Here Are The Best Auction Strategies When You Are Bidding On A Home

Presented by Toop&Toop

Toop auctioneers Bronte Manuel and Grant Wills discuss the different tactics that buyers use when bidding at auction.

Act Quick

“There are a lot of people who think they should wait for the first, second and third call before making their bid. I believe it’s best that you bid immediately after your opposing bidder has placed a bid on the property. This shows strength and that can result in the other bidding giving up.”

Be Confident

“Be confident about your budget limit. There are many people who slowly creep their way to it… I personally think go in strong."

Avoid Tit-For-Tat

“Successful bidding strategies are all about demonstrating strength. A really good strategy is coming in with a big, bold, knockout bid at the start which shows to the other bidders, ‘I mean business, best of luck trying to take the property from me.’ This can knock out that tit-for-tat bidding which could incrementally result in you paying a higher price.”

Go Big

“A lot of the time bidders will try and reduce that increment. However, another really good strategy is increasing the increments of the auctioneer which demonstrates that you are here for business and you’re not fearful of paying too much."

No Regrets

“It’s sop often that I see people that regret not just going that little bit further. They missed out on a property because they might have been 5 or 10,000 short of actually winning the property.”

WATCH HERE: