podcast

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 60: The pros of using a buyer's agent: why this investor brought someone in
Episode 59: How to invest in property as a team: two investors share their secrets
Episode 58: When do you stop investing? The SPI Show answers more listener questions
Episode 57: Wealth creation through property: trends and themes to think about in 2017
Episode 56: The SPI Show accountant reveals all: How to pick your financial team
Episode 55: The reluctant property investor: How necessity drove an 18-property portfolio
Episode 54: The SPI Show Q&A: Listener questions answered honestly
Episode 53: 6 properties in 2 years: how this investor is achieving his goals
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
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