Should you engage a buyer’s agent for an auction?
Auction bidding is not for the inexperienced. At an auction, it’s difficult to keep your wits about you and your emotions in check. You could embroil yourself in a bidding war you can’t afford. Or, you could be too timid to bid at all. But instead of going through the whole process by yourself, it makes better sense for you to get a professional buyer’s agent to help with auction bidding.
Whether you’re an experienced buyer or not, having a good buyer’s agent makes a huge difference. A superb agent can discern if a property is a great fit for you or a bad deal in the making. They have the skills to negotiate the best price for your dream home. They’ll sense the mood of other buyers and adjust their strategy accordingly. They bring an objective and experienced eye to the whole process. They give you advantages over other buyers, minimise your risks, and maximise your chances for success.
Let’s take a look at the different advantages of hiring a professional buyer’s agent for your next property auction.
A buyer’s agent knows the real value of a property.
Once you’ve found a house you like, would you be able to accurately assess it when you arrive at the viewing? Would it meet your needs? Would you be able to see through any hype and know its real worth on the market?
By doing it alone, you will never be entirely certain what the actual maximum price for your dream home should be. You become far more susceptible to overbidding.
However, a reputable buyer’s agent is your best guarantee against getting a bad deal or overpaying for a property. Such agents are experts at searching for, researching and purchasing properties based on specific search criteria you provide. They can provide valuable insights into the local market, property values, and pricing trends. They can reduce your stress by focusing the search only on properties that match your brief, which they can do efficiently. You can rest assured that the information you have on each property in your shortlist is accurate and suitable.
It is also a good idea to engage a buyers’ agent with specific expertise in the local area you are buying in. Intimate knowledge of the local market is key. A buyer’s agent with that kind of knowledge can zero in on the right properties, bid, and negotiate on your behalf with speed and assertiveness. This saves you time and money.
A buyer’s agent can bid and negotiate for you at an auction.
Bidding at auction is a fast-paced and high-stakes affair. It can be an intimidating and overwhelming experience. As an inexperienced bidder, you’ll likely be disheartened by an auction. So you’re going to need someone quick and objective to represent your needs.
A buyer’s agent is exactly that person. They are much more than someone who can support you during the auction and negotiation process. As your advocate, a buyer’s agent comes ready to bid and fight for your interests. They thoroughly understand the auction process and know the tricks of the trade. They’ll be effective at bidding for the property on your behalf.
During an auction, a buyer’s agent can bluff the competition from bidding against you, keeping the property’s final selling price from escalating and ultimately creating savings for you.
If needed, a savvy buyer’s agent can even submit an offer prior to the auction. If executed professionally, this strategy can prevent you from having to deal with dreaded bidding wars with other buyers on auction day.
Most importantly: a buyer’s agent is a third party who will not get emotionally attached to winning a particular property at any cost. Thus, your agent will bring in the confidence, winning strategies, and emotional detachment necessary for you to win the auction.
The vast majority of property sellers now use a professional real estate agent to maximise their selling price. Not surprisingly, there has been an increase in the number of buyers on the Sydney market that now hire a buyer’s agent to help with auction bidding.
Therefore, it only makes sense for you to hire someone of equal knowledge and skill to go head-to-head with the seller’s agent. With that advantage, you can take control of the auction room and breeze through negotiations.
A buyer’s agent can negotiate for you if the property you want ‘passes in’ at auction.
When an auction fails to meet a seller’s reserve price, it results in a ‘passed in’ property. The vendor doesn’t want to sell the property for the highest bid it achieved during the auction.
However, this doesn’t mean that the property can’t be purchased, even on the day. The party that made the highest bid usually gets the first call to negotiate with the vendor’s agent.
If you’re a first-time home buyer, negotiating for a passed-in property can be just as stressful as the auction itself. You’ll go up against seasoned agents who will use all their skills to increase your offer amount. Most sales agents are extremely good at emotion-based selling and will use tactics to make you feel like they are trying to help you. Real estate agents are especially skilled in reading your non-verbal cues and using these to their advantage. (We all know that less than 10% of communication is through the words we use; the rest is intonation and particularly body language.) This is another reason to have a professional negotiator represent you instead.
An experienced buyer’s agent will be used to this. They know how to counter and negotiate effectively. So instead of facing the seller’s agent yourself, your buyer’s agent will represent you and level the playing field. They’ll give you the best chance to secure your dream property without breaking the bank.
Hiring a buyer’s agent is essential in changing market conditions.
The COVID-19 pandemic threatened to completely derail the traditional on-site property auction format in Australia. It certainly put the real estate scene on hold for a while. No one knew how the coronavirus would affect the economy and on-site auctions were deemed unsafe.
Again, buyers’ agents were the first to accumulate significant experience with the market conditions or changed auction formats. This is the same in our current changing market. So take advantage of this and get Tracey to help you.
Tracey Chandler: Your Buyer’s Agent To Help With Auction Bidding
The real value of Tracey Chandler’s services goes beyond giving you a proper valuation of the property you’re eyeing.
In Sydney’s property industry, Tracey is known as an expert bidder and negotiator. With her reputation, she can gain access to the best properties, push for better prices, win the bidding, and ensure the deal doesn’t fall through. With her help, you’ll confidently go through an auction without costly mistakes.
Call the number below to schedule a preliminary meeting with Tracey. There’ll be no answering machines or assistants for you to deal with; that number connects you directly to her.
Give Tracey a ring today and you’ll be one step closer to owning your dream home!