New online property sales process lets buyers see and change offers

New online property sales process lets buyers see and change offers

A NEW online sales platform launched this week aims to increase the transparency of the sales process, particularly for buyers.

Developed by an Adelaide company, REBid offers a digital alternative to written expressions of interest (EOI).

It will allow agents to collect the contact details of buyers interested in a property and invite them to make a non-binding EOI, which is usually submitted on paper.

The online EOIs are transparent and buyers will be able to see how many other potential buyers there are and where their offer ranks against other offers.

They will not be able to see how much the other offers are.

Buyers will be able to increase their offer if it is not the best offer at the time or exit the process if they feel they are not in the running for the property.

In the final stage of the process the agent can ask some or all of the buyers to submit best and final offers, which will not be transparent as they cannot be changed, or invite a competitive offer, which would again show the order of offers, but not the amounts.

In this instance, buyers would have the chance to increase their offer.

Offers will be binding on the buyer, but subject to acceptance by the seller.

The platform aims to give buyers a fair and equal opportunity to secure the property while the competitive nature of the process should also deliver the best possible sale price for the seller.

REBid has gained the support of REWIA.

“All industries need to embrace new technologies or they face the risk of digital disruption from outside,” chief executive Neville Pozzi said.

“At REIWA, we have partnered with REBid to offer an online solution that’s not only beneficial to our members, but also enhances the customer experience for the real estate buying public.”

Mr Pozzi said it offered an alternative method of sale that would suit some, but not all properties.

“It’s always up to the agent, in consultation with the vendor, to choose the most appropriate method of sale for each property. REBid simply offers another option to choose from,” he said.

For more information visit www.rebid.com.au.

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