Attending an auction? Know who is working for whom.
Auction day moves fast and the pressure is real. Before you raise your hand, it's important to understand who is on your side, and who isn't.
They work for the vendor.
At an auction you'll usually find agents on site who offer to help you bid. It sounds helpful, but remember their role:
- They are still working for the vendor (the seller)
- Their job is to optimise your bid and get the most out of you that they can
- Every extra dollar you bid is a better result for the seller, not for you
I work exclusively for you.
As your buyers advocate, David Quinn works for the buyer, which means you, and no one else.
- I'm working only for you, never the vendor or the agent
- I agree your limit and strategy before the auction starts
- I bid for you, stay calm when the pressure builds, and know when to stop
The vendor has a team at the auction. Do you?
The seller has people working for them on the day. I strongly recommend that you have a buyers advocate working with you, so that you get the best out of the auction too. And once you engage me for my full service, I'll attend as many auctions as it takes to acquire the right property for you. Speak with David before auction day.
Hints for attending an auction
A few things worth doing before and on the day.
Research comparable sales and set your maximum price well before auction day, so emotion doesn't set it for you.
Have your solicitor or conveyancer review the contract and vendor statement before you bid, not after.
Building and pest inspections need to be completed beforehand. There is generally no cooling-off period on an auction purchase.
Be sure your finance is approved and you're comfortable with your limit. A successful bid is a binding commitment.
You'll need to register to bid. Bring photo ID, and arrange any deposit the contract requires on the day.
Get there before the auction starts and observe the crowd. See who is bidding and how the auctioneer runs the room.
Remember that anyone on site offering to help you bid and who isn't your advocate is working for the vendor or potentially another buyer.
Stick to the limit you set. Bidding is easy to get carried away with, and there will always be another property.
General information only, not legal or financial advice. Auction rules can change, so confirm the details with your solicitor or conveyancer.
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