A Guide to Carrying out a Proxy Bid at Auction

Remote bidding options and proxy bids are available at many auctions, making property auctions more accessible. This means prospective buyers don’t have to be present or available when an auction is happening or being live streamed in order to be able to bid on a property. 

Here we’ll talk about the ins and outs of proxy bidding, including what a proxy bid at auction is, why you would use proxy bidding, considerations to make and how to register for proxy bidding.

What is a proxy bid? 

With a proxy bid, you permit someone else to bid on your behalf. Auction houses often provide a proxy bid service for online and in-person auctions, which allows the auctioneer presiding over the auction to bid for you.

 This is a service we offer at BTG Eddisons Property Auctions, so you don’t have to be present or available during an auction. You just need to register for this service in advance, and then we can take care of the rest. 

With proxy bidding services, you can state how much you’d be willing to pay for a property, and the auctioneer will then bid incrementally to secure you the best possible price, while stopping if bidding exceeds your budget. 

Why would you use proxy bidding at auction? 

There are a number of reasons you may use proxy bidding at property auctions. This can be a great option if you can’t be there for an auction or be active online when it’s happening. It also can ensure you don’t get wrapped up into the excitement of an auction and end up the bidding over the budget you’ve set. 

You may have other commitments that mean you can’t attend an auction you’re interested in, so you can’t always watch the auction as it happens or be in there in person. We think this shouldn’t have to limit your opportunities to purchase a property you’re interested in at auction. 

If you’ve had second thoughts about your maximum bid, you can also typically change this ahead of the auction, but you need to get in touch to let us know. Keep in mind that your maximum bid can’t be changed once the auction starts. 

Can someone bid for you at auction? 

If you don’t want to use an auction house’s proxy bidding service, you can register someone you trust to bid on your behalf. To nominate a bidder, you need to get this setup in advance of the auction, and there will usually be information and documents you’ll need to provide beforehand. 

There are some benefits to this as your nominated bidder may have a better understanding of your wishes and motivations and can use this to impact how they bid for you in a way that the auctioneers wouldn’t be able to. Auctioneers typically automatically up the bid at set incremental amounts until your budget is reached. 

There can be a downside to this as your nominated bidder whether a friend, colleague or family member could use their own opinion to make decisions to either not bid at all or bid higher than you agreed, so you need to have a lot of trust in whoever you nominate for this. 

Considerations to make with proxy bids 

To sign up for proxy bidding, you’ll need to confirm your identity and register your payment information. You need to provide financial information in advance, but this will only be used if you end up having the winning bid.  

You may also be asked to set up an auction passport account through the Essential Information Group. Additionally, it’s recommended to have solicitor details ready and your deposit sorted with the speed of auction purchases.  

Spend time thinking about who you want to be your proxy bid. This needs to be someone you can trust to make decisions on your behalf during the auction, or take up the auction houses’ proxy bid service where the auctioneer will never stray from the pre-agreed maximum bid. 

If you end up being successful, you’ll be charged for the amount of the deposit and any relevant fees. The legal pack and contracts will then be sent to your solicitor and the buying process commences.  

Register for BTG Eddisons Property Auctions 

Don’t let your busy schedule and many commitments get in the way of purchasing property you’re interested in. You can use our proxy bidding service or nominate someone to do this on your behalf. 

If you’re ready to start your property auction search, register to bid with BTG Eddisons Property Auctions. We have a range of residential and commercial properties and parcels of land available at our auctions across the UK, and you can also sign up for our proxy bid service or nominate someone of your choosing to bid for you. 

Get in touch for more information about our property auctions or to get signed up for proxy bidding.