When you’re preparing to bid on a property at auction – probably one of the biggest purchases of your life – there are a lot of things to consider.
What you’re going to wear to the auction probably isn’t one of your top concerns, to be fair.
While it may seem like an insignificant detail, those who are interested in the psychology of buying will be the first to recommend that what you wear to an auction should be part of your overall bidding strategy.
So what is the best strategy? Dress up in your most strapping suit to intimidate the other bidders or dress down so you can be the dark horse and make a winning bid out of nowhere?
Here we look at both approaches to help you decide on your strategy.
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Dressing up at auction
This seems to be the most popular choice and a common piece of auction advice. Many agents, friends or blogs will tell you to dress in something smart, professional or expensive to intimidate the other buyers by making them think your pockets are deeper than they actually are.
Some even go so far as to suggest you hire a luxury car for the day so you can conspicuously park in front of the crowds and make an entrance.
Those in favour of this approach believe it gives you a psychological edge. Besides subconsciously psyching out the other bidders it can make you appear more serious to the auctioneer and might also give you a confidence boost if you’re looking and feeling your best – not a bad thing in what is typically a stressful situation.
Dressing down
At the opposite end of the spectrum, others will tell you it’s a masterstroke to wear some of your daggiest clothes. It will throw the other bidders off and make them underestimate you as a contender. How could you afford a house if you can’t even afford a proper pair of pants?
But it’s all part of your auction plan. While all the other “serious” bidders are busy sizing each other up, you roll up the sleeves on your hoodie and make the winning bid – totally unsuspected – and land your dream home.
And if you don’t win? Well at least you were comfortable.
The verdict
Don’t over think it.
At the end of the day, your choice in clothes is not going to change what your budget is and how high you can bid on a property.
And when you think about it, if another bidder turned up in a well cut suit and (probably fake) Rolex, would you immediately admit defeat and decide not to bid? Not likely.
When picking out something to wear on auction day opt for something that’s smart but not restrictive or uncomfortable, something people can take you seriously in and, above all, something that makes you feel confident in what can be a stressful event.
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