PHOTO: Buyers need to get up to speed on tactics for winning online auctions. Photo: Peter Rae
Acting promptly to secure a first-mover advantage, and making sure you have a clear picture of the market and what value represents, are essential to win online residential property auctions, according to experts.
Online auctions are now the norm after face-to-face real estate auctions were banned on March 25 due to social distancing rules to combat COVID-19.
Even experienced bidders now need to develop new skills to win in the digital environment.
The first step, says Cate Bakos, president of the Real Estate Buyers Agents Association, is to ensure you’re fully informed of any quotes agents have provided on a property. These include printed ranges or figures given verbally. You also need to do your own research.
“Have a really firm idea of the market,” Bakos says. “Aim to start bidding at a price 15 per cent to 20 per cent under where you think value is.
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