Auction…take #2

11th April 2017

Onto the next Snapshot_0auction option!!

After last night being the ‘first loser’ we are keen on a 1 bed, 1 bath, 1 parking property
in Potts Point. Extra large bedroom, separate laundry….and did I mention secure parking in Potts Point? …. secure parking in Potts Point.

The agent has quoted a range from $850,000 to $950,000. We know there has been a sale in the building for a similar apartment with a smaller balcony at $1,100,000.


We had put in a pre-auction offer…. and they rejected this. We figure they really want over $1,000,000 for this place.

The auction is scheduled in Potts Point at the really convenient time of…..5.30pm. 

There are a few challenges to the day; 

  1. We need a few changes in the contract to be confirmed by the seller’s solicitor….and they get finalised at 4.30pm… 1 hour before Auction kick-off!
  2. Mitch is booked to present at a dinner tonight and there is no way he can be at the auction. He started the day with a breakfast meeting at 7.30 am and will end the day sometime around 9pm….so the bidding is up to me with him linked in via phone
  3. The auction is in Potts Point at 5.30pm……. and I am in North Sydney. Crossing Sydney and the Bridge at peak-hour traffic!! Great. This will be interesting. Fingers crossed there are no breakdowns on the way over.

Arriving at the Auction Room to register I had planned to get there early to check out the competition. Interesting….all of the people in there are clearly property agents. I know them, or they have the tell-tale sign of young male real estate agents, well groomed, in well tailored suits that they can’t afford…..the room is stacked with agent staff to increase the sense of competition. 

There seem to be no other bidders present. Only agent staff….and the seller sitting at the back of the room with their adult children. 

This might be looking good for us at auction. 

5 minutes before start time, and one other person turns up and registers. So we have some competition and maybe a real auction ahead.

I stand outside to watch who is talking to whom, and who are real bidders. All the suits are sitting on their phones, scrolling emails or on social media. They’re not the bidders, they are the room fillers. 

Tick, tick, tick… now it’s 5.30pm and we are about to start.

I have Mitch linked in on the phone. Ready to go….. or are we…….

The auctioneer announces that we’re waiting for another bidder who is ‘speeding’ across the city to be here. Funny, I managed to be here on time. So I wonder, is there really another person, or is this a sign of desperation to build tension and interest. The old ’11th hour’ sales strategy. 

Its now 5.38pm….and no extra bidder. The agent approaches me. The person is in traffic in Macleay Street. Of course they expect me to understand how difficult it is for the bidder as she has had to come from work. 

Funny, so did I … and I got here on time. Wonder how that happened!!

It’s funny, that person speeding down Macleay Street to be here because they were so committed to this property must have been taken captive  in the last 5 minutes, because they never turned up!

The agent is left in no doubt about my thoughts on this. It’s a game. So I figure I should take control of the game. I learnt that from Mitch. I am on my trainer-wheels at bidding.

The agent might be shocked to hear it, but he learns that not only does this suggest to me that the ‘bidder’ is not serious, but also that continuing to delay is, I think, unfair on those of us who were organised. I figure to raise the pressure on him and the auctioneer….take control of the auction!!

The Auction begins….finally….. 

Mitch is on the phone….we have our strategy….I stand at the back of the room to watch the other ‘bidders’. Not one of the real estate agents bid….how strange….yet they fill the room. 

Opening bid from the only other registered bidder…. we finally begin.

  • $850,000….. opening bid….and not accepted by the auctioneer….
  • we wait…..and wait….the Auctioneer tries to work another bid from the crowd…who clearly are not there to bid….
  • perhaps we have an upper hand in the negotiation….because clearly there are only 2 bidders in the room…. us and the ‘early bidder’…. I am still worried about our potential hostage…where is she…what happened to her… she must be so distressed missing out on this adventure….

…….an interesting negotiation awaits….




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