At property auctions, the shrewder investors tend to stand at the back but the important thing is to place yourself wherever you feel most comfortable. There are advantages to being able to get a good look at the room but when it comes down to it, bidding tactics are not the most important things to be worrying about.
Property Expert Series: Andy Thompson From SDL Auctions
- Part 1: Introducing Andy Thompson from SDL Auctions
- Part 2: What Steps Should I Take Before I Buy A Property At Auction?
- Part 3: How Do Property Auctions Work?
- Part 4: What Is A Reserve Price?
- Part 5: What Exactly Is In The Legal Pack?
- Part 6: Are Property Auctions Better For Buyers Or For Sellers?
- Part 7: An Introduction To Buying BMV Property At Auction
- Part 8: What Is Off The Wall Bidding?
- Part 9: Does It Matter Where I Sit?
- Part 10: What Are The Costs To Buyers And Sellers?
Where Should I Sit In A Property Auction?
Amy: When you go to a property auction where should you locate yourself within the room?
Are you best to be at the front? Are you best to be at the back? Are you best to keep things to yourself? Are you best to be quite open?
How would you play it if you were buying property at auction?
Andy: Well, for me, it’s whatever you feel comfortable with.
It’s like anything. Everyone is different. Everyone will have different tactics but I don’t get too hung up on tactics in the room.
You’ll get some people and it’s almost like they don’t want you to see the bid. They’ll just delicately lift the bidding paddle up or give you a wink or whatever.
But, for me, sit where you feel comfortable. But, a lot of the savvier buyers will stand at the back because they want to have a general view of the room, of who’s bidding.
And you can sometimes work out what going on. So, let’s take, for example, an owner-occupier or somebody who is going to live in the property as their home, for example, versus an investor.
Somebody who wants to live in the property will probably value that house more than an investor, who can take it or leave it because they can bid on the next property.
So, if an investor sees a young family, for example, bidding, then they might think there’s no point me even bidding because they’re going to get it.
So, ultimately, it’s what whatever you feel comfortable with but, personally, I’d be at the back of the room.
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