It's so easy to feel lost and overwhelmed at a property auction, especially when you're a first home buyer with no experience whatsoever. In today's episode, we provide you with practical advice and strategies through the lens of a real-life coaching session, answering critical questions such as determining your maximum bid when the agent doesn't provide a price guide, and handling the auction process efficiently even when you can't be there in person.
 

Join us as we take you through the details of a real-life coaching call with one of our students gearing up for her very first auction. From discussing the merits of attending an auction online versus being physically present, to breaking down how to establish your price limit, this episode is packed with insights that will set you up to be successful at your very first property auction experience.

Get ready to elevate your auction strategies with our expert guidance and real-life examples. Tune in now so you don't miss out on a valuable opportunity to learn and grow as a bidder! Let's get started.

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Episode Highlights:
00:00 - Introduction
02:54 - Is it better to attend an auction online or should you be physically present?
04:59 - What is your price limit going to be?
06:17 - Do you need to register or pre-register?
09:45 - Best bidding strategies in auctions where the number of bidders is unknown
15:15 - Auction strategies when a property is slow
19:34 - Auction strategies for a property that is hot
23:04 - Understanding incremental bids and how they change
27:01 - The importance of making stronger bids to assert authority and understanding the risks
29:19 - Strategic bidding near the maximum budget during a property auction
38:55 - Dealing with the uncertainty of property auctions despite thorough research
42:39 - Determining what to pay for a property based on thorough research and valuation
45:32 - How does awareness affect buyers' auction strategies?
55:15 - Implications of conducting online auctions particularly in regional areas
59:40 - Dummy bidders
Resources:
 
➼ FREE MINI COURSE: How to price property like a professional https://www.homebuyeracademy.com.au/freecourse
 
➼ Meet our recommended mortgage brokers at Home Buyer Academy https://homebuyeracademy.com.au/brokers
 
 
➼ Learn how to buy property without making a mistake with our ultimate 10-step online course for first time home buyers https://homebuyeracademy.com.au/YFHBG
 
➼ If you have any questions or would like to be featured on our show, contact us at: Your First Home Buyer Guide Podcast [email protected]
 
➼ Looking for a Sydney Buyers Agent? https://www.gooddeeds.com.au
 
➼ Work with Veronica: https://www.veronicamorgan.com.au
 
➼ Looking for a Brisbane Buyers Agent? https://www.propertypursuit.com.au/
 
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!
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  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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