“Your skill as our auctioneer for the evening was an important part of the success of this year’s Heart Classic.”
Robyn CharlwoodFormer Executive Director, National Heart Foundation
We were delighted with the result of the auction! Your expertise in encouraging a more dollars for each item ensured that maximum price was paid for many of the items on sale.
Malcolm GoughFormer Chairperson, Mazda Foundation
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.