Nor'West News: July 15, 2021

20 Thursday July 15 2021
Latest Canterbury news at starnews.co.nz
RAY WHITE PAPANUI NEWS
Bidding to win at auction
How do you navigate the adrenalinecharged
auction environment without
overpaying, overplaying or missing out?
Here are four tips that might help you.
1. Stick to the game plan
Preparation is key, so it is important for
you to devise a game plan while making
allowances for incremental changes
without overcommitment. Although
difficult, removing emotion from the
equation is primary. If you are unable
to bid with a cool head under pressure,
enlisting the agent, a representative
or trusted friend to bid on your behalf
ensures you won’t waver from your
financial limit.
2. Do your homework
By researching prices, you’ll discover
that most sales normally occur for
unusual figures, such as $412,500 or
$728,500. With this in mind, set your
limit slightly above a round figure
(for example, $527,000 rather than
$525,000). In this way, you can try to
eliminate opposition bidders with a
minimal increase.
3. Lateral thinking
To a degree, the auctioneer is the
director and each bystander has a
role to play. Some industry insiders
recommend that serious bidders start
with a high bid that will blow the other
buyers out of the race. The theory is
that doing so eliminates most of the
opposition from the outset and proves
your purchase commitment. Others
say you should only start bidding
when the reserve price is reached,
Healthy Homes Reminder!
We have just completed our series of
free Landlord Information Seminars,
offering rental property owners
some insight into the new Residential
Tenancies Amendments Act 2020, as
well as an update on healthy homes and
the changes with taxes and the bright
line test.
The seminars were very well received,
with many questions around the
implications of the RTA Amendments
as we expected, however, what I was
not expecting quite so much was the
confusion around the healthy homes
standards. One landlord said that his
property complies with the ventilation
requirements in his bathroom as, while
he does not have an extractor fan, the
window opens!
No, this is not correct and this is what is
going to get landlords into trouble. It is
so important that landlords understand
and the property is declared to be “on
the market”. Using this method, you
won’t declare your hand too early. Try
and watch a few auctions via online
streaming or in person and see which
strategy might be for you.
4. Be confident in your bidding
It is often very clear in the auction
room when the bidding increments
decrease that the limits are starting
to be tested. If you bid like you have
bottomless pockets and are there to
purchase the property at any cost (even
though you’re not) via big bold bidding,
a confident voice, quick responses to
other bids and offering a bigger bid
to a smaller increment, ie. when the
bidding drops to $5,000 increments up
the actual requirements and avoid
what people are talking about. For the
correct information ask a Property
Manager or have a look on the Tenancy
Services website, there is loads of
information, or phone them and clarify
if you don’t know.
I do think the next few months will be
interesting, now that the standards
are in full force. We will likely see
an increase in cases at the Tenancy
Tribunal where tenants will be
attempting to catch landlords out for
non-compliance and reap the rewards
of being awarded exemplary damages.
This has risen to a maximum of $7400
now, which will be a huge cost to the
landlord, and then the required work to
comply will still have to be carried out,
making this a considerable expense.
Even if your tenant tells you that they
are not worried that the insulation or
it back to a $10,000 or $15,000 bid. It
will rattle the competition and they will
think ‘this guy isn’t going to let this go’.
Happy bidding and if we can help you
with any further questions about
bidding at Auction please get in touch.
It would be our pleasure to assist you.
Content inspired by the realestate
voice.
Vanessa Golightly,
Business Owner
and Licensee Agent
Ray White Papanui
027 664 9292
heating does not comply, get it done,
it is not worth the risk as they could
change their mind and you won’t be
complying with the current legislation.
If your Healthy Homes Statement says
that there is an area where you don’t
comply if it is a new or renewed tenancy
dated after 1st July you then have only
90 days to bring the property up to
scratch.
My advice is as always, seek the experts
advice, don’t listen to rumours and
make NO assumptions.
Katrina Green,
Operations Manager
Property Management
027 606 0030
Vanessa Golightly
Licensee Agent &
Business Owner
027 664 9292
Stuart Morris
Licensee Agent
& Auctioneer
027 422 6395
Tracy Thomson
Licensee Salesperson
027 440 3035
Maria Paterson
Licensee Salesperson
027 543 4689
Hasna Ngara
Licensee Salesperson
021 262 4943
Olivia Hendry
Executive Assistant
NOR’WEST NEWS
Claire Morris
Licensee Agent &
Business Owner
027 662 4822
Katrina Green
Operations Manager
Property Management
027 606 0030
Richie Eggelton
Licensee Salesperson
021 089 65594
Paul Nicholson
Licensee Salesperson
027 921 2160
Jana Schleehauf
Licensee Salesperson
022 090 1227
Georgia Tuuta
Excutive Assistant
Feature Properties
Sold Properties
Estelle Schuurman
Property Manager
Joy Coughlan
Mortgage Broker
027 223 3572
611 Barbadoes Street, St Albans
Vanessa Golightly & Maria Paterson
81 Edward Avenue, St Albans
Vanessa Golightly & Maria Paterson
35 Birchfield Avenue, Dallington
Vanessa Golightly & Maria Paterson
174A Sawyers Arms Road, Bishopdale
Tracy Thompson
Level 1, 7 Winston Avenue, Papanui
Phone (03) 352 0567 | rwpapanui.co.nz | /RayWhitePapanui Morris & Co Limited | Licenced REAA 2008