MultiBID is designed to be a hybrid between traditional multiple offer scenarios and an auction style bidding format. We currently ONLY work with licensed agents representing the selling property and all legal rights and obligations in transacting in a real estate sale remain intact. As a Seller you get the best of both worlds so to speak.
A common selling strategy is to price a property below market value expectations in order to generate increased property exposure and traffic as well as to set the stage for a ‘bidding war’ or multiple offer situation. It is a common and effective strategy in the hands of an experienced and well prepared agent.
However, one of the inherent challenges that follow this strategy in traditional real estate transactions is the limiting factor of transparency in the competing offer process. An agent is forbidden from disclosing any details of competing offers and can be charged accordingly with any violations of such. Because of this lack of transparency, many buyers choose not to participate in competing offers as the ‘guessing’ part of an adequate purchase price is a major deterrent, which in turn can limit your potential buyer pool and miss out on the highest possible price you can obtain for your property.
MultiBID provides a competing process which is transparent. This provides increased buyer confidence and higher demand for your property which increases your possibility of finding the one right buyer willing to pay the highest price for your property.
