Would you be game enough to place a knock out bid at an auction?
Ahh the fun of auction night! Agents running around in suits, the fast talking auctioneer, all the while nervous buyers and onlookers pretending to know what they’re doing and maybe if they’ve worked up enough courage, they’ll put a bid in or two and possibly walk away with a property at the end of the night.
AUCTIONS ARE CERTAINLY AN INTENSE, HIGH ENERGY SELLING ENVIRONMENT THAT AT THE END OF THE DAY (OR NIGHT), ARE SURE TO GUARANTEE ONE THING – A RESULT.
Letting your emotions rule in an auction will kill any chance you have of walking away with a great result.
SIMPLY PUT, EMOTIONAL BUYERS MAKE MISTAKES.
I see it all the time when I go to auctions.
The novice buyers who have probably never even been to an auction often leave a trail of clues for an experienced professional like myself to pick up on and essentially blow them out of the water.
The tips and tactics used in an auction are a honed skill that every day buyers simply don’t have. It’s not that they’re stupid. They simply don’t have them because they don’t bid at enough auctions.
With that said, it pays to appoint an expert third party if you’re to have any chance of securing a great result.
Whether it be you get the property or you walk, either way if you can eliminate buyers remorse and know full well you put yourself in the best position possible, I think this is certainly worth something; to your emotional sanity at least.
GETTING BACK TO LAST NIGHT’S AUCTION…
Following a knock out bid combined with some crunching techniques I was able to secure the property my client wanted at a price that had other agents wishing they’d hired me.
YOU NEED TO REMEMBER THAT KNOCK OUT BIDS SERVE TWO (2) MAIN PURPOSES.
They take out the time wasters upfront and stun the buyers at the end who think they’re about to buy a property. Done correctly, placing a bid that eliminates other buyers is what will help you secure the purchase, or at least put you in the hot seat to buy the property if it is passed in.
So how do you do it? Without revealing all of my secrets, the most important thing to remember when bidding at auction is to bid with confidence.
MAKE EVERY. BID. COUNT.
Knock out bids are best done at the very beginning, or the very end. Strong and confident bids that show no emotion are the best way to play the auction game.
If you want to learn more about the strategy side of an Auction, you can download my ebook below.