Lowdown on online auctions

In the last six months Australians have embraced some massive changes to the way they do things from business to leisure activities and even personal hygiene.

Like most industries, real estate has not remained untouched by lockdown laws and this is especially true for auctions.

Ray White auctions dominate the lion’s share of all auctions in Australia with more than 26 per cent nationally. Some 15 per cent of all listings from the leading agency group are sold at auction.

Many are familiar with the exciting and often tense atmosphere of physical auctions but for those looking to buy or sell in a real estate market still largely digital then online auctions can be a bit daunting.

So, what do you need to know before buying or selling through online auctions?

Tune in

Successful buyers and sellers ‘attend’ several online auctions to see the live action.

Remember, like a physical auction, anyone is welcome to tune into an online auction.

Your local Ray White agent can help on this.

Mock sessions

To ensure no one goes in blind and potentially misses out on their dream home, Ray White agents offer training sessions and mock auction run throughs for all registered bidders prior to the auction.

Bidding strategies

Going into an auction without a strategy is a sure way to come away disappointed.

Always know your budget and limits. A bidding strategy meeting with the agent is a must.

Auctioneers

The auctioneer will also be heavily involved in the process and available to answer any questions or concerns you may have.

Sellers will work closely with the auctioneer and all bidders should expect a phone call from the auctioneer prior to the auction.

Tech savvy

Make sure you test all technology prior to the auction, ensure you have a spare device and all batteries are charged.

Most agents recommend bidding from a laptop or computer as well as learning how to use all the functions on the online auction platform.

Online auctions will sometimes require a password. If you are unsure ask the agent or auctioneer representing the property.

Be cool, calm and communicate clearly

Have a clear line of communication with the agent during the auction.

Get involved in the bidding and make sure your presence is known by actively participating.

Above all. Stay calm throughout the online auction.

If in doubt contact the agent.