Bidding Agent Sydney
How to Bid at a Property Auction in Australia - Using a Bidding Agent
The Sydney home buying process, particularly where higher-end homes are made available for sale, will typically rely on a bidding system. This system was introduced in an attempt to keep the purchasing process fair. There are several ways to bid at an auction and each of them will offer their own advantages depending on the bidders’ preferences.
How to bid at a property auction
One of the most common ways to bid is by doing so alone and without the help of a bidding agent (more on these experts below). After a recent study undertaken by St. George Bank, it was discovered that almost 50% of bidders doing so on their own experienced major anxiety and stress before the big day. And of all individuals surveyed, over 60% reported that they didn’t have a strategy and simply went into the situation without a clue about the process.
This is what has led to many people considering asking friends and family members to take care of the bidding process on their behalf. As the event will be scheduled ahead of time, it can be possible to have someone ready to stand in for the bidder and raise their hand as the amount increases on the home – but the main drawback of this is that those that will be asked to bid on behalf of the potential buyer will have little to no experience in the field. Even those that do may pale in comparison to bidding agents.
That brings us on to the third and final way to bid at an auction – by using a bidding agent. Unlike buying agents that specialise in sourcing homes for their clients; bidding specialists focus on taking care of the bid process itself. These experts can be particularly beneficial as they will often utilise their own bidding strategies and techniques in an attempt to A) secure the home for their client and B) ensure that the lowest possible amount is obtained.
How can bidding agents help?
By bringing their own level of expertise to the table, bidding agencies will usually be able to learn more about the property ahead of time and suggest an upper-limit to their clientele. This can allow them to set a cap when it comes to bidding – and one that will stand a high chance of being the winning bid, without overspending on a property that might not actually be worth the large investment.
By using an agent, the bidder can enjoy an almost stress-free process and they won’t even need to attend, taking the pressure off of their shoulders and placing it firmly in the hands of a professional that will have their best interests at heart. Info provided by AuctionWhiz