Defined as a highly competitive publicly held sale at which real estate assets are sold to the highest bidder, property auctions remain as one of the most prominent avenues by which to strike great and worthwhile deals.
But that’s not what we’re here to talk about. In every property auction and regardless of how many you’ve already managed to attend, you are bound to come across different kinds of participants or investors. Care to find out who they are? If you do then read on. We’ve have them listed down for your perusal.
Meet the certified newcomer. This person has never attended an auction all their life whether it’s physical or online. They can become very hesitant as this is new environment for them. Other times it can be the complete opposite. You’re one at some point and before you start to empathize, remember that they are competition. It’s okay to be friendly just don’t divulge.
The Seasoned Bidder
Of the five in this list, the seasoned bidder is your toughest competition. Because of their experience and years not only in the property auction scene but in real estate in general, they’ve got quite a number of tricks up their sleeves. We all want to be one and that’s not impossible at all.
The Overly Zealous
This is that investor who is severely overwhelmed by everything around them but instead of melt down and panic, they become so excited that they shed off all logic. These are those that bid without thinking or are those that lift their hearts above their heads. They engage in the toughest bidding wars without checking if the purchase is valuable and lucrative in the end. Oftentimes, they go beyond their budget.
They love talking to everyone and most often than not, they tend to boast about the great assets they are eyeing on and how much money they are willing to shed for it. Don’t be like them. In a place as competitive as property auctions, showing off your cards is the same as welcoming defeat with open arms.
Last but not the least, there will always be observers in property auctions. These are those that instead of bidding, they opt to learn the process and acquaint themselves with as much information as they can. These are oftentimes smart newcomers but can likewise be seasoned bidders and sellers.