16 Oct 2018 By WengYee Loke
Property auctions attract all sorts. But there are some characters that you are bound to encounter if you attend enough auctions. Yes, yes we know that in an online auction you won’t be able to physically meet such people. Just because you can’t see them doesn’t mean they’re not there though.
So we thought it would be a little fun post to talk about some of the most common types of people you will meet at a property auction (whether that’s online or offline).
If you’ve attended a ballroom auction, this is one you will be able to spot a mile away. They seem to be on friendly terms with everyone working for the auction house and vice versa. Always glued to their phone talking in hushed whispers in the corner of the room. Auctions are their lifeblood. They have been around for many years buying and flipping.
Traders are looking for a quick win at auctions. They want to be able to pick out a lot with good potential that they will be able to sell on. Whether that’s for £2,000 to a buyer on the phone they had lined up or for £10,000 on the open market the next day.
We have all been the newbie at one point or another. Coming to auction hoping to ‘bag a bargain’ (after watching one too many episodes of Homes Under the Hammer), not realising how it’s not as simple.
The newcomer in the room might be a bit more cautious when raising their hand to make a bid. Or keeping their eyes down when it’s not their lot as they are afraid of accidentally placing a bid.
We see that many people buying on our platform might be new to auctions, but not to the property world. They are good at evaluating the property but might need a hand with how bidding works (check out our bidding strategy post if you’re new to auctions).
You’re reaching the tail end of a bidding war against another buyer. But as you prepare to rejoice at winning, this auction goer outbids you! Coming out of nowhere and placing one bid that knocks you both out. They know when to place a single bid that will win the property.
So until the hammer falls or the timer reaches zero, don’t assume that the property is yours. There could always be someone laying in wait to dash your dreams of owning the property.
While it is advisable to keep a calm, cool head when bidding, this isn’t so easy for an overly enthusiastic/competitive buyer. They act quickly whenever they have been outbid, not giving a second thought to whether the bid has gone above their limit.
While that is the beauty of auctions for a seller, as a buyer you should remember that it isn’t about winning at all costs.
As with any exciting event, there will always be spectators watching for a piece of the action. There could be a neighbour wanting to know how much their property could be worth, an estate agent looking to gauge interest in similar properties or people who like the buzz of an auction.
There will always be a few in a ballroom auction as they’ll look too comfortable and not stressed. Even at online auctions, we have seen 10+ people watching the auction page close to end of the timer when there have only been 2 bidders.
There is no one type of auction goer. Well priced properties will attract men and women, old and young. With the help of online auction technology, the auction sector in the UK is growing everyday.
As more people get exposed to the benefits of auctions, could it one day become the norm? After all, who doesn’t want fast, certain and efficient property transactions.
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