Bidding Against Yourself At An Auction - Would You Do It?



This poll-dividing strategy ended in the successful purchase of their dream home, so most conclusions must lead to say that the strategy worked! But would you be game enough to give it a go?

Onlookers were baffled by Ben who had his hands raised through-out the entire 20-minute auction and was bidding against himself a number of times to throw the competition off-guard.

“I think most people in the crowd thought I was crazy,” Ben said.

 

Ben’s Strategy:

“As soon as they bid, I bid straight up against them by $1000, waited 10 seconds then bid another $1000, and kept doing that. The longer they waited the more I put in additional incremental bids to try to effectively put them off.

“The rationale behind it was to let them know we were really keen on it and secondly I was trying to put them off,”

“I wanted any counter bidder to think we’ve got endless money to bid on this property.”

“The truth behind it was that there was a very definite end result and once I had hit our limit I was going to drop my hand. I was only increasing the bids by small amounts, so people thought it was crazy for us to do it”

 

Ben’s fiancé was in the crowd and had no idea that he was going to bid with this unique strategy, a strategy that auctioneer Gary Peer had never seen before in his 36 years in real estate, “it really did throw me.”

SIMILAR ARTICLES

Airbnb - Where do landlords & tenants stand?

In Melbourne alone, the number of properties available to rent via the site has doubled in the past year to more than 6500.

How to Avoid Ending up at VCAT

Each year around 90,000 disputes are resolved through VCAT, with 67 per cent relating to tenancy matters.

Price Quoting Legislation

The Victorian Government has announced welcome changes to price quoting regulations. The recent announcement will bring further transparency and consistency to all property transactions.

Still in demand: 60s & 70s Property

Mid-Century architects embraced the ideals of clean lines and flexible living spaces. They still feel fresh and contemporary today with a timeless appeal.

Buying an Apartment - Finding a Hidden Gem

Apartment living is hugely popular right across Bayside Melbourne and the city’s inner suburbs.

Top 4 Barista Secrets to Making the Perfect Coffee

The team at Las Chicas share their top tips on how to make the perfect coffee.

What Happens When a Property Passes in at Auction

There could be any number of reasons why a property may pass in at auction. Whether you're a Vendor or a Buyer, If you find yourself in this situation here are some helpful tips to get you through the process.

What you’ll need to do now to sell in spring

Want to sell your property this spring? Wondering if it’s too late? When is the best date? What other things should you plan?

Swim Safely This Summer!

Whether at the beach or a pool, supervising children around water is essential for keeping them safe.

Pack a Picnic!

With summer well and truly here and autumn around the corner it’s a great time to pack up a picnic and head to one of the many wonderful local parks and recreation areas.

Young Property Investors

Compared to 30 years ago, there’s now twice as many Australians renting, and for many Generation Ys now in their 20s and 30s, buying their own home is still an unattainable dream.

New Standards to Improve Apartment Development Design

The Better Apartments Draft Design Standards will address a popular concern that many apartment developments are just ‘dog boxes’.