Auctions can mean tough competition and are also a scary process if you don't know what you are putting your hand up for. Auction Alliance gave us the lowdown on things to remember when you decide to dabble at a property auction...

The most important thing to remember is that under the auction system, when you buy a property, there is no cooling off period as there is when you buy 'for sale'. The auction sale is legally binding on the day.

So in order to be fully prepared for the auction, here is what you need to do both beforehand and during an auction…

• Do your research
  When you are looking in an area, whether buying 'for sale' or through an auction, research the prices in that area for the type of property that you want. Find out about the good and bad features of the area, and compare prices with other areas. Look at similar properties to the type that you are seeking.
• Attend local auctions
  It is valuable experience to attend as many local auctions as you can to see how the auction proceeds. Observe how people bid, and who is at the auction. Work out people's style of bidding. The same people may be bidding against you for your property in the near future.
• Arrange your finances
  Ensure that you have your finance in place prior to the auction. Establish your bidding limit, making sure you allow for all extra costs.

• At the auction proper
  First, you need to register as a bidder (this is normally compulsory in order to bid). Then make sure you address all queries, questions and requests for advice before the commencement of the auction to the auction representatives and on-the-floor assistants, as the auctioneer will normally not allow a public forum question time. Be sure also to obtain a copy of the conditions of sale and the bidder's pack.

• Play the game
  Make eye contact with the auctioneer or his on-the-floor assistants so that they acknowledge your bid. Remove yourself from the bidding by shaking your head no or saying 'no' if the auctioneer turns your way. And lastly, settle immediately after making your purchases of assets on auction.