Research, timing and preparation are the keys to successfully buying property. Following is a
step-by-step plan for getting good results at auction.

Remember to:
1. Do your homework. Attend auctions where you plan to buy for an understanding of auction procedures.

2. Qualify what you’re looking for against a checklist noting the location, quality, size and style of interesting properties.

3. Rank prospective properties allocating time, money, efforts and perseverance accordingly.

4. Save time where possible. For example, contact selling agents by telephone or email when investigating prices.

5. Secure finance before making an offer by getting pre-approval from your lender.

6. Obtain a strata inspection report for strata title buildings. When buying a house commission a pest and building report from a qualified inspector.

7. There is no cooling off period for auctions. As most sales require 10 per cent deposit on the purchase price, bring your chequebook or approved deposit bond to support your winning bid.

8. Engage a solicitor or licensed conveyancer to check the contract of sale and conduct relevant searches/negotiations prior to auction.

9. Always set a price limit, a walk away figure that won’t cause financial hardship or personal disputes when the excitement of auction subsides.

10. If nervous about bidding appoint a trustworthy person to bid for you. You can communicate tactics via phone as the auction ebbs and flows.

11. Bidding from the outset is an effective way to catch the auctioneer’s eye.

12. If you feel confident throw in a left-of- field ‘blow-out bid’ to scare off competition.

13. Why keep your bidding interests a secret? Agents and sellers aren’t mind-readers. Communicate regularly with the sales agent to keep up to speed on buyer interest in the property you are pursuing.

14. If you can’t make the auction you can still take part. Appoint a signed bidding authority. If needed provide the necessary deposit by way of cheque or electronic funds transfer.