Auctioneer Alec Brown of Ray White Canberra shares his tips for bidding at a property auction.
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00:00 (upbeat music)
00:02 Number one, it's about being prepared.
00:07 It's having a pre-approval in place,
00:09 be it through a bank or broker,
00:11 because auction day is cash and unconditional,
00:13 so you've just got to make sure your lending's in place.
00:16 But also, two, in being prepared,
00:17 it's reviewing the contract,
00:19 looking at the building report,
00:20 maybe even reaching out to a solicitor
00:22 and having that reviewed as well.
00:23 But the more you can prepare for it,
00:25 the more confident you'll be on the day.
00:27 So number two, I would suggest you head out there
00:29 and actually have a look at some other auctions,
00:33 learn how they work, the different auctioneers
00:35 or different agents and their styles,
00:37 and get a bit of a sense of what bidding at an auction
00:40 actually looks like.
00:41 The more you can sort of familiarize yourself
00:43 with the process, the less daunting
00:45 it's gonna be on the day.
00:47 Number three, going in with a plan.
00:49 You've really got to be prepared on the day
00:51 to know what you will do, what you won't do.
00:53 Now, ultimately, it really boils down
00:55 to how much you'd be prepared to spend,
00:58 but I guess have that sort of plan
00:59 of how you're gonna be bidding.
01:01 Is it aggressive?
01:02 Is it laid back?
01:03 Are you going to be sort of the first one out of the gates?
01:06 Or are you gonna hang back until a little bit later on?
01:08 If you have, I guess, a set series of events or plans,
01:12 again, you'll have that little bit more
01:14 of an edge over your competition,
01:16 a little bit more comfort around what you're doing.
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