Winning at Auction

As the housing market has become more competitive we are seeing more auctions. Here are a few tips:

Know your limit
Before bidding determine a pre-auction limit but have a few dollars of leeway for it. A few dollars could tell the difference between a winning and a losing bid.

Dress for success
Wear expensive attire to look professional and threaten other bidders. Also try asking a few questions that might frighten or throw off other bidders.

First bid that is close to the reserve
Get rid of low-bidding competitors and to move the auction into more realistic values. The trick is that you must eliminate as many bidders as early as possible.

Always state the full price of the bid every time
Let every bidder know exactly how much money you are paying every time. It also ensures that you are still in the running and it can also shock other big bidders.

Bid quickly and decisively
Bidding without a moment’s hesitation will frighten your rivals.

Always remember every auction is a gamble and that not all auctions will go your way. However, these failures will make you a stronger bidder in the future.