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Which auction tactics are the most successful?

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David Scholes, auctionWORKS

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If you're bidding at auction this weekend, which strategy will give you an edge?

Yes, that's a good question. I don't think bidding tactics necessarily do work. The most important part when you go into an auction is to make sure that you've done all of your due diligence. That you have your finance approved, that you have your deposit in order and that you have the confidence you can settle the matter within the settlement period. Once you've got all that in place then really the tactics are going to take care of themselves. Some people like to sit back and leave the bidding until the last minute. Some people wait until they know the property is definitely on the market, I don't like that terminology but that the reserve is definitely being met before they start the bidding. Look, every time I've bought a property for myself, at auction or for other people, I'm always the first person to start the bidding. I think it's very important to show the rest of the audience that you're there ready to do the business and potentially that could get people out of it as well. Be prepared to bid quickly and very confidently and probably in bigger increments than other people and often that will deter other potential competitors.

 

Listen to other instalments of The Smart Property Investment Show:
Episode 52: Will property prices fall? When? And by how much? What investors need to know
Episode 51: SPECIAL EPISODE: SPI team reveals all the financial details of its portfolio
Episode 50: 8 properties by 25: Former housing commission kid reveals how he changed his life and created wealth
Episode 49: How to build a sophisticated multi-property portfolio
Episode 48: ‘From just $2,000 in my pocket to 6 properties’
Episode 47: The SPI Show answers more listener questions: Special episode
Episode 46: 4 properties by 24 – how to build a portfolio without sacrificing fun, travel or food
Episode 45: Special guest Mark Bouris on what really makes property prices rise and when to invest
Episode 44: ‘11 properties by 31, now I’m stuck: What’s next?’
Episode 43: 22 properties by 30: Can Generation Ys build massive portfolios?
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