Many attend the auction room in person or via ‘Connect Real-time’. Whether you are a buyer, seller, investor, developer or even just as a viewer to gain more experience of the process, auction day is always exciting.
Welcome to Connect UK’s Auction Academy – Here to answer all your property auction questions.
So, let’s explore the do’s and don’ts when attending a property auction.
Don’t – Have you noticed at auctions everyone seems to huddle at the back and stand? Doing this doesn’t mean people wont bid against you. If your aim is to bid, you’ll know your maximum budget and this wont change dependant on where you sit or stand in the auction room!
Don’t – Scratch your head during the auction. If your arm is high enough, the auctioneer may take this as a bid. You may just win yourself a nice little buy to let with the auction representative ready to usher you off for the exchange of contracts!
Don’t – Turn up on the day without proof of funds if you’ve registered to bid. Asking a representative to follow you to the cash machine to present your account balance on screen does not count as proof of funds!
Don’t – Don’t be afraid to ask questions. No question is too silly and an auction representative will always be on hand to help. Unless your question is “what’s the reserve price!” I can assure you this will not be disclosed or discussed with anyone but the client!
Don’t – Don’t be afraid to get involved. Being successful is about taking risks and walking into the unknown. That’s how we learn. That’s how we progress. Everyone in the room was a beginner once and we all start somewhere right?
Property is a money-making machine to some and hobby to others. Either way, make sure you are well informed before getting involved.
Check out our other videos on what to look out for on viewings and top tips when selling at auction.
