“We have a property expert in the crowd who really know his stuffs,” announced auctioneer/director Marshall Rushford via his PA system to a congregation of fourty-odd attendees on a sunny summer Saturday morning. Apart from me, there were 3 other active bidders who wanted to purchase this ‘Diamond-in-the-Rough’.
Every time I identify a rare property I will prepare well in advanced the night before. The rarer properties will attract strong competitions whether in a rising market, or in a declining market. The challenge is to purchase a hot property at the lowest possible. This is where I have to execute my auction strategies before and during the auction. While most property investors will accept a common investment-grade property due to their limited knowledge on a wide discipline of areas, I have a long list of criteria to future-proof the investment.
“Erick, I know the vendor. I’ll do you a special favour. Would you like to purchase the property before the auction?”
“Erick, please come in. I will show you my unit so you can compare with the one you are intending to purchase.”
“Erick, I can tell you the reserve price.”
I am fortunate to have special favours offered to me from different people. I revel in the privileges and authority of being a buyer advocate. The hammer fell just a few thousands below my appraised market value. The underbidder was a neighbour who wanted another one of these spacious units that rarely comes up for sale. Thankfully for me, congratulations and celebrations are in order.