Buying a property can be a nerve wracking experience for many, but buying at auction can cause even more nerves.
However that doesn’t need to be the case according to an award winning young auctioneer, with preparation and a few useful tips putting you ahead of the pack no matter what type of market.
“My number one tip would be to know exactly the figure you are willing to pay for the property and ensure you are comfortable with potentially losing the property for any amount over that figure,” says Ashley Maikousis of Woodards South Yarra who recently took out the Real Estate Institute of Victoria’s Novice Auctioneer Award.
“The more researched and educated you are on the property itself and the market, the more comfortable you will feel on game day.”
Some people may not be comfortable with jumping into such a charged atmosphere as an auction and that is okay according to Ms Maikousis, who says it is fine to then call in someone who is one step removed to the buying process.
“Bring a trusted friend or family member that has experience in bidding at auctions,” says Ms Maikousis.
And there is also an opportunity to call in a professional.
“If it is within your means, a buyers agent who will take care of this whole process for you is certainly worth looking into – an experienced buyers agent could land you with a dream property at a great price without the anxiety.”
When it comes to when to bid there are a number of options on when is the time to make your move.
“There are a lot of theories around the psychology of bidding at an auction, but personally I believe in bidding strong from the start and let the auctioneer and everyone else know you’re serious about the property,” says Ms Maikousis.
While the amount of homes selling at auctions has eased as the market cools from its peak last year, there is still value in bidding at auction.
“In a slower market where properties may pass in more often, ensuring you are in that position of power to negotiate exclusively with the vendors is important. Put your hand up if no one else is to ensure you are in that drivers seat,” says Ms Maikousis.
She has worked alongside and been mentored by her colleague Luke Banitsiotis of Woodards Blackburn who took out the title for REIV Senior Auctioneer of the Year.
“I’m pleased with my achievements, however mentoring my peers is what I’m proudest of. Providing advice, teaching, and training Ashley and seeing what she has achieved in such a short time is amazing”, said Mr Banitsiotis.
This article was written by Jen Melocco and originally appeared on realestateview.com