Attending commercial property auctions soon? Great! You’re in for a few thrills and if you’re lucky a treat too in the form of a worthwhile purchase. But just as much as these things are fun and potentially rewarding, a smart investor knows how to both prepare and to keep their guard. Do you want to be like them? If so, these reminders should come in handy.
1. Make it a point to validate and double check. As is with any selling event, agents, owners and sellers at property auctions want a sale and thus the presence of sales talk. You need to remember that authenticating facts is a must to ensure that the asset you are buying is indeed worth every penny and is what they say it is. Take things with a grain of salt. Do not be fully trusting. Check the ownership validity. See if there are any liens or encumbrances on it. Have it pre-surveyed.
2. Withhold information and keep your cards away from view. Sellers and agents who are auctioning off assets will want to know how much you are willing to pay for and which assets you’re eyeing. They can use this against you and require a higher opening bid. At the same time, co-bidders will always be curious knowing that you may have found a gem at the commercial property auction.
3. Dress appropriately, neither extravagant nor below par. Doing so will not only make you feel more confident but it should allow other bidders and even sellers to take you more seriously. Just don’t overdo it. We don’t want people assuming you’re swimming in cash, even if you are.
4. Have your finances ready beforehand. See to it that you have your funds sorted out and all. When you bid, be sure that you can come up with the means to provide for the payment. Oftentimes, a security deposit will be required to participate. Plus, the winning bidder will often have to provide a down payment upfront.
5. Set a limit and stick to it. Contrary to a mathematical equation, yes the limit exists and it’s crucial when participating in commercial property auctions. You need to have a maximum spending amount or else all hell will break loose. You need to act wisely and with that comes the need to conform to your budget and available finances. Head above your heart, remember?
Watch this commercial property auction video below:
More on property auctions here singerviellesales.com.