Top Ten Tips For Buying On Auction Day

Auction day needn’t be so stressful.  We spoke to top auctioneer Wayne Maguire from Ray White Mission Bay for his top tips for the big day.

 

Did You Do Your Homework?

Have you talked to the agent extensively about the property? Explored recent sales in the area on Homes.co.nz? Make sure you have all your bases covered to help you set your price ceilings accurately.

 

 

Go To Auctions

Make sure you have experienced what other auctions are like. See what happens in a bidding situation and how bidders behave, how the auctioneer drives the price, and how winning bids work.

 

 

Turn Up Early

Being early is being on time on Auction Day. Don’t run late finding a car park. Reduce your stress by arriving early, relaxed and ready.

 

 

Be Refreshed

Eat beforehand, and take a bottle of water with you. Depending on whether you attend the open home prior to the auction, or lengthy ‘in room’ schedules, and even the negotiating process, the day can last longer than you think. Keep your energy levels up as best as you can.

 

 

Have A Game Plan

Write down where you expect to start and where your budget stops. While the auction is running, record bids on a planning page. This will help you clarify on whether you should bid again.

 

 

Have Your Cheque Book Or Bank Transfer Ready

Being able to write the cheque or immediately transfer the money is one of the most important parts of auctions. After all, you need to pay the deposit on the day!

 

 

Stand To The Side

Avoid sitting at the front or standing at the back. Stand to one side so you have a clear line of sight to the auctioneer, and have a good view of the other bidders.

 

 

Be Confident (Or At Least Pretend To Be)

Take a deep breath before bidding. Call it clearly by nodding, waving or calling. Bid straight back at other bidders when you’re still in budget and in the zone of buyable prices. This takes the pressure off you and immediately on your other bidders.

 

 

Read The Room By Bidding Early

The first bid is always the hardest. Its a matter of breaking the ice. Even if you stop for a while, this gives you a chance to read the room and see which other buyers you’ll be pitted against. Early bids are also cheaper! This helps settle the nerves of a high pressure auction day.

 

 

Know Who Has The Bid When The Property Is Selling

Now we’re on the home stretch. This is where having a clear line of sight to the auctioneer helps. You don’t want to find out the auctioneer has been pointing to the person next to you when you thought you had it!

 

Wayne is the resident auctioneer at Ray White Mission Bay. He owns and operates the Mission Bay Branch and runs around 500 auctions a year!