• Auction day strategies with Frank Valentic

     


    In this video, Buyer' s Advocate, Frank Valentic from The Block, shares some property auction strategies and tactics he has developed over almost twenty years.

    Transcript:

    As an agent myself, I love the excitement of auction day.  But for most people, they might only bid at auction once or twice in a lifetime.

    Today, we catch up with Frank - to make sure the hammer closes on your bid.

    Auctions are a great way to buy property.  They're so open and transparent but they can be very daunting.  So today I'm going to give you some tips on how to buy your dream property at auction.

    The opportunities here today are endless.  What you are looking to buy is certainly your future here today.  Think of the transport option.  In fact, you could sell the cars.  

    Do your homework and check out what comparable properties have sold for in the area.  Attend as many auctions as you can.  Set a pre-auction budget and make sure you stick to it.

    A very good evening ladies and gentlemen and welcome to our twilight auction here.  Thank You.

    Three-point-six - can I recommend an up bid to win sir.  It's in your hands now buyers.  Where could I see a fair and reasonable opening bid?  

    When you start bidding at auction, start with a strong first bid to show you mean business and to cut out the bargain hunters.  

    Two million five hundred and twenty five.  An extremely strong bid to start off with ladies and gentlemen.  This gentleman, this couple, is holding the keys to this property and everyone else is just holding the brochure. 

    Good, strong, bold bid.  That's how you buy real estate.

    Here's a good tip.  Always called the auctioneer by their first name when you're calling your bids.  This can show the other bidders that you're familiar with the auction process and are an experienced bidder.

    Can I tempt anyone at the back there? Got it.  

    Now at 9:10 and we're selling.  Make it 680 in the rise anywhere? Now ladies and gentlemen,  we had one hundred thousand - that's the way to buy quality real estate.  

    So Glen, you've conducted thousands of auctions over the years.  Why do you think the option process works so well?  It's a good thing because it's transparent.  They can see where market value is and they can make a decision and it's done.  And they can walk away either owning it or onto the next property.

    If I was a buyer, I would always say turn up, be well-dressed.  Look like you're there to do business.  Don't get emotionally involved and know when to walk away.

    1.5 - Great bid there sir - nice knockout bid.  At 970 thousand dollars - I'm about to knock it down so you need to make sure.

    Spend some time at the contract table because that's where all the real buyers hang.  Get a feel for them, so you know what you're gonna do.  

    Count it down again.  Three times first call. Second call. We're selling. Third time now it's going.  

    A lot of buyers think that they're competing against the auctioneer. The Auctioneer is only the conductor.  You're competing against somebody else.  That's who you have to block.

    This property is sold - sold congratulations.

    Auctions are a great way to buy property so my best advice is be prepared and go to as many auctions as possible.  And hopefully soon enough you will find the Great Australian Dream.

     

    Presented by RAMS, your local home loan specialists. 

     

    About the author

    • Frank Valentic

      You have seen Frank bidding at auction on the hit television show, The Block over the last five seasons and have witnessed his competitive instincts and energetic nature first-hand, joining The Block as a regular weekly Buyer’s Advocate judge in 2015.

      Away from the television cameras, Frank is the Director of Advantage Property Consulting and is considered to be one of Australia’s leading Buyer's Agents and Vendor's Advocates. Frank has now teamed up with The Great Australian Dream as the series Buyer’s Advocate to show viewers the many tricks and tactics to purchasing the right property at the right price.

      Frank Valentic
     

  • Like to know more?

    Find your local RAMS Home Loan Centre

  • Disclaimer:

    The information here is of a general nature only and is not intended to constitute financial or tax advice. You should consult your professional adviser, accountant or taxation expert for advice specific to your personal circumstances.

    The views and opinions expressed in this article are those of the author alone and do not necessarily represent the views or opinions of RAMS Financial Group Pty Ltd ABN 30 105 207 538 (RAMS),  Westpac Banking Corporation ABN 33 007 457 141 (Westpac) or their related bodies corporate. This article is strictly for information purposes only and neither RAMS, Westpac nor any of their related bodies corporate make any representation as to the accuracy or completeness of the information in this article or endorse the views expressed in it.