It is interesting that for most complicated processes that fall outside of our personal experience we are quick to enlist the help of a professional.
There are not many people who will take care of their own commercial accounting or defend themselves in a court of law.
However, when it comes to bidding at a property auction and committing to a significant financial outlay, a lot of people hesitate to ask for help.
It is not uncommon for buyers to assume that professional bidders are solely there to assist the particularly wealthy investors.
In a time when auctions are becoming unavoidable, it is becoming too common for genuine buyers to miss out due to lack of experience or nerve.
If you are in the market for a new property, whether it be an investment or your new home, it is worth considering the benefits of engaging a professional bidder to do the legwork.
Finding the right property for you
Before you even get to auction, a buyers agent can advise on the best options for your serious consideration.
They will have intimate knowledge of your preferred property market, suburbs and locales to suit your lifestyle and budget requirements, future capital gains potential, tenancy demographics, and more.
Their expertise will help to guide you on which properties are within your price range and prevent you from wasting time and money on those properties which will exceed all guidance and recommendations.
A well-connected buyer’s agent will even have access to exclusive off market sales, where you may potentially secure a property below market value and ahead of the pack.
If you have a clear picture of your ideal property, you will be ready to act when the time comes.
Buying with their head, not your heart
Property can generate emotions in us that we don’t expect.
Once you start picturing your family in a home it is hard to limit your financial investment, especially if it comes to fierce bidding at auction.
A professional buyer’s agent will help you to settle on a limit (based on the property’s features and merits, as well as your own finances), develop a clear auction day strategy, and be the cool head in what can be an intimidating situation.
It is critical that they use their experience to develop and implement an effective auction strategy to secure the property at, or below, your limit.
They may use a variety of techniques and be able to adjust their plan to suit the mood of the auction to give you the best possible chance of securing the property, at the most reasonable price.
Negotiating the final steps
When a property is passed in (didn’t meet reserve) at auction, that is when a buyers agent can give you a competitive edge.
They will confidently negotiate with the seller to secure the property on your behalf.
Often this process takes keen resolve as the seller is always looking for a stronger financial commitment from you and it is often where independent buyers fall into the trap of spending more than they had intended.
Submitting an offer prior to the day of auction is also not as simple as offering up a dollar figure.
There are a range of legal documents and processes that must be followed — something which a professional bidder will be able to manage on your behalf.
If you’re a home buyer; tired of missing out at auctions; are time poor or geographically removed from the properties you are interested in, engaging the services of a professional buyers agent is well worth your investment.
The experienced team at Metropole has comprehensive property market experience in Melbourne, Sydney and Brisbane and can help you to make the right bid at the right time to secure your property.
Why not click here and find out more about how we can help you by levelling the playing field when buying your next home.
Subscribe & don’t miss a single episode of michael yardney’s podcast
Hear Michael & a select panel of guest experts discuss property investment, success & money related topics. Subscribe now, whether you're on an Apple or Android handset.
Need help listening to michael yardney’s podcast from your phone or tablet?
We have created easy to follow instructions for you whether you're on iPhone / iPad or an Android device.
Prefer to subscribe via email?
Join Michael Yardney's inner circle of daily subscribers and get into the head of Australia's best property investment advisor and a wide team of leading property researchers and commentators.