Why engage a professional bidder?

Q.  Why engage a professional bidder?

A.  To ensure you give yourself the best possible chance to secure the property of your choice.

Many people believe that bidding at auction is simply about putting your hand in the air in competition with other parties and hoping the highest bid lands with you at the conclusion of the bidding process.

In essence, that is what it is… but how do you know you are doing everything you can to deter competition, minimise the price you pay and thereby end up with the keys to the property on favourable terms?

A quick test

If you have previously had the experience of bidding at auction, rate yourself by answering the following questions:

Was I successful in purchasing the property?

Did I purchase within my budget?

Did I enter the bidding at the right time?

Where did I stand throughout the auction?

What did I do to break up competitive bidding?

Was my body language right in acting as a deterrent to other buyers?

Did I show any weakness or nervousness throughout the process?

Were there any times throughout the auction that I was uncertain about where the bidding was at?

Was there any time throughout the auction that I was uncertain as to whether the property was on the market to be sold “under the hammer”?

Did I feel after the auction that I could have done things differently to achieve a better outcome?

If the property was passed in to you, ask yourself the following additional questions:

Did I secure the property?

How clear was I about how I should handle the post auction negotiation?  Offer more?  Not budge on price?

How comfortable did I feel in the negotiation process?

Did I walk away feeling I offered or paid too much?

If unsuccessful, should I have offered more?

Your score

If you scored 100% in this simple test, you don’t need a professional bidder to act for you in the future.  In fact, you should become one!

A score of 95% or less should have you seriously thinking about engaging the services of a professional.

Professional property advocates are trained and experienced in performing under stressful auction conditions and in most cases can save you not only a lot of anxiety, but also a lot of money.

Without the necessary knowledge and experience, auctions are not only intimidating, they are confusing.

Anonymity

Many of our clients, for all sorts of reasons, prefer to stay anonymous when buying a property.

If you are known to the selling agent, it can sometimes work against you. If you are a person who seeks privacy in your day to day dealings, the auction system doesn’t provide it, unless you engage someone to act for you.

Staying anonymous can be a smart strategy that can work in your favour. 

At Bidpro, we are regularly engaged to bid at auction on behalf of our clients.  Often we do this under Power of Attorney.  

For other property related articles by Bidpro, please visit our Resource Centre at

www.bidpro.com.au

If you would like to learn more about the services we offer, please contact Shane Heffernan

0418 511 390