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Real Estate Business Based on Bidding for Listings

Now available across the U.S., the company says it is the first to enable agents to bid on listing opportunities from homeowners who are ready to sell.

NEWPORT BEACH, Calif. – Executives at BidMyListing say the company’s services are now available nationwide. Founded last year, the company says it is the first to enable agents to bid on listing opportunities from homeowners who are ready to sell.

The process involves homeowners first creating a property profile that confirms their address, property details, description, and target sales price; a listing is created automatically.

Next, the homeowner is matched with a real estate agent. This step involves agents bidding on the right to represent the seller in the sale of their home. Sellers receive bids and select a winner based on the cash upfront, listing term, real estate agent’s experience, commission or a combination of these factors.

Once the listing agreement is signed, the home seller gets paid cash upfront, and the agent starts to work on the listing. Company officials note that each year, agents spend more than $22 billion and more than 75% of their time pursuing listings with only a 2% conversion rate.

Josh Altman of The Altman Brothers, who helped develop the service, says, “It evens the playing field for agents across the industry, and for the first time ever brings comfort to home sellers with an agent fighting for them who believes in the property and has skin in the game.”

Source: Mortgage Professional America (06/22) Cantu, Tony

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