The Elephant in the Room
The property podcast for the thinking person.

Episodes

Episode 327: Auctions: Common Mistakes Made by Buyers, Vendors & Auctioneers

Ever wondered why people end up spending more than they planned at auctions? What about the missed opportunities for vendors due to ineffective auctioning practices? These common pitfalls not only impact individual transactions but also shape the broader dynamics of the auction process.

In this episode, we're joined by award-winning auctioneer Andy Reid to understand why these problems happen at auctions and how to solve them. We explore why people get caught up in bidding wars and what sellers can do to get better results, then break down the tricks of the trade and give you practical tips to do auctions smarter.

Tune in to gain a competitive edge in the fast-paced world of property auctions and learn how to avoid the common mistakes that can cost you money. Join us for a chat that could change the way you approach auctions.

Episode Highlights:

00:00 - Introduction

01:04 - Who is Andy Reid?

02:14 - Is it true that the buyer with the deepest pockets always wins the auction?

06:30 - Examples of auctions benefiting buyers more than sellers

09:51 - How does an auctioneer provide value with limited preparation time?

11:20 - What insights does an auctioneer gain from reviewing auction contracts?

17:27 - What briefing can buyers expect from agents before auctions?

22:45 - Auctioneer strategies in balancing silence and pace in auctions

25:46 - Why buyers should research the auctioneer before attending an auction

30:20 - Stories of shocking auctioneer mistakes

34:25 - Understanding vendor bids: their purpose and usage by auctioneers

39:44 - The legislative aspect of negotiating at the reserve price in Victoria

47:37 - Passing in a property at auction

50:19 - Declaring a property "on the market" during an auction

55:28 - Andy Reid’s property dumbo

57:43 - Final advice for auction bidders and one major mistake to steer clear of

About Our Guest:

Andy Reid is an award-winning sales coach and top auctioneer in Real Estate known for his emphasis on emotional intelligence and mental health advocacy. Recognized as the Australian Auctioneer of The Year in 2022, Andy owns a thriving auctioneering business serving over 130 agents/agencies in Metro Melbourne. With a 'human first, agent second' approach, he has helped thousands of homeowners navigate Real Estate transactions. Andy's commitment to community extends to raising over $3 million for charities since 2015, making a difference through public speaking, auctioneering, and networking. As an ambassador for mental health charity '100 Words - Mate To Mate,' Andy promotes professional success while highlighting the importance of emotional and intellectual intelligence.

Connect with Andy Reid:

Resources:

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Chris Bates