In popular areas, bidding can be fierce for desirable properties and it is easy to get caught up in the frenzy. Often an open viewing will be held on a weekend with a second viewing on the Monday or Tuesday evening, the bidding may start immediately and the final price is arranged by the Wednesday or Thursday – the deal is done in a few days. This also means that you need to be prepared – if this is the sort of property you’ll be bidding on make sure you have your mortgage offer in advance, you’re clear about your upper limit so that you don’t get carried away and bid over and that you have taken all of the other costs into consideration.

Once the viewings have been conducted the agent will ring around to all those who expressed interest, which is usually done by adding your name and phone number to the list as you walk in the door. Any offers will be SMSed out to interested parties and those wanting to increase their bid respond either by ringing the agent or sending an SMS back. Anyone bidding on an apartment will have their phone beeping all day with new information on which bidder has increased the offer.

In recent years the real estate profession has had a lot of media attention drawn to their ways of doing business. Their salary is commission based and their has been enormous growth in the number of agents, along with a number of them having their licences suspended for inappropriate behaviour. Consequently the names and numbers of the other bidders should be available to anyone bidding to ensure there are no false bidders inflating the price beyond what it otherwise would be.

In the event that you are the successful final bidder on a property you will find yourself signing papers by the end of the week and by the end of the week you will be the lucky owner of a new property.