RogerS
Established Member
We're off tomorrow to bid for a small cottage that needs renovation. I've only ever been to one auction before and know of Rule No.1 - set and stick to your maximum price.
But can any one else give any advice as to bidding strategy? Do you keep out of the bidding and then come in at the end?
One thing that I'm not sure how to approach is what the strategy should be in the following scenario.
Say we want to bid a maximum of £100k. In an ideal world we would be the people who bid this amount and ideally win the lot. However, what does one do if someone else bids the £100k? OK - we could bid another £5k but if the lots were going up in, say, increments of £10k then maybe that would give a message to the other bidders that we're reaching our limit...which I guess we are and so have probably answered my own question ...but I'd still welcome any recommendations and advice.
But can any one else give any advice as to bidding strategy? Do you keep out of the bidding and then come in at the end?
One thing that I'm not sure how to approach is what the strategy should be in the following scenario.
Say we want to bid a maximum of £100k. In an ideal world we would be the people who bid this amount and ideally win the lot. However, what does one do if someone else bids the £100k? OK - we could bid another £5k but if the lots were going up in, say, increments of £10k then maybe that would give a message to the other bidders that we're reaching our limit...which I guess we are and so have probably answered my own question ...but I'd still welcome any recommendations and advice.