Pete Wargent blogspot

Co-founder & CEO of AllenWargent property advisory, offices in Brisbane (Riverside) & Sydney (Martin Place) - clients include hedge funds, resi funds, & private investors.

4 x finance/investment author - 'Get a Financial Grip: a simple plan for financial freedom’ (2012) rated Top 10 finance books by Money Magazine & Dymocks.

"Unfortunately so much commentary is self-serving or sensationalist. Pete Wargent shines through with his clear, sober & dispassionate analysis of the housing market, which is so valuable. Pete drills into the facts & unlocks the details that others gloss over in their rush to get a headline. On housing Pete is a must read, must follow - he is one of the better property analysts in Australia" - Stephen Koukoulas, MD of Market Economics, former Senior Economics Adviser to Prime Minister Gillard.

"Pete Wargent is one of Australia's brightest financial minds - a must-follow for articulate, accurate & in-depth analysis." - David Scutt, Business Insider, leading Australian market analyst.

"I've been investing for over 40 years & read nearly every investment book ever written yet I still learned new concepts in his books. Pete Wargent is one of Australia's finest young financial commentators." - Michael Yardney, Australia's leading property expert, Amazon #1 best-selling author.

"The most knowledgeable person on Aussie real estate markets - Pete's work is great, loads of good data and charts, the most comprehensive analyst I follow in Australia. If you follow Australia, follow Pete Wargent" - Jonathan Tepper, Variant Perception, Global Macroeconomic Research, and author of the New York Times bestsellers 'End Game' and 'Code Red'.

"Pete's daily analysis is unputdownable" - Dr. Chris Caton, Chief Economist, BT Financial.

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Monday, 28 May 2012

Auction tactics

Went into town today and saw something from times gone by: a marketplace auction of bric-a-brac.

The existence of e-Bay has replaced much of the need for these events.

Properties do still go to auction, particularly in the Eastern Suburbs of Sydney. Here are just 11 of the tactics you might use at a property auction (you may see some or all of these at a cut-throat auction!).

This is in no way a comprehensive list, so DYOR (do your own research!). For example, top tips include having a bid limit before you attend etc.

1) Talk-it-up - tell other bidders there is no point in bidding as you will bid more - it can scare 'em off (no longer legal, but does happen)

2) The eyeballer - glare menacingly at fellow bidders when you make your bid and intimidate them;

3) The full number-er - say "Five hundred and five thousand dollars" - sounds a lot more money than saying "505";

4) Suss out fake bidders - fake bidders who attend on behalf of the vendor to drive up the auction price are illegal - doesn't mean they don't exist though (bidding is often seemingly opened by a dog or the fence-post);

5) The knock-out bid - suddenly bidding in a big increment to scare off other bidders;

6) The loud talker - shouldn't work but sometimes does - bid loud and bid confidently;

7) Wear sunnies - like when playing poker, sunglasses can make you appear cool even when you ain't and are 'bricking it';

8) Look for whisperers - a couple that is whispering to each other or appearing to argue won't be bidding much further - they are probably already over their pre-agreed bidding limit;

9) Slow the pace - if you're up against a fast-and-furious bidder, slow everything down (the auctioneer won't close until he's certain you will go no higher) - it might not help you win, but you'll at least annoy the other bidder and maybe throw him off his game too;

10) Smarten up - first impressions do make a difference, so at least look like you have the cash to be the winning bidder (even if you don't!) - 10 year old boardshorts + VB singlet doesn't work so well here; and

11) Arrive in style - likewise, don't turn up in your rusty 1984 Torana - probably gives the impression that your bidding limit is a low one, rightly or wrongly.

Going, going...gone!