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THE PROPERTY NERDS: #1 reason buyers lose at auction
In this episode of The Property Nerds, host Arjun Paliwal from InvestorKit speaks with Paul Hancock, Real Estate Institute of NSW (REINSW) Auctioneer of the Year and McGrath agent, about navigating the challenges and strategies of succeeding at property auctions.
As auctions gain popularity across Australian capitals, Hancock emphasises the importance of being aggressive once you decide to bid, showing serious intent and keeping pressure on other buyers.
Timing also plays a crucial role, with three-week campaigns often maintaining buyer interest and urgency better than traditional longer campaigns.
Hancock notes that bidding strategies vary, with some experienced buyers starting aggressively while others hold back for strategic late bids, and understanding bid increments helps maintain momentum efficiently.
A common mistake is waiting for a property to pass in and negotiating privately, which Hancock advises against, highlighting the transparency and immediacy of auctions.
Confidence and preparation are essential, including knowing the area, market, and your maximum stretch price.
By approaching auctions with a clear plan, strategy, and decisiveness, buyers can improve their chances of securing their desired property, with Hancock emphasising that adaptability and preparation are key to thriving in today’s evolving auction landscape.
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