For many people, real estate auctions are a thrill. There is a certain amount of adrenaline involved in bidding against others on a quest to win a property. For some buyers, it almost becomes a strategy game. There are a lot of myths out there of strategies that are supposed to be fail proof. Central Texas Auction and Realty is here to talk about some of these myths and why they won’t work if you use them at the next real estate auction you go to.
Never Make the First Offer? It Doesn’t Hurt to Make the First Bid!
Some people think that you should never be the first one to make a bid. If no one ever made the first move, auctions wouldn’t work. It’s a great idea to come in strong in the beginning of the auction to show you are confident and serious about purchasing the property.
Staying Hidden during the Auction isn’t going to Increase Your Chance of Winning
Hiding behind a post or tree during an auction isn’t going to make you any more likely to get the winning bid at a property auction. Standing confidently in the middle of the crowd in very important. If you make your presence known and use strong, decisive movements, other bidders will take you seriously. Let other bidders know that you mean business and you don’t intend to lose.
Don’t Trust Your Gut Instincts over Your Real Estate Agent’s
You will likely enlist the help of an agent during the auction campaign. If you haven’t, you should. Their advice is invaluable since they know the market. Even when you think your instincts are right, if your agent is lending advice and giving you their opinion at the auction about the reserve price, listen. There is a reason you have hired them to help you find the perfect property.
Staying Silent Until the End of the Auction Isn’t the Best Strategy
There is a myth that staying quiet throughout the auction and then coming in with a killer bid is a great strategy. This isn’t the best strategy and here’s why. When you wait until the last second to bid, there is a risk that the auctioneer will not see your bid and you will miss out.
Buying & Selling Land & Real Estate at Auction in Belton, Waco, Killeen, Temple & Central Texas
In the end, if you are interested in a property at a real estate auction, don’t be bashful. Put yourself out there early and come in strong if you are serious about purchasing. If you have questions, the friendly staff at Central Texas Auction and Realty are ready to assist you in successfully participating in any of our real estate auctions. We can help you find exactly what you are looking for on your quest to buy real estate. Call us for more information on upcoming real estate auctions in your area.