Property auction can be an exhilarating and rewarding way to purchase your dream home. However, the high-pressure environment can be overwhelming for many buyers. This is where a professional buyer’s agent can make all the difference. In this blog, explain the basics of property auctions and provide essential tips and insights to help you navigate this exciting but challenging market.
Understanding Property Auctions
Property auctions are public sales where potential buyers compete to purchase a property. The highest bidder typically wins, creating a fast-paced and competitive environment. While auctions can offer opportunities to secure properties at competitive prices, it’s crucial to approach them with a clear strategy and understanding of the process.
The Importance of Professional Help
Navigating the property auction landscape can be complex and time-consuming. An expert buyer’s agent brings a wealth of experience, knowledge and negotiation skills to the table. They can:
- Conduct thorough property research and analysis.
- Provide expert advice on bidding strategies.
- Negotiate on your behalf with sellers and agents.
- Manage the entire auction process from registration to settlement.
By partnering with a professional, you can increase your chances of success and reduce the stress associated with property auctions.
What Does Passed In at Auction Mean?
One common term you’ll encounter in property auctions is “passed in.” This means the property didn’t reach the reserve price set by the seller. While this might seem disappointing, it doesn’t necessarily mean you’ve lost out. In many cases, the seller is open to negotiating with the highest bidder after the auction. This is another area where a buyer’s agent can be invaluable, as they can expertly negotiate on your behalf to secure the property at a fair price.
Property Auction Tips
- Do Your Research: Thoroughly research properties before the auction to understand their value and potential.
- Set a Budget: Determine your maximum bidding price prior to the auction and stick to it throughout your bidding process so you don’t overextend your available finances.
- Attend Auctions: Gain experience by attending auctions before bidding to understand the atmosphere and bidding process.
- Understand the Contract: Familiarise yourself with the auction terms and conditions before bidding.
- Hire a Buyer’s Agent: Leverage the expertise of a professional buyer’s agent to guide you through the process, with a range of services available.
Your Next Step: Win At A Property Auction
While some buyers get a thrill at auction, many of our clients use our services because they are savvy buyers and investors who know we’ll get the job done with no stress to them. At Discover Buyers Agency, our team are experts in all areas of auctions. We understand the process, we can help you set realistic expectations and we become your trusted partner to increase your chance of success in securing a property at auction. As our client, we also keep an eye on other property opportunities that fit your needs, like on and off-market non-auction options.
Contact us today to book a consultation and learn how we can assist you in finding your dream home.
Kane Dury is the Director and Lead Buyers Agent at Discover Buyers Agency. He has been pivotal to the company’s success since February 2023. With over a year and a half of dedicated service, Kane specialises in real estate investment, exclusive buyer representation, and property consulting on the Gold Coast, in Queensland, Australia.
