podcast

Which auction tactics are the most successful?

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 95: The top 10 things every investor should check before buying a property
Episode 94: BONUS EPISODE: From 1 to 28 properties – what's his secret?
Episode 93: 28 properties and an $11.5 million portfolio – how this investor did it
Episode 92: BONUS EPISODE: Investor reveals top tips for better property management
Episode 91: Why being 'pedantic' about property will enable this investor to be debt-free by 45
Episode 90: Portfolio update: SPI gives the inside scoop on its latest property purchase
Episode 89: Renovating as a couple: two young investors share their story
Episode 88: Everything you want to know about the short-term rental market revealed
Episode 87: BONUS EPISODE: Former Olympian shares his property development know-how
Episode 86: How a former Olympian found new sport in property development: Ed Fernon's success story
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Which auction tactics are the most successful?
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