While seasoned buyers love the excitement and unpredictability of Auction day, most buyers are put off by the idea of an intense bidding situation.
Why are auctions so emotional?
On average, NSW buyers spend over 9 months searching for a property before even making an offer. So after a long frustrating search, finally finding the perfect property means auction day takes on great significance, causing huge anticipation and pressure.
Auction day anxiety can be all consuming, as buyers are often worried about the consequences of failure. In this heightened state, it’s hard to recognize it’s just a property, and if you don’t get this one there will be another one.
On the flip-side, if you win at auction, buyers are immediately filled with dread about the mortgage they’re tied to and begin to second guess their judgment about whether this was in fact the perfect property at this price?
It is difficult to remain calm under these circumstances regardless of whether you win or lose, and leads to reactive and emotional responses on auction day.
Survival Strategies for Auction Day:
Psychologist Meredith Fuller suggests the below strategies for preparing for and surviving the pressure of buying a property at auction:
1.) Do your homework
Due diligence is key - Consult with your finances team, speak to buyers agents/property buying experts, purchase strata reports, building reports, examine historical sales data, market data, zoning laws in the area, upcoming construction/improvements to the area, changes to transport in the area etc.
2.) Set your limit and STICK to it!
Know your top price and be prepared to walk away.
Having this safe guard, and not bidding more than you have, eases the anxiety on auction day and you won’t have the pressure of renegotiating your whole life as the auction surges ahead.
3.) Practice makes perfect
The more you know, the better prepared you’ll be.
Attend as many auctions as you can, examine the auctioneer, prospective buyers and selling agent tactics to understand how the auction could unfold for your property.
4.) Bring Support
Choose the right people to have with you on auction day
5.) Arrive early, be well rested and dress to impress
Show other prospective buyers that you mean business.
Affirm your position as a serious bidder that can’t be swayed, not only to your competitors but also to incentivized selling agents and auctioneers.
6.) Make post-auction plans
Regardless of whether you win or lose, make sure you have plans locked in with your support team to do something nice, so there’s something positive to focus on.
7.) Confidence - Fake it, ‘til you make it
Our physiological responses to stress and fear often betray how we want to be perceived, fortunately, these involuntarily micro-behaviors, like trembling hands, flushed cheeks, dry throat and sweating are often missed by strangers but can play havoc on our confidence.
Deep breathing is the quickest thing you can do to calm your anxiety and ensure oxygen is going to your brain. Ten slow, deep, rhythmic breathing slows down your heart rate and makes you appear more confident.
8.) Power of positive visualization
This is a powerful strategy to create a positive mindset, helping to remove some of the pressure of the day.
Imagine yourself at auction day and successfully winning on the day and signing the contract with your loved ones nearby.
If you do miss out, this positive visualization will provide you with the tools you need to remain flexible in your thinking and know that there will always be another property. This one event does not define your future.
If you’d like to speak to a property buying expert for further advice please visit www.searchfindinvest.com.au or call 1300 132 970 for a confidential chat with a property buying professional
Address: Suite 1512/83 Spring Street Bondi Junction 2022
Postal Address: PO Box 2192 Bondi Junction NSW, 1355
Telephone: 1300 132 970
E-mail: info@searchfindinvest.com.au
