Episode 128: Managing Auction Buyer Psychology

In this episode we go through the multiple considerations related to how buyers think and place their bids at auction.  Bidder psychology is important for auctioneers and brokers to understand, as it leads to stronger bidder engagement and higher sales results at auction.  We discuss what really motivates bidders; how urgency works; and what auctions reveal true demand.  We also talk about why certain buyers behave differently once they know they are competing against other bidders.  Lastly we discuss the role of “time certainty” and the differences between emotional and analytical bidders.  Enjoy the show.