Bidwin.org accepts property listings to its website but they must be represented by real estate professionals, who are licensed and quite active in their job. Every successful sale requires considerable homework by the real estate agent.
Learn more about Why a realtor should partner with Bidwin.org's auctioneers.
The website demands that there are three main requirements that are to be pursued by realtors:
A listing agent whose knowledge of property worth is remarkable
The market conditions change all the time and only an educated realtor with good experience of the market would be able to gauge the true worth of a property. The realtor would then relay this information to the seller.
A seller who has realistic notions of what his property is worth
It is true that sellers may have high hopes of securing a cinching sale, but the reality says otherwise. We do not promise the highest price for a property, but we promise your client, the seller will be able to make a sale with realistic market prices.
The extent of exposure through our website is remarkable and would keep on growing
A main advantage of registering with our system is that you will get excellent exposure and you will be able to list your clients' properties in such a way that it would be seen by the maximum number of people. However, the buyer and the buyer’s agent would have register for each auction they are going to take part in. This is in addition to registering in the Bidwin website.
To list the property in our system, the Realtor would have to pay a listing fee of $150 (subject to change without notice). This is not refundable and can be paid through the credit or debit card. Once this payment is made, the seller or the realtor will not have to make any additional payments. The agent commission will of course, be paid by the seller at the successful sale of his property.
Additionally, we recommend that the realtor advertises information about the seller's property in local newspapers and magazines because it would bring him combined benefits of (1) posting in our system and (2) getting local exposure.
Duties of the realtor/agent
- Once the seller entrusts the task to a certified agent, his work begins:
- He must realize that bidwin.org is a portal for listing properties, but that doesn't ensure its sale for sure. He must make the seller understand this fact, before taking on any project.
- One of his duties is to list the property in the listing section of bidwin.org
- The seller has to sign a Listing Addendum for the agent safety. We don't require this, it is solely to protect the interests of the agent.
- The realtor can supplement the listing in the website by having local ads in the newspapers and magazines.
- To prevent any confusions, the realtor must name the amount of his commission on the bidwin.org website
What the seller's agent is entitled to pay
The seller's agent has to pay $150 for listing the property in our system. It would be active till the bidding period. If the property is not sold during the period, then the seller's agent would have to re-enlist it for another $150.
What the buyer has to pay
The buyer would have to pay 1% Internet Transaction Fee of the purchase price of the property. If the property's worth is $50,000 or less then the buyer would have to pay a minimum of $500. The closing agent would handle this and the fee is paid at closing.
Bidwin.org offers three options when it comes to bidding events - (1) 7-day, (2) 14-day or (3) 21-day bidding events. The fee remains the same. In case the seller and the agent wish to withdraw a property before the bidding period ends, they would have to pay a Withdrawal Penalty depending on the original reserve price of the property. The reserve price is the minimum amount the seller is willing to put up for his property. This is apart from the listing price of the property that the agent puts up. The penalty would be either $500 or 1% of the reverse amount.
After the sale of property
Once the Realtor makes a successful sale of a property, he would still remain a vital part of the closing process; the process is very much like the traditional method, only difference is that everything is online here.
What happens after the bidding event?
As mentioned earlier, the bidding event is categorized into three, and if at the end of this period, the property has been sold, and there is a 'bidder' who has agreed to purchase the property at the reserve price (minimum) or more than that, then the winner would be notified through email.
All the agreements and documents regarding the purchase would be finalized, especially the Earnest Money Deposit (EMD). The Purchase Agreement would be drawn up just as it would be in a traditional real estate program. The documents and agreements would have to be signed by both parties and once the closing process is completed, the website should be notified and the following documents sent to us within 3 days:
- Closing statement
- Internet Transaction Fee Addendum
- Complete contact information of the closer
Once the agent registers with the website, lists the properties and pays for the same, it is imperative that the offers must be handled within the website.
The buyer is entitled to pay an Internet Transaction Fee when the property is bought. The duty of the listing agent would be to make sure that the buyer pays this amount to bidwin.org
Here are some rules that the agent must follow while doing business with bidwin.org
How is bidwin.org able to attract buyers to its website?
Bidwin.org has an intelligent market strategy that would bring numerous hits to its website every day. The company has engaged the services of a good search engine optimization company and performs activities that would put the website in all the major search engines like Google, MSN, Yahoo, Bing and so on. The company conducts regular advertising campaigns and the response has been overwhelming.
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