There’s a new online sales platform that recently launched with the goal to make the sales process for buyers more transparent.
REDib was developed by an Adelaide company and offers a digital alternative to EOI (written expressions of interest).
This alternative will allow agents to collect buyers contact details who are interested in a property and allow them to make a non-binding EOI that will most likely be submitted on paper.
The EOIs online is transparent, however, and buyers will be able to see how many other buyers interested in the same property there are and where their offers rank against each other, without seeing the exact numbers of the other offers.
Buyers can increase their offers if it’s not the top offer at the time or exit the process if they feel they are not in the running of the property.
The final stage of the process allows the agent to ask some or all of the buyers to submit their best and final offers. This stage is not transparent as they cannot be changed, or invite a competitive offer, which would show the order offers instead of the amounts.
If that were to happen, buyers have another change the increase their offer. Final offers are binding on the buyer but subject to acceptance by the seller.
REDib is meant to give buyers a fair and equal opportunity to secure the property while the competitive nature of the process delivers the best possible sale price for the seller. It’s a win-win for both parties.
REWIA has announced its suppose for this new platform.
“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.”
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.
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