When to bid aggressively at auction | Buyers Agents Sydney | Good Deeds

You only bid aggressively at auction if you want to scare off other buyers, but before I talk about when it's a good idea to bid aggressively, I want to remind you that you need to know what the property is worth, and what your maximum bid is before you go to auction.

So when to bid aggressively at auction?

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TRANSCRIPT
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You only bid aggressively at auction if you want to scare off other buyers, but before I talk about when it's a good idea to bid aggressively, I want to remind you that you need to know what the property is worth, and what your maximum bid is before you go to auction. Now assuming you've done that, here are five scenarios where bidding aggressively might be a good idea. Number one, you have more money than everybody else. Number two, you know what that property is worth and you also know that the agent has been severely under quoting it, so you could come in really aggressive and scare off quite a lot of other buyers who have wishful thinking and are hoping that the property is gonna sell at a much lower price. Number three, when you're bidding against inexperienced bidders. Now I've seen it play out many, many times where timid bidding just gives an invitation to other timid bidders to bid. So by bidding aggressively you can easily scare them off. Fourth scenario, when the market is hot and you wanna scare off as many other bidders as possible in one hit. Now the fifth scenario is in a cooler market but where there are a lot of registered bidders. Now it does happen and sometimes a slam dunk bid can work wonders, you just have to be quite brave but also very, very calculating in how you do it, and once again, understanding what it's worth is key to the success of this tactic. Fundamentally, bidding aggressively is all about control, you're wanting to control the auction, and there are some other ways you can do so without being aggressive, and one is by being politely disruptive, it's one of my favourite ways. Now, I do it in a number of different ways. Sometimes I use odd numbers when I'm bidding, for instance. Now people aren't expecting that, they're expecting the bidding to start in bigger numbers and slowly go down until it gets to the pointy end, so I like to mess it up a little bit, mess with people's' heads a bit. Another way is bidding before you're asked to by the auctioneer, it's a bit different. And, another one that I've really loved doing is bidding a higher number than you've been asked for. Now if you know it's below the reserve it doesn't really matter what the amount of the bidding is at this point, so if the auctioneer asks you for $25,000 bid for arguments sake, why not give 'em 30? It really unsettles other buyers. Now another slightly crazy tactic is to bid against yourself. Sometimes I'll use this and I actually increase my own bid and people think I'm insane, and you know what? If that stops them bidding, then that's okay. Now bidding strong can have its drawbacks. One drawback is that the owner actually starts thinking the property should sell for a higher price. Another drawback is when you actually lock horns with another competitive bidder and you forget about the value of the property as you're actually just competing to win. And another thing, don't bid aggressively against another aggressive bidder, it's gonna end in tears. What you need to do is disarm them, but that's a topic for another video.