The Elephant In The Room Property Podcast | Inside Australian Real Estate

How successful auctioneers know when to push you to bid more

This week we interview Damien Cooley, probably Australia’s most famous property auctioneer, well known for his appearances in nearly every series of The Block.

Damien is extremely candid and reveals some absolute gold:

• How he reads body language and uses it to get buyers to make higher bids.
• How he creates momentum and urgency
• How he modifies the way he speaks to different bidders in order to get them to follow his suggestions
• The signs buyers give that tell him they have more money
• The circumstances when auctioneers actually want a low bid and why buyers should give them a high one
• What he thinks about agents quoting “buyer feedback”
• His hot tip for buyers agents
• Some of the moral dilemmas he has faced at auctions

You really should never bid at auction without listening to this first.

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In this illuminating interview with behavioural scientist Simon Russell we discover a myriad of ways in which the auction process influences buyer decisions, without them even knowing it.

Simon explains how we humans are governed by our emotions, often despite our best intentions and often to our own detriment. 

When he attended his first ever property auction in Melbourne, he was amazed at how many behavioural biases he saw in action. These are mental shortcuts that human beings take when confronted with complex decision making, and what could be more complex than competing at an auction? 

In this episode we cover ten biases in an easy to understand, conversational style. Essential listening for anybody who wants to have more control when they are bidding at auction. 

Free download - behavioural bias checklist:

https://www.theelephantintheroom.com.au/podcasts/1

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What's this all about? I’m Veronica Morgan, real estate agent, buyers agent and co-host of Foxtel’s LLLA & I’m fascinated by consumer behaviour. Hence the elephant: he’s a metaphor for the way our emotions often dictate our actions.

I’m joined by Chris Bates, financial planner, mortgage broker and wealth coach and together we’re going to uncover who’s really making the decisions when you buy a property.

Each week we’ll get into the psyche of buyers, agents, auctioneers and other industry experts to learn the truth about why buyers do the things they do. The plan? To help us all make better property decisions!

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