Be the last bidder standing

Looking confident may be all you need to be the last bidder standing when the hammer goes down. Photo / File

Does your blood pressure go sky-high at the sight of an auction room? Chances are some of your fellow bidders are doing all in their power to psych you out and win the bidding.

Securing a property isn't just about having the most money. Sometimes the winning bidder is the one with the most confidence.

They use psychology to convince opposing bidders to give up, hoping to make everyone else think they've got more to spend than anyone else in the room.

Too often, says Bayleys auctioneer Daniel Coulson, buyers have preconceived ideas about how the auction will unfold and have their confidence knocked when it doesn't go their way.

Two can play at that game. You just need to get your strategy right, says Coulson.

Looking confident may be all you need to be the last bidder standing when the hammer goes down.

To be that person you need to do some preparation. Make sure you go to a few auctions first to get used to them.

Come bidding day, park yourself on the side at the front so that you can see everyone in the room and, more importantly, they can see you whether they're at the back of the front.

"It gives you a vantage point and shows the opposition you are bidding confidently against them."

One of the key elements of a winning strategy at auction is to be unpredictable.

"You are hoping that the other buyers have a plan in place," says Coulson.

Often that's to start low. So if you come in with a relatively high first bid, you may rattle them.

"The lower the open bid the more people can afford to bid," says Coulson. So you could knock out some of the opposition before they even place a bid if you choose the right opener.

Don't start at $500,000 for a house you know is going to go for at least $800,000. Put an opening bid of $785,000 in, he says.

Immediately your opposition is going to think it will go incredibly high and might be unnerved.

Call each bid out confidently. "It shows you are comfortable and in control," says Coulson.

"The more confident you seem the more people will think you have done it before."

It's a really good idea to vary your bidding increments, says Coulson. "If it's going up by $2000 bids and it's below your limit don't be afraid to put a $10,000 bid in," he says.

"Your competition is always thinking about that next $2000 bid and if you change the rhythm from $2000 to $10,000 you show you have the money and it changes where their next bid has to be. Instead of $4000 more it is $12,000 more."

Finally, if you're a couple, says Coulson, make sure you've discussed every aspect of the auction before you get there. As soon as you start looking at each other or conferring, the opposition will think you're weak.