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The psychology of auctions and tips on how to bid

The psychology of auctions and tips on how to bid

BIDDING at auction is like a sport. There are competitors, spectators, an umpire, game plans, and in the end, there are winners and losers.

It isn’t as easy as turning up with a price limit in mind and calling out some numbers. There is actually a lot more strategy, endurance and psychological tricks involved, reveals Damien Cooley of Cooley Auctions.

Auctions are touted as the most transparent way to sell a house — and they are. The open market determines the price, rather than a closed door deal between a seller and buyer.

But auctions also thrive on momentum, which is why you can turn up confidently only to be left in a spin within a matter of minutes because the property you thought was in your price range just sold for money you can only dream of.

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