How to win at auctions

In this Australian Property Podcast episode, Chris and Amy teach you how to win at auction. Basically, you just need to have an unlimited budget (just joking). Ultimately, the buyer with the most money often wins, but not always.

They explore:

The rules around auctions

Set rules (unlike private sales)
No cooling off (unless bought prior)
Reserve price
Pass ins
Transparent
They don’t always go ‘crazy’
Quote ranges
Auctions are about price, terms are prior agreed

Auction tips

Biggest tip: budget setting prior
Do all due diligence asap beforehand
Bidding with confidence
Don’t overthink strategy
Being the first bidder
Bidding increments
Have a plan for a pass in situation

Buying prior to auction

Strategic: moving swiftly and taking others by surprise, property likely towards or over top of budget so nothing to lose (put you out of misery sooner!), if you have 2 properties and your preferred one goes to auction second etc
Can be tricky: risk to vendor/agent, cooling off
Buy prior price versus sell at auction price
Similar to private sale episode advice:
Understand buy prior price, sometimes space to negotiate
Understand the process
Only go down this path if you’re serious

Rask Resources

Pete's Buyers Agency: https://www.allenwargent.com.au

Alcove mortgage broking: https://www.raskmedia.com.au/services/mortgage-broking

Amy Lunardi Buyers Agency (Melbourne) www.amylunardi.com.au

All services: https://bit.ly/R-services

Financial Planning: https://bit.ly/R-plan

Invest with us: https://bit.ly/R-invest

Access Show Notes: https://bit.ly/R-notes

Ask a question: https://bit.ly/R-quest

DISCLAIMER: This podcast contains general financial information only. That means the information does not take into account your objectives, financial situation, or needs. Because of that, you should consider if the information is appropriate to you and your needs, before acting on it. If you’re confused about what that means or what your needs are, you should always consult a licensed and trusted financial planner. Unfortunately, we cannot guarantee the accuracy of the information in this podcast, including any financial, taxation, and/or legal information. Remember, past performance is not a reliable indicator of future performance. The Rask Group is NOT a qualified tax accountant, financial (tax) adviser, or financial adviser. Access The Rask Group's Financial Services Guide (FSG): https://www.rask.com.au/fsg

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Published on 2 months, 3 weeks ago

Podcast Episode Details

How to win at auctions