Open navigation

Preparing buyers for the Final Bidding Stage

Modified on: Fri, 28 May, 2021 at 1:50 PM


We recommend you send the following via email or SMS to all of your buyers the day before or the morning of the Final Bidding Stage (FBS) so they are fully prepared for how the Final Bidding Stage will proceed.

Hi BUYER

Here is a 90 second video showing how to bid in the Final Bidding Stage for PROPERTY ADDRESS that is taking place TODAY/TOMORROW at TIME - https://vimeo.com/350677694

It is highly recommended you watch this a few times to understand how things will progress. Here are a few important reminders:

  • It is recommended you bid from a tablet or computer, allowing you to receive phone calls from me that won’t disrupt your bidding
  • Make sure your devices are fully charged and you have a strong internet connection
  • Every time a bid is made or the minimum bid increment changes, the clock will reset to 2 minutes, allowing all bidders time to bid again
  • Bid early or you run the risk of missing out! There is no benefit in waiting until the clock times out, as all bids will reset the clock to 2 minutes. Bidding is a two-click process, you can alter the increment or go with the requested minimum amount, then click ‘Set amount’ and finally, ‘Confirm’
  • If the negotiation is paused, I’m either talking with the sellers about reducing the reserve price or helping another qualified bidder so hold tight!

Call me if you need anything and best of luck!


To emphasise the importance of the above, send this SMS as well:

 I’ve sent you an email that it is critical you read and understand before the Final Bidding Stage, taking place <today/tomorrow> at <time, am/pm>. The email includes this video explaining how things will work - https://vimeo.com/350677694 Please read/watch carefully, and call me if you need anything!


Key reminders

  • Buyers who do not have a bid approved BEFORE the Final Bidding stage STARTS will be locked out and will not be able to participate
  • If you do not feel confident, do a practice-run in the App training environment. Get a sense for how to pause, change the reserve, and change the minimum bid increment 
  • Set up the Auto Increment adjustment feature for a seamless FBS - How to use the Auto Increment feature
  • Try not to pause the negotiation, and if you do, keep the time to a minimum. Delays take away the excitement and adrenaline
  • If a buyer withdraws, or tells you they won’t be bidding again, let your seller hear them doing so directly on speaker phone. This will be very powerful in terms of educating the seller and getting the reserve down
  • Don't consider ‘passing in’ the property to be a failure, especially if you have met more buyers than you otherwise would have and/or adjusted the expectations of your seller.

If you are confident of being Sold/Under Offer at the fall of hammer, allow Registered Interest on your negotiation. Here is more information about the Registered Interest function - How to turn 'Registered Interest' on and off

After turning this feature on, invite as many people as possible (especially future sellers) to watch! 

Tell your seller to invite their friends and family to watch as well. Bidders will see the number of interested users, so a big number enhances the perceived value of the property. (Plus, you have a nice list of people to call afterwards and offer an appraisal)


SUPPORTING VIDEOS


Did you find it helpful? Yes No

Send feedback
Sorry we couldn't be helpful. Help us improve this article with your feedback.