Sydney Property Auction Bidding

If the property is sold to you at auction, then you are required to sign the contract and pay the deposit immediately following the auction.

In most scenarios, you do not need to provide a POA for the purpose of signing the contract.

Other options include:

• The sales agent will request digital signatures at the end of the auction and this can be emailed to you for signing (where ever you may be located around the world)

• Prior to the auction, you can provide me with a physical copy of the front page of the contract that you have signed that does not have the price completed (noting: I only have authority to use this on a purchase price up to the maximum amount you have authorised)

If you out of telecommunications contact at the time of the auction e.g. on a flight mid air, or in Antarctica, and you have not been able to provide a physical copy of the front page, then a Power of Attorney would be required authorising me to sign the contract on your behalf.

Yes. There is no need for this to be a secret.

Once the Agreement is signed and the Auction Fee has been paid, I will make contact with the sales agent to inform them I will be representing you at the auction.

There are two main scenarios that play out here:

• The Sales Agent is employed, or affiliated with the agency selling the property, or

• The Sales Agent is working on the assumption if you purchase a property you will be selling another property and they want to be your agent of choice.

In both scenarios, you should ask yourself what the agent’s motivation is. Are they truly representing your best interests independent of their own? Unfortunately not.

In the first scenario, it is actually a clear conflict of interest as the agent is not trying to secure you the lowest possible purchase price given they are employed, or work for, the agency contracted by the vendor.

Auctions are about a lot more than just turning up on the day and raising your arm in the air a few times. It is actually about:

• Negotiating with multiple other bidders in an open forum (who has the best poker face!)

• Not being emotional in any way about the outcome and responding to other bidders emotional actions (we usually find even family and friends will be emotionally excited on your behalf)

• Knowing who your competition is, what they are motivated by and how deep their pockets are (first home buyers behave very differently at an auction to an investor, or a downsizer)

• Understanding where the vendor is at and the relationship they have with the sales agent to accepting market feedback from the auction.

“Don’t play the odds, play the man” - This sums up why you need an expert to bid for you at auction.

Auctions are a fair and transparent way to buy a property, however, you need nerves of steel and a sharp mind to compete at Sydney’s auctions.

Our professional auction bidding service makes the process easier for you. Professional bidding can save you thousands and ensure you are the buyer putting up the sold sticker when the Auctioneer shouts “sold”.

It makes sense to hire an expert to help you buy the property. You do not want to miss out due to inexperience, nerves, poor bidding technique, or for any other reason.

The auction bidding service is available across the Sydney region for residential properties.

If you are looking a property that is outside of Sydney, but still within NSW then please get in touch and we can discuss options.

If you are looking at a property outside of NSW then I am unable to assist as my real estate licence only covers NSW.

Occasionally, a property will have an auction date changed (either earlier or later), or the time of the auction will be changed.

Upon payment of the Auction Fee we will commit to be in attendance at the auction. If the time and/or date is changed, we will do our best to accommodate the new time. If this physically presents a challenge due to competing bookings, we will investigate the option of bidding online.

If a resolution cannot be resolved, we will discuss with you a partial fee refund based on the amount of work that has been performed to date.

There are two main scenarios that can unfold here:

• The Agent informs you there has been an offer on the property, that offer is below what you are prepared to pay, and the agent indicated the property will likely be sold prior to auction. You have 2 options here:

  • Negotiate with the agent yourself to try secure the property; or

  • Upgrade my service from Auction Bidding to Negotiation and I will handle all the negotiations from here on in. Any fees you have paid for Auction Bidding will be deducted from the final invoice.

• The agent informs you there is an offer on the property that is above what you are prepared to pay. You walk away. While this is disappointing, you want to buy a property knowing you are financially confident in your decision.

  The Auction Bidding fee that has been paid is non refundable.

This is not a one size fits all answer. A lot of factors can influence whether this is the right strategy or not:

• The property

• The on market campaign to date

• What the property is worth

• Your budget

• Your motivations to buy

• Why the property is being sold

• If the property is owner occupied, vacant, or with a tenant

If you’d like to discuss this further, I offer a Negotiation service where you try secure a property prior to auction.