Commercial property auction are a great venue to score that perfect asset to add to your portfolio or to utilize for your business. However promising they may be, these things aren’t very user friendly. If you want to participate in one then you’re going to have to make it a point to avoid any blunders and mishaps that come your way. In fact, make sure that you don’t commit the following crimes.
- Coming Unprepared
Auctions are like wars in a way although less bloody in the literal sense but just as much figuratively. You need to have your strategies mapped up. You have to know how to play the game and you need to have a god gauge of what you’re fighting for. There’s a lot of prior work to do and you need to accomplish all of them.
- Failure to Understand Terms and Procedures
Not all commercial property auctions are the same. Each one can differ either slightly or by a large scale. This makes it important that you read and understand the guidelines, procedures and requirements of each one before jumping in on the train.
- Absence of Adequate Research
You’re going to have to research not only about the auction house and the event but also on the properties being sold off. A newsletter or catalogue shall be sent via mail and/or digital format which showcase the assets up for grabs. Take a look and research about them and distinguish which one’s you’d like to bid on.
- Not Checking on the Property Prior to the Auction
Visiting the property ahead of time is highly recommended. Just because it’s not sold the traditional way doesn’t mean that you can’t take a closer look and have a personal visit. You can and you may likewise have a surveyor uncover and validate more facts.
- Not Preparing Your Finances Ahead of Time
These things still involve a legal and binding contract which is why you need to be able to come up with your end of the bargain. In other words, you’ll have to provide for the upfront costs once you win the bid. You need to have money prior not after.
- Sharing Too Much Information
Last but not the least, see to it that you play your cards as close to your chest as possible when participating in commercial property auctions. Doing so otherwise may have other bidders and even agents make use of such information against you and to their advantage.
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