Real Estate Auctions are one of the most dignified amongst all other kinds of auctions, this means people participating here are on for serious business. Winning a bid in a real estate auction could simply mean big time payday or just an ordinary payday. We listed some of the tips on how to win a bid the professional way.
The Art of Intimidation
This is not to intimidate the bad way but to intimidate in a more business profiling way. In a lay man’s term, you just want to look one step ahead of everybody just by the way you look. Dress smart, look smart, act smart. Dressing smart doesn’t always mean you have to be on your coat and tie every time, it’s more of the way you carry the attire the smart way. No lousy shirts and flip flops, remember the saying, “dress to impress”.
Looking smart simply means wearing eyeglasses, cleaning facial hairs, clean cuts for the hair and simply looking fresh. Act smart are small gestures that will implicate you are a smart person. Not being too chatty, be a one word man, less talk less mistakes as they say. A notepad and a pen are also a must have as writing down notes will mean every small detail about the bid is important for you.
As you get the intimidating impression, other bidders will think you are here not to play but to win. They will somehow get discouraged to bid against you and that would give you a smoother way towards the win. You need to let others know you are there and you’re there to win and you have the money to pay for your winning bid. Making others feel like they have to take you seriously and that you’re not new about the entire process.
Do Not Trust Anyone But your Guts
You will encounter all kinds of people in an auction, there’s all kinds of them. Fact of the matter is that they’re there not to get additional friends, they’re there to make business, to win over a good deal and to make money for a living. When you let somebody get too close to you, you’ll be dumb to find out, they only want to know your cards. They only need to know how far your budget can go. They are just taking a peek at your cards for them to have their own gameplan played well.
Never tell anyone about how much your money is, about what kind of property you are looking for and about how you plan to bid for a certain property. The things you shared to others might just backfired straight to your face. When you say you have a $100,000 budget, they might outwin you by alloting $150,000 budget for that certain auction.
Don’t be fooled when someone acts like they want to help you as they might just take advantage of you in many ways. You do not want anybody to think of you as a novice but as an experienced bidder who knows the in and out of what you’re doing. Trust your guts all the time but never let your emotions take you away. Stay true to your plan. That’s why it is important to formulate a game plan ahead of time to be your guide at the auction.
Timing is very important. You should know when is the right time to bid. You don’t want to give others the impression that you are so into one particular property. This will give others the idea that you are willing to go all the way in order to win that bid and this is not always a good thing as they can fight you with the battle you started that you might just win but with an incredibly high price value. Remember the emotion should always get out of the way when it comes to auction, focus on your strategy and not on outbidding somebody you are intimidated with.
Important to know if you are into the property first, know if you are decided to win this bid. Always smart to let others bid but not let them win, whenever you feel like they could almost win, raise your card and bid. By doing so you’re not being a frequent bidder but you’re not letting them win. Always stick to your plan, if you think you are over what you are comfortable paying that property for, learn to let go.
Hiring a Professional Bidder
You know to yourself what you are capable of. You know if you think you can pull this off or not so in case upon giving you these tips you are yet to confirm you can do it then you should be able to be open for additional options. One of those is hiring a professional bidder, you let them do what they’re good at.
By hiring an agent one of the biggest things they could do that you might not is to eliminate the emotion throughout the duration of the auction. They know how to attack and they know how to strategize. All you need to do is to provide them information of how much you are willing to spend with a certain property. Be ready with the agent’s professional fee as it varies depending on the agent, clear the terms of the fees before agreeing to process.
Hiring a professional will cost you extra but it will also help you alleviate the stress and tensed moments you will encounter when you’re in the auction process yourself. Your extra cost will surely get paid off when you win the bid and bag an incredibly good deal.
There’s nothing wrong about starting and exploring the auction industry, however walking inside with a beginner mindset is like walking inside a jungle full of hungry predators. The key here is to gather as much experience as you could without being intimidated by some giant bidders.