Phil and I have trained together over the past 6 years, at times intensely and others just the odd catch up to freshen up my skills. Either way, I always gain something from our sessions together.
Matthew Young
Principal Buxton St Kilda
“My association with Phil goes back many years and he has been a significant influence in my auctioneering career. This is just one of the reason’s why Phil is the coach of all our auctioneers at McGrath!”
Scott Kennedy – Green
Partner & Chief Auctioneer, McGrath Estate Agents, Dual NSW & 2006 Australasian Auctioneer Champion
The importance of a bidding strategy!
Friday, 15 November 2019
I attended an auction in Brunswick last Saturday and I overheard a young gentlemen discuss settlement terms with the agent prior to the auction. (Well done to him for doing this before and not after the auction!) We then happened to travel down in the lift together. I wished him good luck. He asked me, was I bidding? I replied, no, I was just observing. I then asked him, did he have a bidding strategy? He said, Ohhh, I’ll just wait until it gets on the market and then I will bid. I told him, I do a lot of this and from our experience the 1st bidder buys the property 60% of the time and for the 1st and 2nd bidders the success rate is over 90%. My advice to him was not to hold back and be bold with his bidding. He ended up buying the property. I offered my congratulations to him and he thanked me warmly for the advice. I had never met this person before and our meeting would only have lasted 45 seconds at the most. You might say it was a chance meeting for him but it shows the importance of having a strategy when bidding at auction. If you are unsure about bidding, seek out some advice from someone who does it on a regular basis or it their livelihood.
