Real Estate Auctions Brisbane - Tips
Real Estate Auctions Brisbane - Tips
Real Estate Auctions in Brisbane are very different from the other states in Australia.
Real Estate Auctions in Brisbane are very different from the other states in Australia.
There is a distinct process which must be followed when preparing to win and be the highest bidder.
Understanding the rules whilst being surrounded by a crowds and competition in bidding, can require nerves of steel.
I have provided some Auction tips to prepare Bidders before the big day below
- 1. Inspect the property, do some inspections of property and area to really know what you are buying. Arrange for Pest and Building Inspections or other searches before the Auction. Buyers can make offers before the Auction.
- 2. Compare recent sales in the area to understand the possible pricing and know that the bidding may go much higher.
- 3. Get your finance approved. QLD Auction contracts have no cooling off period and if you win you must pay within 24 hours.
- 4. Talk to your Accountant – Please! It’s too late to change names or entities once you have signed the paperwork.
- 5. ID – You will need your Driver’s License at the least to Register and to participate in the bidding – There is no dummy bidding allowed.
- 6. Proxy Bidding - You need to be clear at Registration that you are bidding for another person or entity and have all the relative paperwork in order.
- 7. Watch the Auctioneer - Especially when you are bidding and pay particular attention to the rising dollar value of the progressing bids and by how much they are incrementally increasing by. It is easy to get lost in the bidding frenzy.
- 8. Know your maximum limit – Whist very tempting, don’t bid higher than you can afford. Write it on your hand or have it somewhere that is highly visible for you.
- 9. Strategy - Have a plan of attack. Go in Hard, Go in Soft. You choose. Take your time - Try to slow the bidding down a bit with smaller incremental rises. Bluff your Opponents - Bid aggressively to show you have all the funds you need and will win!
- 10. Auctioneers can accept Vendor bids up to the Reserve Price, but the Auctioneer does not have to disclose if the Reserve Price has been reached. If the reserve price has not been met and the property is passed in it can be sold by Private Treaty. If this sale is made within 2 days of the Auction, then there is No Cooling Off period.
Buyers Agent clients come to us for Auction Bidding for a variety of reason. Maybe they feel very overwhelmed or don’t like crowds,
are unsure of the process, may have already put in an offer that was rejected. They could be related or known to the Seller and don’t want this revealed.
Buyers have possibly missed out many times before, or live Interstate or Internationally.
If this, is you, then we can help! Call 0420654325 and talk to Mandy Gladwin for a Free initial Consultation or email: [email protected]
