When placing a bid, some properties have different options: highest bid and proxy bid. What’s the difference?

What is a proxy bid and how does It work?

Where a buyer cannot bid online at the time of the auction, we provide them with an option to place an automatic proxy bid which would be their highest bid. This allows the system to bid on their behalf up to and including this proxy bid.

Essentially a bidder is telling the system what the maximum they would go to and allowing it to place bids on their behalf up to and including that amount..

When two or more people have placed their maximum bid at the same amount, the bidder who placed the maximum amount first will have priority and they will be the highest bidder at the maximum amount. If they are outbid, they can come back and place a new bid.

If a bidder has placed a proxy bid, you will see their bid placed with their name initial followed by a star (*) at the top.

Please be aware that from the perspective of both the agent and the buyer, the highest amount placed by a bidder as a proxy will not be viewable. Our system keeps the proxy bid hidden and strictly confidential to maintain the integrity of the auction.

What is the highest bid and how does It work?

The highest bid is when the bid will be applied immediately at the exact amount specified by the bidder - we WILL NOT bid on their behalf.

The bid will become the new leading bid unless another bidder has an existing higher proxy bid. As the auction continues, every bidder will be notified by email if they are outbid.

At Bamboo Auctions, we are committed to empowering our partner agents with the tools and resources they need to succeed in the competitive property market. For any questions or assistance, our support team is always here to help. Contact us at hello@bambooauctions.com.

Thank you for choosing Bamboo Auctions. Stay tuned for more updates and features designed to enhance your property auction experience. Happy listing!

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