Auction Assistance

There’s a property auction going on down the street. I didn’t think I’d be taken in by it, but I have to admit, it’s kind of exciting. I suppose it’s because this crowd of people standing all over the footpath are there in the hopes of scoring the opportunity to buy this house. Judging by the going prices around here, they must be pretty serious about it. Either that or they have a whole lot of money to throw around.

When people started milling around earlier, I asked one calm and collected looking woman how she was feeling. She explained that she wouldn’t personally be participating, and that she was waiting for her home buyers advocate. Inner-east Melbourne, it seems, is going so gangbusters with its property market that prospective buyers are willing to hire an agent to deal with things like bidding at auction on their behalf, negotiating with real estate agencies and even conducting architectural assessments.

That began to make a lot of sense when I realised that some of the other faces in the crowd looked rather tense. I can see how representing one’s self at auction could be more than a bit nerve wracking. In the thick of the situation, it could be all too easy to go overboard and buy a property that’s not right.

I imagine that part of the role of a buyers advocate is to nut out a strategy for helping their client to get what they want at a price they can manage, taking into account things like the current state of the property market and how it might change down the track. Being real estate professionals, they probably have connections to off-market buying opportunities as well, and know how to put forward an expression of interest that actually flies with a vendor’s agent. 

The auction is in full swing now. I’m trying not to listen too closely – I’d prefer to keep my distance from it for the time being. I don’t want second-hand nerves interfering with my day, thanks!