Avoid competitive bidding and focus on your financial plan during an auction.

The potential public bidding war of an auction can be a stressful prospect - and an even more stressful experience, but if the property you have your eye on is being auctioned, then brush up on a few tips to help you survive and hopefully succeed.

Preparation is crucial. Experts say it’s not just the size of your wallet - it’s how you use it that matters. So it’s vital to have a financial plan and know your limit.

The opening bid is likely to be around the CV of the property, so it pays to write that down on a piece of paper, followed by a few figures you would be happy to pay, and lastly your final price limit. Keep it handy: if you find yourself bidding beyond your final price: stop!

Once at the auction (experts suggest turning up is better than bidding by phone), it’s tactical to stand where you can be easily seen - don’t hide at the back. That way you can also see the auctioneer and potential bidders, which puts you in a stronger position to read the room and the others there.

To warm up and calm your nerves, start with an opening bid. Use a loud, confident voice, and look like you mean business.

Some auctioneers say bidding in higher increments than those bidding against you is more effective than holding out for a last ditch bid.

But keep in mind that the pressure of an auction may include the risk of getting carried away in competitive bidding. Keep your budget in mind (and in sight) - and good luck.

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