It's so easy to feel lost and overwhelmed at a property auction, especially when you're a first home buyer with no experience whatsoever. In today's episode, we provide you with practical advice and strategies through the lens of a real-life coaching session, answering critical questions such as determining your maximum bid when the agent doesn’t provide a price guide, and handling the auction process efficiently even when you can’t be there in person.

Join us as we take you through the details of a real-life coaching call with one of our students gearing up for her very first auction. From discussing the merits of attending an auction online versus being physically present, to breaking down how to establish your price limit, this episode is packed with insights that will set you up to be successful at your very first property auction experience.

Get ready to elevate your auction strategies with our expert guidance and real-life examples. Tune in now so you don’t miss out on a valuable opportunity to learn and grow as a bidder! Let’s get started.

Episode Highlights:

00:00 - Introduction

02:54 - Is it better to attend an auction online or should you be physically present?

04:59 - What is your price limit going to be?

06:17 - Do you need to register or pre-register?

09:45 -  Best bidding strategies in auctions where the number of bidders is unknown

15:15 - Auction strategies when a property is slow

19:34 - Auction strategies for a property that is hot

23:04 - Understanding incremental bids and how they change

27:01 - The importance of making stronger bids to assert authority and understanding the risks

29:19 - Strategic bidding near the maximum budget during a property auction

38:55 - Dealing with the uncertainty of property auctions despite thorough research

42:39 - Determining what to pay for a property based on thorough research and valuation

45:32 - How does awareness affect buyers' auction strategies?

55:15 - Implications of conducting online auctions particularly in regional areas

59:40 - Dummy bidders

Resources:

• FREE MINI COURSE: How to price property like a professional https://www.homebuyeracademy.com.au/freecourse
• Meet our recommended mortgage brokers at Home Buyer Academy https://homebuyeracademy.com.au/brokers
• Visit our website https://www.homebuyeracademy.com.au/
• Join our Facebook Group to get access to free monthly live Q&A sessions
• https://www.facebook.com/groups/yourfirsthomebuyerguideaustralia
• Learn how to buy property without making a mistake with our ultimate 10-step online course for first time home buyers https://homebuyeracademy.com.au/YFHBG
• If you have any questions or would like to be featured on our show, contact us at: Your First Home Buyer Guide Podcast  [email protected]
• Looking for a Sydney Buyers Agent? https://www.gooddeeds.com.au
• Work with Veronica: https://www.veronicamorgan.com.au
• Looking for a Brisbane Buyers Agent? https://www.propertypursuit.com.au/
• Work with Meighan: https://www.linkedin.com/in/meighanwells/

If you enjoyed today’s podcast, don’t forget to subscribe, rate, and share the show! There’s more to come, so we hope to have you along with us on this journey!

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