Buying a property at auction can be an exciting yet nerve-wracking experience. Unlike private treaty sales, auctions are fast-paced, competitive, and require a clear strategy. We at mcneice, want to ensure you feel confident and prepared when bidding. Here’s our step-by-step guide to help you succeed on auction day.
- Register to Bid in Advance
Before you can bid, you must register with a bidder number. This can usually be done before auction day, but some agencies also allow registration on the spot. Bring your ID and proof of funds (if required) to streamline the process.
Pro Tip: Registering early saves time and lets you focus on the competition rather than paperwork.
- Ensure All Decision-Makers Are Present (or Have Signed Authority)
If you’re buying with a partner, family member, or investor, all parties must be present to sign the contract immediately if you win. If someone can’t attend, arrange signed documentation (like a power of attorney) beforehand to avoid delays.
- Consider Making the First Bid
Whoever opens the bidding often controls the momentum. In many cases, the first bidder sets the tone and can even become the eventual winner. If you’re confident, starting the auction can put you in a strong position.
- If the Property Doesn’t Reach Reserve, Be the Underbidder
If bidding stalls below the seller’s reserve price, the property may pass in. As the highest underbidder, you get the first right to negotiate with the vendor. This gives you an exclusive opportunity to secure the property post-auction.
- Understand the Negotiation Tactics
Auctions are open negotiations, and sometimes the auctioneer may ask you to increase your bid slightly to bridge the gap between competing buyers. This also happens in private negotiations, so stay calm and stick to your budget.
- Ask for Help If You’re Unsure
Auctioneers and agents are there to assist. If you lose track of the bidding or need clarity, don’t hesitate to ask. A quick confirmation from the auction team can help you make informed decisions.
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Final Tips for Auction Success
✅ Set a strict budget and stick to it. Emotions can run high, so avoid overbidding.
✅ Attend a few auctions beforehand to observe the process.
✅ Get pre-approval so you’re ready to move quickly.
✅ Stay composed, confidence can make a difference.
Need Help Bidding? We’re Here for You!
Our team at mcneice is ready to guide you through every step of the auction process. Whether you’re a first-time bidder or a seasoned buyer, we’ll ensure you’re fully prepared.