A lot of home buyers (and sellers) avoid auctions like the plague. Some reason out that they have no idea how it works while others feel like it's a bigger undertaking than what they're prepared for.
 
If auctions feel daunting to you, you're in the right place!

In this episode, we're going to give you an auction masterclass! Most property buyers hate auctions, but stick with us because we're going to reveal some tips and tricks to give you that inside edge.

If you enjoy this episode, do give us a like, share it with others who you know will benefit from the show and subscribe to the podcast! We have loads of resources available and if you'd like to talk with us directly, send us an email at [email protected]!

See you on the inside!

Episode Highlights:
• What is a "method of sale"? [02:39]
• When selling, auctions are commonly chosen in this situation [03:17]
• The Pre-Auction Phase [04:30]
     • The auction process from the selling agent's POV [08:01]
     • A phrase to help you understand how price guides are mostly set [11:20]
     • Legislation on reserve price within the quoted range in South Australia [13:54]
     • What buyers need to do before auction date [16:32]
     • What couples need to think & talk about before the auction date [18:52]
• Two types of bidders at auctions [22:29]
• Three groups of auction buyers that agents typically present to auctioneers [28:42]
• Why an agent might ask about a pre-auction offer [29:45]
• Self-control gives you confidence to walk away from a property [33:55]
In-rooms versus on-site auctions [36:13]
• Key bidding tactics [39:15]
     • The 'knockout' bid [41:22]
• Not all auctions pass under the hammer, but when they do... [47:01]
• The next steps for buyers who have done great pre-auction work [51:35]
Links from the Show:
• Take our FREE course on pricing property!
• Check out our Where to Buy Workshop!
• Register for our June 19th Stepping Stone Workshop!
• Get "Auction Ready" by Veronica Morgan (30% off & free postage with code 'ACADEMY')
If you enjoyed today's podcast, don't forget to subscribe, rate and share the show! There's more to come, so we hope to have you along with us on this journey!
How ready are you to buy your first home?
  Co-Founders

Veronica Morgan & Meighan Wells 

Veronica & Meighan are both licensed real estate agents who exclusively help buyers. Together they have nearly 40 years experience as property professionals.

Veronica is principal of Sydney based Good Deeds Property Buyers and is also co-host of The Elephant in the Room property podcast as well as Location Location Location Australia on Foxtel and author of Auction Ready: how to buy property at auction even though you're scared s#!tless!

Meighan is the multi award winning principal of Brisbane based Property Pursuit, chairperson of the REIQ Buyers Agent Chapter & a regular media commentator.

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