Good afternoon ladies and gentleman, welcome
to today’s Auction! Hi, I’m Damien Cooley five times winning auctioneer
on The Block. I’m going to give you five strategies to implement on auction day. But please don’t
use them at my auctions! The third and final time before it goes…
Sold, congratulations sir, well bought. So the first strategy is to employ a professional
to bid for you at auction. As an auction, he, we find it challenging to convince a professional
buyer to bid in the increments that we’d like them to bid in. They also remove the emotion
that you may otherwise show the auctioneer on auction day. The second strategy is you can determine the
increments that you bid in. The auctioneer will will try and convince you to bid in a
$10,000 increment 25 or $50,000 increment. The auctioneer will also try and challenge
you to raise that increment over the course of the auction, but you’re in control of your
bids. Now it’s up to the auctioneer, whether they accept your bid or not, but make sure
you put your best foot forward. The third strategy and maybe one of the most
important is to watch your competition. As an auctioneer, we read body language. And
as a buyer, you should be watching the buyers that you’re competing against. You can learn
a lot from the way that they move the looks at that give each other where they place their
hands, and the way that they are bidding. The fourth strategy is not to be fooled by
the trial close. Now as an auctioneer, we use different strategies like calling the
property first, second, third, we also use our hammer to threaten that we’re going to
sell it ultimately every property has a reserve price that the auctioneer is working towards.
And we use those trial closes to encourage you to bid and create urgency to build momentum
during the auction. And as an auction he it’s this momentum that we thrive on to try and
make sure that we continue that spirited bidding and ultimately getting a great prices for
our owner. The fifth strategy today is to scope out how
many buyers are interested in bidding. So ask the agent, how many people are going to
be active on auction die. If there’s lots of interest, start the bidding with a confident
bid well above the price guide that the agent has been quoting. And the reason to do these
is that you’re going to knock out a significant portion of your competition. If the bidding
starts low and fast, which is what we want to happen. The auctioneer is able to build
a lot of momentum and a lot of energy around getting a higher price on auction day. Equally,
if there are fewer buyers interested in buying that property, there is no need to start the
bidding with a really confident strong bid. Sit back maybe see if somebody else is going
to be but the important thing is in any auction, be active. The owner and the agent will always
look favourably upon those buyers who bid and compete for a property. All done. Sold. Congratulations, sir. So now even though we’ve been through five
strategies, getting the best out of auction day, just remember that you really need to
be prepared. Make sure you have your finance ready to go and a pre approval in place. Make
sure you do your research on the property. Find out what other homes have been selling
for in the surrounding area. So you can determine the value that you feel that property is worth.
And if the right property comes along, stretch yourself that little bit further because good
quality real estate hard to find I’m Marc, a publisher here at Finder. Our
YouTube channel much like our website has lots of free guides and resources to help
you save money. Make sure you subscribe for more videos. Transcribed by https://otter.ai