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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:
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Episode 77: How will the government's changes to tax depreciation impact investors?
Episode 76: SPI portfolio update: what's next for the team?
Episode 75: How travelling cross-country helped this investor buy 9 properties in 6 years
Episode 74: How this investor plans to double his portfolio within 10 years
Episode 73: Bad builders: how this investor bounced back
Episode 72: Policy changes to interest-only loans: what buyers need to know
Episode 71: How this 'stubborn' investor recognised a property lemon
Episode 70: How this investor complements each property and balances his portfolio
Episode 69: Are you a ‘lazy’ investor? Consider the benefits to working with a financial team
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