The US economy took a beating in 2020 due to the COVID-19 pandemic. While many business sectors are still reeling from the blow, the residential property market is booming.
According to figures published by Lawrence Yun, SVP of research at the National Association of Realtors, 2020 saw sales of 5.64 million homes. This figure represents a 5.6% rise over 2019, and according to the NAR, 2021 looks set to follow suit.
While this is good news for sellers, it’s even better news for realtors, brokers, home inspectors, attorneys, and more.
Business developer and entrepreneur Matt Proman, who specializes in identifying needs within the consumer market, felt there was a piece missing from the residential property-selling jigsaw, so he set out to fill the gap.
The result is BidMyListing. This unique online platform allows real estate agents to bid for the exclusive listing of a residential property. Better still, homeowners are paid for the privilege.
“Selling your house can be a challenge,” says Proman. “You can carry out exhaustive research trying to shortlist an agent, but there’s no guarantee you’ve got the right one for the job.” He speaks from experience, “The housing market was quite buoyant when I sold my house but choosing the wrong real estate agent cost me time and money. I must have lost six qualified buyers in as many months.”
BidMyListing.com gives homeowners control over the process. Homeowners list their properties on the site and sit back while the heavy lifting is handled through the platform’s formal auction process. It is open to thousands of qualified real estate agents who bid for the opportunity to exclusively list the home. “We are changing the market. For the first time, the homeowner gets paid for the listing. It’s a win-win scenario for both sides,” says Matt Proman.
Facilitating a Fast Sale
Monetizing the listing process for the seller is groundbreaking, but it’s not the sole benefit. The process saves time and money for both the seller and the real estate agent. The winning bidder is motivated, increasing the opportunity of a fast sale.
The homeowner is under no obligation to accept the highest bid – they can choose a real estate agent based on several criteria, including professional experience and location. The goal is to select the real estate agent who meets the homeowner’s requirements.
“BidMyListing.com provides the seller with real estate agents who have skin in the game. Let’s face it,” says Proman, “if an agent doesn’t think they can sell a house, they aren’t going to buy the listing.”
This scenario is a home run for both sides – before the platform’s second phase, 4,000 plus real estate agents are already registered.
“The key to success is to keep an open mind and step out of your comfort zone. There are always gaps in the market if you look hard enough,” says Matt Proman, “and formulating innovative plans and partnerships is the best way to fill them.”