With just over a week to go before the five Elsternwick houses on The Block 2017 go under the hammer, prospective buyers are being warned to keep a cool head auction.
According to REBAA president Rich Harvey it will be important for prospective bidders to go armed with a strategy and stick to it.
‘The key is to work within the price range you have predetermined and not waiver from it,” Mr Harvey said.
“The auction process is highly emotive and when it comes to the crunch, with the build-up to the auction and its live filming on primetime television, there is even more pressure on buyers to keep their emotions in check.
“Body language becomes very important at an auction and this can put buyers at a distinct disadvantage compared with the vendor who has an agent acting on his or her behalf.”
Buyer’s agents work exclusively on behalf of property buyers, while the traditional agent works for the seller and is intent on achieving the highest possible price.
Last year’s auction was dominated by buyer’s agents acting as advocates bidding on behalf of buyers while prospective buyers were scarce.
“Buyer’s agents take the emotion out of buying property,” Mr Harvey said.
“In an increasingly complex marketplace, buyers are starting to see the value of having an independent expert on their side, one who knows exactly how much a property is worth, and can negotiate the best price and terms.”