5 Bidding Tactics To Knock Out The Competition At An Auction

When attending an auction, it can be tempting to let the crowds affect how you bid. However, as a buyer, you are in control of what and how you bid at an auction. There are a few tactics many people use at auctions to walk away with great items at a low price. These tips will give you the chance to win, even if you have arrived on a tight budget or are unsure of how to bid at an auction. Below are five strategies you can use to knock out the bidding competition.

Give yourself a limit before the auction

Before the auction, determine the top bid you are prepared to make on an item. Stick to this amount and don’t let emotions rule you during the auction. Many times, bidders get caught up in the excitement and end up bidding more than they were prepared to pay.

Check your body language during the auction

Make sure your body language and gestures portray a person who is positive and confident during the entire bidding process. Look other bidders in the eye when they bid over your offer. Give them a confident look as if their bid is not a threat. This tactic can help you stay on top of the competition.

Pay attention to other bids at the auction

If you are at an auction where a property is up for bid, you should know if there are any contract requests or building reports. If you think the competition is going to be difficult, wait for someone to make a low bid before you bid a higher one. Start at about $10,000 or even $20,000 below the amount you set to spend. Try and cut-out the bargain hunters or emotional bidders who are increasing their bidding levels.

See if the auction property is on the market

When attending an auction for a property, check to see if the property is listed on the market. Verify if there is a reserve price, which is the minimum amount at which the property will be sold. If these questions cause the auction to stall, then the agent and auctioneer may try to convince the seller to lower their reserve price. The agent and auctioneer may also suggest placing the property on the market as an unreserved sale.

Win the auction with a knock-out bid

Knock-out bids often confuse other bidders by causing them to lose confidence. Double or triple your bid amounts, or pretend you are out and wait until the third call to come in again with a knock-out bid. This is a sudden, yet effective tactic you can use at many auctions.

For more information on how to bid at auction, contact the experts at High Plains Auctioneers. Call us today (806) 244-6776 or Contact Us by email to find out more information on bidding practices. Don’t forget to check out our upcoming auctions!