In Episode 31 of the Property Investing Journey series, Mike catches up once again with Property Strategist Jay Anderson to discuss his tips, tricks and strategies for buying a property at auction. As a qualified Property Investment Adviser and Buyer’s Agent, Jay has bid on his share of properties, both for himself and on behalf of his clients. He knows first-hand the challenges buyers face and he’s here to share his top tips to help dampen the nerves and put you on the front foot.
In a booming market when values are constantly moving and no-one knows for sure what price a property might sell for, it’s more important than ever to have some tricks up your sleeve when heading into an auction scenario. With first home buyers bidding against veteran investors, and everyone in-between, the process becomes as much about human psychology as it does about the market value of the property.
Jay believes there are no hard and fast rules to bidding but there are definitely some strategies that will help even the most astute investor come out in front. In this episode Jay describes the three types of bidders you’re likely to come across. He shares his experience to demonstrate how having the right attitude and a confident demeanour can give you an advantage over your competition.
When houses are selling in a matter of weeks and speculation on the market abounds, you can never have too much knowledge when you’re looking to buy a property. Why not benefit from some expert knowledge and learn the tricks of the trade from someone who’d been there and done it? You’re sure to get some great strategies from Mike’s conversation with Jay.
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Mike catches up once again with Property Strategist Jay Anderson to discuss his tips, tricks and strategies for buying a property at auction. As a qualified Property Investment Adviser and Buyer’s Agent, Jay has bid on his share of properties, both for himself and on behalf of his clients. He knows first-hand the challenges buyers face and he’s here to share his top tips to help dampen the nerves and put you on the front foot.
What we cover in this episode
- How to be successful at bidding at auction
- Controlling the tempo
- Assessing the competition
- Three types of bidders
- Changing up your bidding increments
- Creating an impression of confidence
- Top tips for bidding
“There’s no strategy or trick that can guarantee that you will always secure a property at auction. At the end of the day, whoever’s got the greatest emotional connection coupled with the biggest access to funds is going to buy it.“ Jay 2:28
“I want to be making everyone else feel uncomfortable, rather than feeling comfortable. So I want to be setting the pace and controlling the momentum of the bidding.” Jay 7:20
“If we can remove all of the leadup and go straight into the hard price around the reserve, it can raise the anxiety levels (of the other bidders).“ Jay 14:12
“Anything we can do to put a little seed of doubt in other bidder’s minds always help as well” Jay 15:15
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