As Victoria emerges from what was the state’s fifth lockdown, the real estate industry has once again proven its adaptability. For agents and auctioneers, making the transition from in-person to virtual auctions has become almost second nature, but for buyers, the process can feel overwhelming.
So, how should a budding buyer approach online bidding for greatest success?
Do your homework
The best place to start is to do your own research. It is important you are familiar with the relevant bidding platforms and are confident in how to use them. This includes knowing how to register for an auction, sign in on auction day, bid, and of course, the post-auction process if you are successful. Understanding the basic functions of the platform will be one less thing to worry about on auction day.
Stick to the budget
Like any auction, make sure you understand what your budget is. This will ensure you aren’t showing signs of hesitancy, which other bidders can pick up on. Online auctions are often made up of slow, consistent bids, and although it lacks the momentum we see at traditional auctions, it’s easier for buyers to keep a level head – so use that to your advantage.
Prepare and plan
It is also important you have a clear bidding strategy. Most bidders have a price point they don’t want to exceed, and it’s those round numbers that stop most. For example, an even figure such as $800,000 might be your competitor’s limit, so placing a bid of just $1000 could knock out the competition and win you the keys.
Digital is here to stay
Online auctions used before the Covid-19 pandemic hit and will be a way of the future for the real estate industry. Many auctions will be held in person for those who can and want to attend but will also be streamed online. Buyers can benefit greatly from this, whether that be to research and understand the process before bidding themselves, to purchase interstate or to keep a calm head on auction day buy steering clear of the action.
For more useful tips on successful online bidding, or to chat about our upcoming auctions, give us a call today.