Putting your hand up to bid at auction can be a daunting task. There’s the chance you may walk away unsuccessful, and that hurts. But, on the flip side, you may put yourself in financial difficulty by overpaying. So, how do you go and buy your next property without overstepping your personal boundaries?
A buyer advocate/agent are a good starting point. You invest money into them to do research and to contain your emotions. Having someone professional whose only job is buying property everyday is worth the money. Not only the money you spend on them, but the money you save. If they know exactly how much you can spend, their goal is to purchase the best property suited to your needs at the best price, for you.
At auction, there is plenty of emotion. The fear of loss is the money emotion, when it comes to selling property. So, if we have you in a position that you need to buy this property, well, there’s a strong chance your emotions will get the better of you on the day. This means, we have the chance of setting another street record at the cost of you paying more than you can, should or want for a property.
By using a professional to bid on your behalf, they take all emotion out of the bidding process. They also deploy different tactics to knock out other bidders. This is the best opportunity for you to get the upper hand over the competition and not go over your budget. It can also ease the losing emotions. It becomes more of a business decision as you are not physically involved in the moment. You move on from one property to another until you have the right one for the right price.
Not everything in this world is as simple as saving a dollar or I can do it myself. In many cases, these scenarios cost people more in the long run. So, why should buying property be left in your hands if you’re not a professional. If you do not purchase property every day as a job, have tactics in place to outsmart the competition and agents and can put all your emotion aside, then you should employ someone to do so. Even as an agent, it’s hard to cover all these factors, as humans, our emotions will always get the better of us and that only adds to the pocket of a seller.
The following advice is of a general nature and intended as an opinion and broad guide. For all legal, financial or real estate advice you should obtain independent professional advice to do with the specific nature of your circumstances before making any legal, financial or real estate decisions.