Love, Loathe or Avoid? Tips for Online Auctions

With the current Sydney lockdown banning in-person auctions altogether and COVID-related restrictions in place for the foreseeable future, online auctions have become a regular fixture for selling property in Sydney. Online auctions can be a different experience to an in-person format, and buyers who are well prepared are more likely to have a positive outcome. Here Brady Marcs founder Brady Yoshia shares her top tips for being prepared.

“The biggest advantage you can give yourself is time. Standard processes takes longer, and being prepared early opens opportunity.”

Online auctions in Sydney are showing no impact on clearance rates. Domain Group report clearance rates of 75% in Sydney for week ending 26 June, 71% week ending 3 July and 74% week ending 10 July – rates that are in fact higher than the month prior to lockdown, and an increase year-on-year.

  1. Allow time to perform due diligence, as appointments will take longer to coordinate.
  2. Ensure finances are in order with plenty of lead-time.
  3. Make yourself known to the selling agent and flag your interest really to ensure you are given up-to-date-information, including how to register.
  4. Register early for the auction to ensure you receive the necessary links.
  5. Give yourself time to setup before the auction and be ready and logged in.

Naturally, a strong internet connection is also essential, and having backup equipment to in case something goes wrong is highly recommended.

Going in to an online auction also requires a focused mindset:

Be Patient
The process can often take longer than face-to-face auctions, and technology can slow down the process with frustrating delays and uncertainty about what is happening.

Be Responsive
Ensure you don’t miss a key opportunity.

Be Focused
Clear your calendar and stay away from anything else that may distract you.

Brady’s final piece of advice: “Knowing what to expect, and being able to remove emotion will ultimately put buyers in the prime position.”

The Brady Marcs team have the experience to navigate the challenges of online auctions. For expert support or to discuss how best to proceed with your property goals in 2021, book a time for a video call with one of our professional buyers agents today.