Like everything else in the world, the US housing market was in a state of flux for most of 2020. The COVID 19 pandemic, the lockdowns, protests, and the 2020 election created a perfect storm of paralyzing uncertainty, creating a buyer’s market for home sales. By the third quarter, the tables turned, and now it is the sellers who are in the driver’s seat.
“Now more than ever, it’s important not to get caught up with the wrong choice of a real estate agent,” declares Matt Proman. Proman is the California-based entrepreneur and creator of BidMyListing.com, an online auction platform that pairs sellers with estate agents.
Proman came up with the idea in 2019 after a negative experience selling his own house led to a waste of time and money due to an ineffective realtor. “When you take on a realtor, you assume they’ll get the job done ASAP, but this isn’t always the case. A real estate agent may not have the contacts or advertising budget. You won’t know that though until you’ve wasted weeks or months of valuable time,” warns Proman.
Ultimate Selling Platform
Rather than acting as a conduit for buyers and sellers, BidMyListing.com provides an auction format. Homeowners post information about their homes, and real estate agents bid for the exclusive listing to sell them. The auction element of BidMyListing.com makes the platform unique, and it is the first-time sellers are paid for simply choosing a real estate agent.
“The opportunity to monetize the situation is revolutionary,” says Proman. “If I’m a homeowner, I would rather that someone who has their money next to mine is representing me, because when a real estate agent has to pay to win a listing, they’re going to want to exit as soon as possible to get their money back,” he continues. “It’s the best way of ensuring your real estate agent is motivated to sell your property.”
On BidMyListing.com, the difference between most winning bids and the ones that are declined is not large, but regardless of the winning bid, the seller gets paid and retains control over the whole process.
What’s more, the highest bid isn’t necessarily the winner. If a small independent real estate agent has a shortlist of qualified buyers in a specific area, it puts them in a powerful position. The seller is free to evaluate what every bidding agent brings to the table before choosing.
Good Deal for Real Estate Agents
While it appears that the seller comes out on top for the first time, Matt Proman maintains that BidMyListing.com works just as well for the real estate agents. “Our platform levels the playing field, allowing all agents to compete fairly for the right to represent,” he asserts.
Proman isn’t the only professional to see the company’s potential either; Million Dollar Listing star Josh Altman is Matt Proman’s partner in the venture. “Homeowners being held back by unmotivated sellers is a common occurrence,” says Altman. “And this is by far the best solution to the problem.”