How to prepare for an auction as a buyer
Tue April 24, 2018
The process of buying a new home should be an exciting one, but for many buyers, there's a sense of fear when it comes to auctions. After all, they're high-pressure environments where a lot of money is at stake and the competition between bidders can be intense.
Even so, there's no reason that buyers shouldn't feel as comfortable as they possibly can when bidding. That's why we at Laing+Simmons have put together this handy guide covering a few ways that you can prepare before the big day in order to feel confident and excited.
One of the very best ways to calm the nerves before heading into an auction is to do as much research as possible beforehand.
Do your research
One of the very best ways to calm the nerves before heading into an auction is to do as much research as possible beforehand. This will provide you with peace of mind that you are ready for any situation that might arise, as well as equipped with all of the relevant information about the property. Having this knowledge will make it far easier to make rational decisions about what price you are willing to go to, rather than being swayed by your emotions.
If you're wondering where to start with your research, it's always best to begin by taking a look at recent real estate sales in the same area as your target property. This will give you an idea of average prices, as well as how much bidding activity to expect.
Take a practice run
Another great way to make auctions that little bit less stressful is to acclimatise yourself to the process. The best way to do this is simply by attending as many as you can to get a feel for how things work and what to expect on the big day. You'll also learn a little bit about how the auctioneer works by seeing them in action, so if you know who will be presiding over the auction for your dream home, it's a fantastic idea to head along to the sale of another property that they are in charge of.
Of course, every auction is slightly different. Some homes might see dozens of bids while others could receive just a couple. For this reason, it's important to attend auctions in or near your target suburbs, in order to accurately gauge what sort of interest levels you'll be competing against.
If you're still nervous about the bidding process, talk to an expert and ask for a bit of advice
Talk to an expert
Finally, if you're still nervous about the bidding process, talk to an expert and ask for a bit of advice. This could be a real estate agent, auctioneer or even a friend who has had success at an auction before. They'll be able to give you more information about any parts of the process you may not understand, as well as information on aspects of the auction you may not be able to see as a casual observer.
It's also worth keeping in mind that you can ask a friend or a buyer's agent to bid on your behalf. That way, if you're still nervous or unsure about any parts of the auction process, you can still secure your dream property without too much stress or worry.
Ultimately, the auction process should be fun! If all goes well, you'll remember it as one of the most exciting and important days of your life, so relax and enjoy it!
For more information on buying property in Sydney, speak to the Laing+Simmons team today.