How to be more confident when heading to an auction

Dreaming of having a cute sold sign of your own? keep on reading…

Auctions are a truly unique experience – especially when what’s being auctioned is the home of your dreams.

Emotions are running high, competition is always fierce and frankly the whole thing can be more than a little daunting, especially if you’ve never been to an auction with the intention of actually buying.

To help you keep your cool, we’ve collated our top tips to help you feel more confident when heading to an auction.

TIP 1 Don’t compare yourself to other buyers

Not only a tip that’ll help you in auction, but in life – deep from us. The truth is, there will always be people that look the part more than you do; they might have a fancier car, they may dress in designer labels and have their designer dogs in tow, but the truth is you really don’t know their story, so don’t convince yourself of narratives that aren’t true. You have as much of a right as anyone to be at that auction, so try and keep your eyes on the prize instead of on the competition.

 TIP 2 Know what you can afford

Head to the auction with clear financial limits in mind as well as a realistic expectation of what the home is tipped to go for. Knowing the figures you have to play with will help quell the imposter syndrome that may creep in, so make sure before you head to auction you’ve assessed the property thoroughly and have sorted your finances with the professionals, like the team at UBank. You’ll feel more in control that way and in turn, more confident.

TIP 3 Go to other auctions

Heading out to other auctions that you’re not interested in bidding in is a great way to build confidence as to how the process runs, how people act and what patterns emerge. It’ll give you an idea of what to do and what not to do and it’ll help you feel less intimidated on your auction day, because you’ll know what to expect.

TIP 4 Know the home’s worth

Ensure you’ve done your due diligence ahead of rolling up to auction and establish a really clear understanding of what the home is worth and what you’re willing to pay for the home. A great way of doing this is of course to attend house inspections and ask all of the important questions like how old the house is, any structural issues that may not be obvious to the layman’s eye and so on. Do your research and know what other homes in the area have gone for and what the area is valued at. Having the confidence of having done your own research instead of just blindly trusting the opinion of the agent will make you feel more in control.

TIP 5 Be confident

Maybe this one was obvious, especially as the title of this article is ‘how to be more confident when heading to auction’ but we think it’s the perfect tip to leave you with today. People often say the key to confidence is faking it until you make it and we think that certainly will work in this situation. Believe in yourself, remember you have as much right to be there as anyone else and focus on the task at hand instead of on the people around you. Good luck!

If you’ve made it this far we can only assume you’re ready to jump into your property journey (or at the very least, arm yourself with all the info so that when it’s time to jump, you’re prepared) – and if that’s the case then our podcast ‘The Property Playbook’ is the one for you!

Victoria and buyers advocate Amy Lunardi are taking you through the A-V of property (tehe) and it’s all being made possible thanks to our friends at UBank.

UBank are helping us bring this season of the podcast (and this blog post!) to life and they’re also helping Aussies get on the property ladder with great rates and award winning home loans. Check them out here.

Any advice in this blog has been prepared without taking into account your objectives, financial situation or needs. Before acting on any advice on this information, you should consider whether it is appropriate for your circumstances.

Information current as at 15/09/21 and subject to change.  Terms, conditions, fees, charges, eligibility and lending criteria apply for all UBank products (available on request).

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