Auction Day Drama – Setting Reserves, Mastering Your Strategy, Handling Final Week Setbacks, Auction Day Pressures & Preparing for Success (Ep. 269)

We often talk about property acquisition experiences from the buyer’s perspective, but this second part episode is all about the auction campaign process from an agent’s perspective. The Trio specifically circled in on the challenges and flavours of auction day, noting the various twists and turns that campaigns can take.

What visibility does the vendor have throughout the campaign?

From campaign updates to online buyer activity reports, the agents can track a multitude of leading indicators to share with the vendors along the way.

Dave asks cate to share some of the things that can go wrong for the vendor and their agent in the final week of the auction campaign. Buyers circumstances can change, finance delays could ensue, legal issues could arise, or buyers could purchase alternative properties. So many challenges can crop up and agents need to be prepared to pivot quickly.

And what happens when another similar property comes onto the market with a lower auction quote range?

Mike questions vendor-led curveballs and Cate chats about the things that can lead vendors to change things up.

Cate walks the listeners through some of the behind-the-scenes things that most buyers wouldn’t realise, including reserve price setting. The Trio delve into the pro’s and cons of leaving the reserve price setting to auction day.

The pressure that many vendors face is quite significant, and Cate’s insights into the ‘half time show’ (or referral) sheds light on the intensity of the decision to place the property on the market.

Pass-ins can be terrifying for some, but being equipped with knowledge and comparable sales research can make a huge difference. Cate shares some tips for buyers who may face a pass-in.

Cate demystifies heckling, auction disrupters and intimidating behaviours. She also delves into the risks that buyers take if they annoy the auctioneer.

Intimidating bidding is tough for buyers who are ill-prepared, but there are other mistakes that buyers make at auction. Cate’s real life story about bidding increments and auction rules illustrates the critical mistakes that buyers sometimes make. The auctioneer, agents and vendor’s plights must be considered when bidders make mistakes.

Gold Nuggets:

Mike Mortlock’s gold nugget: Mike reflects on the complexity of auction campaigns.

Cate Bakos’s gold nugget: How you are viewed by the vendor. The agent is the conduit between the buyer and the vendor. Buyers need to consider the impact and influence that the agent can have on the vendor when it comes to favouring certain buyers.

David Johnston’s gold nugget: Agents deal with different vendor personalities all the time. It’s OK to ask for a bit of background about the vendor if you are wanting to understand more about what the agent is dealing with behind the scenes.