7 Taboos at auction you should know
Auctions are an adrenalin rush of nervous body language, carefully planned moves and strategic thinking – with the right moves, the dream house or investment could end up being yours. But if you make an unintentional gaffe, or display a faux pas that exposes your bidding weakness, your auction strategy could be over before the gavel comes down. While there is no exact way to succeed at auction madness, there are several types of bidding behavior you should avoid if you want to buy.
Don’t talk to your partner
When couples start eyeing each other and muttering panicked numbers under their breath, it’s a sure sign they’re out of money. Disclosing that you have reached your absolute maximum gives other, more confident bidders an edge. Even if you have a few thousand pounds at your disposal, exposing your finances will give rivals the confidence to outbid you.
Don’t call your friends
Unless you have been on the phone throughout the auction to stay in touch with the other party, making anxious phone calls or sending obvious text messages during the auction is a sign that you are nearing the limit of your ability to bid.Like hungry lions, cash investors will sense their opportunity and drop in an instant, knowing that property is imminent.
Don’t let your body language give you away
Try to keep your body language and facial expressions neutral — even during the most stressful times. If the offer keeps going up, don’t betray the fear that you are close to your budget ceiling. If you do lose, keep it classy and don’t make a big deal out of it.
Don’t bring the whole family
When you attend an estate auction that’s close to your heart, chances are you’ll get the whole family together for an exciting day.Doing so will reveal how keen you are about the property and may signal to agents and auctioneers that you are prepared to push your limits because you have fallen in love with the house.Getting too emotionally involved on the day of the auction can also put you in a weak negotiating position. If you choose to repeatedly take mom, dad and cousin Kevin to see every prospective property, you’ll soon be exposing your finances to auctioneers and other bidders. You want to keep your cards as deep as possible.
Don’t dress up to the nines
If you turn up to an auction on a Saturday morning looking like you are heading straight to Crown Casino to gamble dirty money, you will be turning heads for all the wrong reasons.While you may think this is a sign of confidence and money in the bank, it’s only a truly acceptable strategy if you do have an unlimited budget and love Zegna suits. Once the bidding begins, you may be a buyer on a tight budget, setting yourself up as a competitor and someone with deeper pockets and more savvy buyers ready to make an offer.
Don’t be rude to the auctioneer
Bad manners won’t get you anywhere – and it certainly won’t get you anywhere if you hand over your property to someone else. It’s not all about numbers. Relationships also go a long way.
Don’t make stupid offers
Be confident and realistic. If your bid is still $50,000 below the reserve price, it doesn’t matter how many times you raise your bid.A low, unrealistic bid won’t change the outcome – bid to meet the reserve price and then use your considered bidding strategy to get the best possible price for the property.
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