[Podcast] Outsmarting the Competition: Auction Day Secrets with Andy Reid

Today, we’re tackling one of the most exhilarating—and sometimes nerve-wracking—aspects of the real estate market: auctions.

Around Australia, weekend property auctions have become almost a national pastime.

People love to go along to have a sticky beak, to get an idea of the market, to fantasize about their dream homes or just to watch the street theatre unfolding before them.

It’s a bit like watching buskers – you see an auction being conducted and you have to stop and gawk for a while.

For all the street theatre and entertainment value, auctions represent a lot of stress and tension for those involved so today and that’s why I’m pleased to have a chat with Andy Reid today.

Andy is not just an award-winning auctioneer; he’s a master of the auction floor, with a wealth of experience that gives him a unique perspective on what it takes to succeed and get that property you’re after.

In this episode, we’ll be discussing everything from the insider tips that can give you an edge, to the common mistakes that trip up even seasoned bidders.

The psychology of bidding with Andy Reid

In our chat today, Andy shares his wealth of knowledge and expertise on mastering property auctions.

From understanding the nuances of bidding to overcoming personal obstacles like imposter syndrome, Andy offers listeners valuable insights into the high-stakes world of auctions.

• Andy's journey from England to mastering the auction scene in Australia
• The importance of reading body language and the psychology behind successful bidding
• Preparing for Auction Day
• The strategic nuances of bidding quickly and confidently to gain an advantage over competitors
• The benefits of introducing yourself to the auctioneer and how it can unsettle other bidders
• Advantages of being an early bidder and the risks of waiting until an auction passes in
• Common mistakes bidders make
• The significance of collaborating with auctioneers and seeking clarification during the bidding process
• Pitfalls of allowing ego to interfere in high-stakes environments
• How understanding auction legislation can provide strategic advantages

Links and Resources:

Michael Yardney

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Get in contact with Andy Reid – Auctioneer and Real Estate Coach

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Some of our favourite quotes from the show:

“In fact, your competition isn't really the auctioneer; it's the underbidder or the other bidder.” - Michael Yardney

“Your last bid has to sound as confident as the first one. It shouldn't be tentative. Oh, maybe I'll go another thousand. No, it's got to seem like you've got a lot more in the tank.” - Michael Yardney

“But one of the things I sometimes do, Andy, a little bit cheekily, is I don't go inside; I say I'm happy to talk, but in fact, you don't sit in front of the vendor.” - Michael Yardney

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