If you are new to the world of property auctions then you should consider some strategies before bidding for any property in the auction. You can also look for properties for sale online before initiating the bid in the auction.
Some strategies to follow are:
1) Bid In Odd Increments
Lots of people get successful auction outcomes by using odd-numbered bids. Odd bids often work more effectively than traditional even-numbered ones for several reasons.
It makes the other people at the auction uneasy because you are full of surprises. Also, it makes it a little more difficult for the auctioneer to tally up the numbers, slowing down the pace of the auction so you can have time to think.
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2) Counter-Bid Without Hesitation
A good strategy for bidding at a large auction is to counter-bid immediately to bid quickly and confidently. If you counter-bid without hesitation, this sends a powerful message to your competitors that your limit is much higher than the current bid and that you have no plans to slow down.
3) Pay Attention To Body Language
Auctions can be emotionally charged or tense events. Pay attention to your body language of your competitors. During the bidding, you can also that they are reaching their limit through their body language.
If your heart is set on bidding late, the key to making this tactic work is to bid decisively once you see others starting to slow down or lose confidence.
Don’t be afraid to speak up and let the auctioneer know before the auction that you are serious about wanting this property. Otherwise, you may risk losing the chance to purchase the property entirely.