beginning, right through to the very end.
I’ll give you the “How To’s” and the steps you need to take in order to complete the process like a professional.
I’ll also help you set a strategic Walk-Away Price using my 4 Figure Pricing Strategy.
Essentially, I’m here to STOP you from making rookie mistakes and HELP you to buy the property for an amount you are comfortable with.
By the end of this Book, you will have all the necessary tools to go into an Auction better prepared than the majority of the Bidders there on the day.
You will know how to physically and mentally position yourself before and during the Auction so you don’t walk away with that yucky feeling we know as Buyer’s Remorse.
You will understand why the selling Agents dart around the room and hover over the registered Bidders, and you will know the secrets of the Auctioneer and Agents when it comes to driving the price up for their Seller.
After all, this is their job. It’s what they are paid to do.
You will learn how to handle the selling Agents when they apply pressure during the Auction and how to unapologetically stand your ground.
I’ll teach you how to place a Knockout Bid (if you’re up to it!); how to manage competing Bidders and school you on all the Auction lingo and terminology so you understand what it all means going into the Auction.
I’ll give you some strategies and examples of what to do, and what NOT to do when the Auction is underway.
To put you at ease, you’ll be given step by step instructions on what to do pre-Auction, at the Auction and post-Auction.
You’ll come away knowing what paperwork is required at each stage, how to complete it, understand it and what to watch out for in the Contract and associated documents.
I’ll give you all the necessary tools and tactics I’ve learned over many years and many Auctions so you’ll come across as a seasoned pro when it comes to bidding.
You’ll also have my Auction Master Checklist to take away with you so you don’t skip an important step.
Are you ready?
Let’s get started!