Knowledge Is Power
Research the market and the property/equipment in advance to have a firm understanding of its fair value; this protects you from overpaying.
Experience An Auction Beforehand
Visiting other auctions allows you to learn the language and process in advance so you can go in with some prior experience.
Set A Budget
Having a firm budget is critical to ensure you do not overextend yourself or your mortgage. Set a budget and stick to it!
Get Pre-Approval
Being prepared with pre-approval allows you to bid assuredly knowing you can back your commitments, and can make all the difference to your confidence on the day.
Employ A Buyers Agent
If you still find yourself feeling nervous or apprehensive about attending an auction, engaging a buyer’s agent is an excellent alternative. Some buyers’ agents will not only bid on your behalf, but offer full search services to ensure the property/goods meet your criteria.
Auctions can be a fast-paced, nerve-racking environment; so we’ve put together the five crucial tips you need to follow to have the best chance of success as a bidder.
