5 tips to help you to win on auction day

In an ever-changing marketplace and predictions of property prices levelling out or even falling, the competition on auction day is set to heat up! According to Cameron Nicholls, founder of Nicholls & Co Estate Agents, an auction should be seen as a sport. It is, after all, a competition and at the end of the game, there is one winner who now owns their new dream home or investment. Like any sport, there are techniques and tips that can help you gain the winning edge. Cameron suggests you try the following tactics at your next auction.

Dress for the occasion

Like any important occasion, being well presented always sets the scene and improves your mood and self-confidence. As they say, fake it till you make it if needed!

Start low

Give yourself plenty of room to move. Starting too high will make the price rise too quickly. This means you’ll knock yourself out of the game early!

Don’t hesitate

Confidence is key. When bidding against your competitor, offer back within 5 seconds and be consistent until you reach your maximum. Hesitation will be seen as a sign of weakness.

Lower but more frequent bids

Don’t feel pressure to offer the same increments as your competition. Be consistent and pre-plan what your increments will be prior to the auction. Lower bids also slow things down – sometimes a change of pace can work wonders in your favour!

Don’t hide up the back

Be confident and show this by standing up the front as close to the auctioneer as possible. This shows you are a serious bidder – game on!

We all know that at the end of the day, if your competitor has more money they will likely win. However, try these tactics at your next auction and you might be surprised that you put them off their game can result in a big win.