Didn’t win the auction?
Losing an auction and missing out on a great property can be extremely disappointing. Some people may shed a tear, or decide that buying a property is more hassle than it’s worth, but it’s important to step back and look at the big picture.
If you found your dream property, and then missed out at auction, it’s easy to think that you’ll never find a property like that again.
But each property has its pros and cons, and missing out on one can give you an opportunity to find something just as good, or even better.
Here are a few positive things to keep in mind if you lose at an auction.
You stuck to your limit
Losing at an auction means that another bidder had more cash at their disposal or that they go overexcited, went over their budget and overpaid for the property.
You can rest assured that you didn’t over pay because you stuck to your budget.
You gained valuable experience
Every time you attend and auction, you are better prepared for the next. No one wins every auction so you should view them as a learning experience, win or lose.
Competing at an auction is a skill and you can hire a professional to represent you to give you the best chance of success. Buyer’s agents are property professionals who specialise in buying houses for clients. They attend countless auctions and hiring one can give you the edge that helps you beat your competitors.
One less competitor in the market
Every winning buyer is a one less person you have to compete with at the next auction. It is not uncommon to come across the same buyer at different auctions, especially if you are looking at properties around the same price range and in the same area.
If they won the property, you don’t have to worry about them at the next auction.
Access to unlisted properties
Real estate agents often approach bidders that just missed out on a property at auction with similar properties that might not be publicly listed.
This could lead you to find another great property, and maybe even make an offer so you don’t have to go to auction. Agents will either mention them straight away, or give you a call in the days following the auction.
You’ll quickly forget
Right after losing an auction you’re likely to feel quite down, but the feeling won’t last. You’ll quickly forget once you realise how many other quality properties are on the market. It’s important to remember that new properties are coming on the market every week, and there are many potential properties out there that will suit your needs.
Keep your hopes up, and remember that finding the right property can be a long and frustrating process. If you’re patient and keep a positive attitude, eventually you will find the right property under the right conditions.