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  • Auction Tribe

    Telephone Bidding - Trusting the auctioneer??

    Many Thanks for your comment David.

    You are correct. However, a few auctioneers, particularly the one that I attended yesterday has a debit card form where you put in the 10% of your maximum bid in the amount section - this is what I am talking about. People would probably prefer that over a blank check anyway.

    The other thing I noticed yesterday in the room was that they had a proxy bidding which they were very quickly bidding against a telephone bidder who also dropped out after driving the proxy bidder to his max amount - quite a coincidence I was thinking in my head - though he did not win thats a different thing.

    Thanks.

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    Hi PD Malik

    I might have mentioned this on another thread but i'd say from my experience about 30% of properties only have one bidder prepared to pay above the reserve price, approx 20% don't sell and about 50% have at least 2 people fighting it out.

    The auctioneer's job is to get those other 30% sold for highest price - they're paid by the vendor and normally on a % commission. The best way to do this is to make it look like there's real bidders in the room - so they are experts and making you think you'll lose the property to a 'real' other bidder if you don't put your hand up. The skill as a buyer is to work out when you're the only bidder and not bid then try to get the property cheaper after the auction. This can occasionally back fire when you're up against other experts that do the same then its how quick can you be with staff straight after the auction before someone else tries to compete.

    If the auctioneer bids upto the reserve with 2-3 other different but made up bidders, it not only gives a potential real bidder confidence (others are bidding so it must be good value type logic) but also gets that adrenaline rush going so you bid to not lose it to someone else.

    so i'd suggest this means never proxy or telephone bid unless you absolutely have to.



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    regards Andrew Peers - property investor / sourcer - 07912674181

    a.peers@seamlessproperty.co.uk

    Property Redress Scheme Number 011436     NLA member 174404