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

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Episode 360: The Auctioneer’s Edge: Why Buyers Struggle to Compete

What makes auctions so tough for buyers? That’s the question we dive into in this episode. Auctions are often praised for their transparency, but is that really enough to give buyers a fair shot? With seasoned professionals like Justin Nickerson running the show, how can an everyday buyer hope to compete?

In this episode, we sit down and have a chat with Justin Nickerson, one of Australia’s most awarded auctioneers, to uncover the secrets behind the auction process. Justin reveals to us why auctions can be so daunting for buyers and shares how his experience—honed over years of practice and thousands of auctions—helps sellers secure the best results. He pulls back the curtain on the techniques auctioneers use to foster competition and keep the momentum going, often leaving buyers struggling to keep up.

This conversation doesn’t just highlight the challenges; we also talk about practical advice to help buyers work through the auction landscape. From knowing when to start bidding to maintaining confidence and managing limits, these tips are certainly a game-changer. We also debunk some of the myths around bidding tactics, like waiting until the end to make a move, and explain why they usually don’t work as planned.

This episode is indeed full of eye-opening insights and strategies that will surely help buyers feel more confident and in control at auctions. If you’ve ever felt outmatched or uncertain during the bidding process, we provide a fresh perspective to help you approach your next auction with clarity and purpose. It’s a must-listen for anyone looking to improve their auction game and turn the odds in their favour.

Episode Highlights:

00:00 - Introduction

01:07 - Who is Justin Nickerson?

01:46 - Justin's perspective on why auctioning is the best way to transact in Brisbane

09:29 - Is it better for agents when auctions have no price guide?

11:18 - Does providing no price guide create transparency or confusion?

13:11 - How do price guide strategies differ between New South Wales and Queensland?

14:53 - Does having no price guide benefit or hinder auctioneers?

18:31 - How to identify dummy bidders

22:17 - What’s the go-to strategy for bidding at auction with minimal data?

25:16 - What tactics can auctioneers use to spice up the bidding and get better results?

27:00 - How do auctioneers manage bidders who are unsure about walking away?

28:57 - What’s your go-to bidding strategy if you can’t use a sniper approach?

33:25 - How important is the skill of an auctioneer in guiding inexperienced bidders?

34:36 - What’s the auctioneer’s role in driving momentum during a competitive auction?

36:23 - How much of an auctioneer's skills are innate versus learned?

40:55 - How much practice is required each week for an average auctioneer?

42:18 - How do auctioneers use buyer profiling to secure the highest bid?

44:45 - Do behavioural factors affect bidding outcomes?

49:01 - Justin Nickerson’s property dumbo

About Our Guest:

Justin Nickerson, recognized as Australasia's leading auctioneer, has won the prestigious Australasian Auctioneer of the Year award three times and the REIQ Auctioneer of the Year five times. As a highly regarded trainer and speaker, he has presented at major industry events like the AREC conference. A five-time winner of the REIQ Auctioneer of the Year, Justin also triumphed in the inaugural Australasian auctioneering competition at AREC in 2018. His deep understanding and passion for auctioneering fuel his work with top real estate businesses and inform his dynamic training and speaking engagements.

Connect with Justin Nickerson:

Resources:

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Chris Bates