Veronica Morgan

I think what people don't realize is you don't have to follow a pattern when you bid, whereas you'll see most people that bid big and then gradually the bids will get smaller and then they'll just be in 1000s or 2000s or whatever for quite some time.

I was at an auction the other day where $200,000 went by in mostly $1,000 bids.

It was ridiculous.

The underbidder had actually said they were out at sort of $150,000 mark before it sold, right?

So it was extra $150,000 to go.

They said they were out and the auctioneer enticed them back in the game and they kept bidding ones and twos for another $150,000.

Now, if that highest bidder incidentally was a buyer's agent, I was a bit shocked actually about how their lack of strategic bidding here, but

if that highest bidder had actually slammed them with a maybe a 10 maybe a 20 at that hundred at that mark that property would have sold for significantly less because that person wouldn't have felt they could get into that they wouldn't have got into that rhythm and they do buyers get lulled into this idea of just one more might buy it one more it's only a one it's only a 2000 that might buy it and when FOMO is going off in their brain they're often not thinking rationally

So watching for that is really important because there are times in an auction where you can strike and you can strike decisively and you can actually cut it off.

Well, I mentioned earlier people bid against themselves and, you know, they even I remember one auction where this woman didn't just bid against herself.

It was about to be sold to her.

And literally the hammer was about to drop for the third time and she goes, five.

She bids another five at that final point where she was going to buy the property and the auctioneer actually said to her, Madam, you're actually about to buy this property.

You don't need to bid again.

And I just thought that she had so caught up in panic and she just obviously clocked out and zoned out.

So that was quite funny.

And another thing that I've seen, I've seen a couple of people do this and I tell you what, it's just, it doesn't pay you not to bid if you want to buy a property.

You know, you get these people that they're going to hang around to the last minute and they reckon that, you know, they can outsmart everybody else.

And I've seen it happen where people actually make their first bid and it's like a split second after the hammer has fallen.

They're trying to play it way too cool.