As online auctions become more prevalent, it’s important to understand the nuances of bidding on property online. Just as with in-person auctions, preparation is key to success. Here are some tips to help you win an online auction.
First, make sure you have thoroughly reviewed the contract and that any requested changes have been agreed to by the seller. Speak with your broker to confirm that your financing is in place and that you know your bidding limits.
Pre-register to bid the day before the auction and ensure that you have uploaded the necessary identification. Call the selling agent to confirm that they can see that you are registered to bid. Make sure that your funds for the deposit are available and that you are able to transfer the required amount via BPAY.
On the day of the auction, ensure that the battery on your device is fully charged. Have a pen and paper handy to record each bid and the number of the person bidding. This will allow you to see patterns in your competitors’ strategies and adjust your own strategy accordingly.
Finally, it’s important to have the mindset that you are there for the long haul. Online auctions can take a long time, and it’s essential to have the persistence to stay the course and be the last person standing.
If you feel nervous about bidding or would like some additional assistance, don’t hesitate to reach out to a knowledgeable professional. With the right preparation and mindset, you can successfully win an online auction.