1. Know the market
-Other properties selling
-Length of time on market
-How many people inspecting this property and others in the area that are similar.
2. Study how the auctioneer operates
They might have post social media videos, or go to their live auctions.
3. Have a strategy for the auction.
Are you going to wait? Or go hard early and continue to bid aggressively?
4. Every auction will be different
-Personalities of the auctioneer
-The agents roaming to prospective buyers
-Visitors who might comment during.
5. Judge how others are bidding
Can you read others body language?
6. Catch other bidders off guard
Strategies others have used:
-Bid twice in a row
-Stand next to auction
-Quicken the process
You must ensure Auction rules are followed.
7. Know your top price
And if it goes over, look to stop bidding, as there might be others willing to overpay.
Remember there are other properties. Losing can also be winning!!