Auctions can be high-pressure, stressful situations for buyers, particularly those unfamiliar with the process.
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"I think the majority of people are fearful of auctions," property expert and TV presenter Veronica Morgan said.
"Usually for many people, an auction combines several of the most stressful things in life all in one short interval.
"(These are) public speaking, complicated decision-making, the potential for 'losing' and the possible 'shame' of not succeeding.
"We fear the pain of missing out on a property we want. But it's worth considering how much a 'fear of auctions' could really cost you."
Morgan's first book, Auction Ready, aims to demystify the process for buyers, advising them on how to successfully place bids, keep calm, and ensure they are ready financially and emotionally.
As one of Australia's most recognisable buyer's agents, Sydney-based Morgan has bid at hundreds of auctions throughout Australia.
"I go to auctions all the time, and what I see really clearly is how unprepared people are," she said.
"They don't realise really until they're in the thick of it, then think, 'oh my God, I'm out of my depth'. But until that point, I don't think most of them have considered it.
"Auctions are conducted in a public arena. If you hate being the centre of attention, you'll be petrified at the thought of bidding in front of a crowd.
"None of us want to appear stupid and many buyers worry about getting caught up in a bidding war and paying a foolish price.
"However, by understanding the steps of the process and keeping a cool head, you will eventually succeed and hopefully achieve the best outcome for yourself."
She said by the end of the book, buyers will know exactly what to do in order to nab that dream home or investment.
Some of the tips Morgan shares include how to set your bidding limit so you don't overspend; five things the auctioneer does that will make you bid more; three clues the agent made up another offer to get you to pay more; how to be the highest bidder when you don't actually have the most money; and six bizarre mistakes she's seen people make at auction.
Morgan said she was fascinated by the psychology of the auction process - from the perspective of the buyers, sellers and the auctioneers.
She said awareness of "the way you can be influenced or manipulated by the agent or the auctioneer" was useful.
"Then you've got a better chance than someone who's completely unaware," she told the Mercury.
Morgan began her property career as a sales agent in 2000.
Morgan is probably best known for her role as co-host of Location Location Location Australia and Relocation Relocation Relocation Australia on Foxtel's The Lifestyle Channel.
She is also a licensed real estate agent, principal of Sydney-based Good Deeds Property Buyers, and co-hosts The Elephant in the Room property podcast.
Auction Ready is available now at bookstores and via the www.getauctionready.com.au website.
Brendan Crabb
I'm a member of ACM's national property team, covering the Illawarra and South Coast. Based in Albion Park, NSW, I write about exciting, interesting or just downright quirky properties that have been listed for sale, major sales, market trends, auctions and more. One of my favourite aspects of being a journalist is I believe everyone has a story to tell. What's yours?
I'm a member of ACM's national property team, covering the Illawarra and South Coast. Based in Albion Park, NSW, I write about exciting, interesting or just downright quirky properties that have been listed for sale, major sales, market trends, auctions and more. One of my favourite aspects of being a journalist is I believe everyone has a story to tell. What's yours?
