Part 7 of 7: The 7 Steps to Winning at Auction – Success Comes With Discipline

Part 7 of 7: The 7 Steps to Winning at Auction – Success Comes With Discipline

  • Chad Roffers
  • 09/9/16
At Concierge Auctions, we know luxury real estate. Our principals have touched every aspect of the business. In fact, we were born out of the brokerage community. As a result, our combined efforts have produced over $1B in sales — spanning 32 U.S. states and 14 countries — and our global Rolodex includes over 370,000 contacts.

We Maintain a Pulse on the Top Luxury Markets Worldwide.

Our expertise has earned us the “Best Overall Marketing” award from Who’s Who in Luxury Real Estate, named one of America’s fastest-growing companies by Inc. Magazine for the past three consecutive years, and Inman News’ selection of our President, Laura Brady, as one of the 100 Most Influential Real Estate Leaders.
This seven-part blog series details how to develop a successful strategy for winning at a luxury real estate auction. In the past six weeks, we discussed how to narrow your search area, the importance of knowing the market, considering auction, the terms and conditions of a sale, due diligence, and developing an auction strategy. This week, we discuss how success comes with discipline. We hope you find it useful.

7 Steps to Winning at Auction Part Seven of Seven: Success Comes With Discipline

You have done all of your homework. You know the market. You know the community. You have decided what you are willing to pay for the property. The only thing left is to exercise discipline in strategizing and sticking to those well-devised plans, especially when the heat of the auction gets you steamed to raise the paddle.
Bidding can be painstakingly slow and sometimes head-spinning as you glance at the top bids and wonder what will come next. Whether you are an aggressive bidder or a net hanger, don’t give up. Don’t not bid because you think the aggressive bidder will outbid you anyway. Aggressive bids often come from experienced auction hunters; they bid fast and often because they feel they will scare other bidders off. That strategy often works. If the property hasn’t reached what you are willing to spend, don’t give up.
You just never know. The difference between owning the property of your dreams and not could be the bid you invested time and energy into; an amount you already decided was something you were willing to spend. Trust in the work you’ve done and stick to your strategy. When you’re waking to the sound of the lake lapping the shore, or skiing out from your living room, you’ll remember the confidence that put you in the home of your dreams.

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