Whether buying or selling at auction, it’s possibly one of the most pressured and stressful situations you’ll find yourself in.
Even if you think you’re mentally prepared, it’s easy to crumble when the spotlight falls on that prized property. If you’re the potential purchaser, that can be catastrophic. So here are a few tips to help you keep your cool when you step into the pressure cooker.
Get a taste of what to expect
Attend a few auctions beforehand to help settle your nerves and get familiar with how it all works. Watch the body language of the other people at auction so you recognise the signs: anxiety, eagerness, confidence, etc. Observe the different strategies bidders adopt and the different spiels of the auctioneers.
Research, research, research
Like with any potentially stressful event, whether it’s public speaking or an exam, being thoroughly prepared helps alleviate unnecessary anxiety. If you’ve done my course, you’ll have done all the necessary due diligence and know exactly what that property is worth. That removes the emotion from the equation, because then it’s purely about the numbers. Which leads to my next point.
Never mix emotion and business: once you know the market value … never pay a cent more.
Set your limit and stick to it
Never mix emotion and business: once you know the market value of a property and what it’s worth to you as a renovator, never pay a cent more. Bring along a friend or relative if necessary to apply the brakes. One thing I know for certain after more than 20 years buying and selling property – patience rewards the astute buyer. The right property, at the right price, always comes along.
Don’t be pressured by the agent
Whatever you do, don’t let the real estate agent prize out of you how much you’re prepared to pay. Play your cards close to your chest and practise that poker face!
Radiate confidence and bid bullishly
When the time comes, bid assertively, quickly, loudly and ooze confidence. It tells the competition you’re not going to give up – the surprise will come when you suddenly opt out because the bidding has reached your limit. Hopefully though, this will be your lucky day and that rough diamond will be yours.