Understanding auction-speak
Auction lingo is confusing potential buyers and putting them at a disadvantage, according to one buyers’ agent.
Patrick Bright of EPS Property Search says buyers need to recognise the terminology used by auctioneers to understand the auction’s progress.
“Like many professions, real estate has its own language and terminology that is often intimidating and confusing to outsiders.”
Bright says the terminology is designed to elicit a response from potential buyers, but if they read between the lines, they can use auctioneering terms to keep track of the sale.
“At an auction, the auctioneer wants to run the bidding up as fast as possible, taking big rises and using their bags of tricks, jargon and one-liners to maintain the bidding momentum.
“If you don’t understand the environment or the language being used, then it can be quite intimidating.”
Trevor Matthews, an agent and auctioneer with Matthews Real Estate, says he’s seen buyers go into auctions unprepared for what was about to happen.
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