Don’t be scared of auctions
08 October 2018
Almost one in five Aussies are missing out on bargains because they are scared off by auctions.
Source: Real estate insiders
Buyers are throwing great property bargains onto the scrapheap before they have even seen them because they’re scared off by auctions, experts say.
Universal Buyers Agent property expert Darren Piper said buyers are missing out on bargains of up to 25 per cent because they are frightened off by auction sales.
“It can be daunting if you don’t know what you’re doing,” Mr Piper said.
“With television shows turning up the theatre and adrenaline of an auction it can cause buyers quite a lot of anxiety.
“But for those who aren’t put off it can be a great way to get in the door and find a real bargain.”
A recent survey by finder.com.au found one in five Aussies are “terrified” of auctions with many buyers passing over listings with an auction process.
Although the process can be intimidating Mr Piper said professional buyers agents can help to do the heavy lifting for buyers by attending auctions, making bids and finding properties worth inspecting.
“The first reaction many people have when they see a listing set as an auction is to give it a miss.
“We cut through the smoke and mirrors and ask the hard questions to determine if the auction if worth pursuing and just what kind of bargain you could get.
Mr Piper said a client had discounted a listing at 27 Cowper Street, Bulimba believing the auction listing was likely out of their price range.
But after enquiring with the estate agent and working out the value the client was able to secure the property at auction for $50k less than their max price range.
Mr Piper said it is also worth finding out how many bidders are expected to manage expectations and avoid falling into a price war.
“Most buyers turn to water at the thought of standing in a public place staring down other buyers and engaging with a boisterous auctioneer.
“We make the process less scary so buyers have the choice of handing over bidding to an expert and ensuring they get the best deal possible.
“There’s nothing worse than being out bid after you’ve spent time and money on a property, but with the right help you can snap up a real bargain.”