MultiBID believes that the whole process must be transparent, and as a bidder who is represented by a Realtor, you should know the associated costs. When bidding on a property, you will see the commission rate that is payable to your Realtor as it is fully disclosed.
Commissions work the same as traditional real estate transactions for our MultiBID’s. The seller pays both the listing agent and the buyer’s representative their commission on the property. Buyers pay a Buyer’s Premium which is equivalent to only 0.15% of the final sale price on only winning MultiBID’s. This Buyer’s Premium is then refunded by the seller to the buyer at the time of closing through the lawyers.
No cost in the process is hidden and that is important to all bidders’ ability to make an informed decision.
Through this process, realtors can be confident that they are protected in the same way that they are in a traditional transaction.
