It is important to know exactly what you’re going into an auction. Have you been at a real estate office, an auctioneer room, or at the property being sold? When you arrive, you’ll usually have to register to be able to bet. From there, you may be given a bidder number and the time the auction will start. If you’re at the auction, you’ll probably do your bidding, but if you can’t, an agent or a support person can do it for you.

Most of us know the basics of how an auction works. You need to factor in the reserve before the auction even begins. This price is called the reserve. For a bid to be successful, it needs to be higher than all of the other bids and higher than the reserve too. If the reserve doesn’t get met, there are a few options. Alternatively, the auctioneer can try to negotiate an even higher bid. If the seller is prepared to accepts the bid, then the auction will continue with this higher bid as the new reserve. And if the seller doesn’t want to reduce the reserve, they can close the auction and look at other ways to sell the property for a price that suits them. So now you know the basics of how your average option works, but there’s always plenty more to learn to be well prepared for more visits.

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