Auction strategies

[Truly Exotic]

Just had a thought

Has anyone brought a couple of friends around to the auction

I
Where they are bidding on your behalf as well, so if your friends are the highest bidder , you still buy

 

[BMan]

Just had a thought

Has anyone brought a couple of friends around to the auction

I
Where they are bidding on your behalf as well, so if your friends are the highest bidder , you still buy

why would you bid against yourself as such?

 

[Truly Exotic]

why would you bid against yourself as such?

obviously you wouldnt go past your own bid or if you knew there was no interest

just to keep other people bidding or to 'psych' them out

 

[jackbak]

Just had a thought

Has anyone brought a couple of friends around to the auction

I
Where they are bidding on your behalf as well, so if your friends are the highest bidder , you still buy

I don't understand your point Truly Exotic, what's the advantage of having extra bidders (or dummy bidders) at an auction?

 

[Truly Exotic]

I don't understand your point Truly Exotic, what's the advantage of having extra bidders (or dummy bidders) at an auction?

to psych other potentials out,

the other day, I was at an auction, where you could see a young couple were completely overwhelmed, when 2 parties just went neck and neck bidding like crazy, literally, 3 bids per second,

true, they may have already hit their limit, but my guess is that they just gave up assuming that the 2 parties were going to out bid them in instantly anyway!

 

[Brady]

to psych other potentials out,

the other day, I was at an auction, where you could see a young couple were completely overwhelmed, when 2 parties just went neck and neck bidding like crazy, literally, 3 bids per second,

true, they may have already hit their limit, but my guess is that they just gave up assuming that the 2 parties were going to out bid them in instantly anyway!

Only thing would psych me out would be going over my limit.

You would probably find that would be the case.

But hey if you can psych someone out... awesome.

 

[jackbak]

to psych other potentials out,

the other day, I was at an auction, where you could see a young couple were completely overwhelmed, when 2 parties just went neck and neck bidding like crazy, literally, 3 bids per second,

true, they may have already hit their limit, but my guess is that they just gave up assuming that the 2 parties were going to out bid them in instantly anyway!

So your bidding against yourself?!?! That is insane, what if everyone else has hit their limit, then you've just wasted $10k (or more of you're bidding 3 bids a second!) by bidding against yourself? If people are going to go to an auction and they get 'psyched out' purely because other people are bidding quickly, then they shouldn't be going to auctions.

As Brady said, the only thing that would psych me out is hitting my limit.

 

[Aaron_C]

Bidding against yourself makes no difference if the vendor's reserve hasn't even been met...

 

[Jenko]

Bidding against yourself makes no difference if the vendor's reserve hasn't even been met...

Yes, but if the reserve is not met there might be a chance of negotiating a price after auction.

 

[DJBarnstar]

As an auctioneer I have seen and called plenty of auctions and the best strategy for the average punter is:

1. Set your own limit
2. Slow the bidding down (Wait till the first or second call before bidding)
3. Bid in decreasing amounts steadily
4. Relax, if you don't get it then there is another around the corner

As a side note don't p*ss the agent / auctioneer off as they can help you secure the property by negotiating with the vendor.

I've had stupid questions yelled at me, people walking in front of me bad mouthing the house trying to discourage other bidders and general a*s-hatery. This doesn't help your cause just makes the auctioneer try to get more out of you, or sell it to someone else.

I tried my method on the weekend, and it didn't work I missed out. The other guy just wanted it too much and paid for it. Oh well, there is always another out there.