Broker launches program that will provide clarity around bidding wars

by |
With regulations around bidding wars about to change, one broker has developed a program he believes will revolutionize the real estate industry and make the homebuying process much more transparent.

DealDocket allows real estate agents to upload and register every bid made on a property and the seller will be given access to each of the bids made to ensure a fair process.

“The buying agent and the consumer upload the offer, it’s time stamped and locks it in the system. Once the offers are done, the selling agent can sit with their sellers to discuss the offers,” Drew Donaldson, executive vice president of SafeBridge Financial and co-founder of DealDocket told MortgageBrokerNews.ca. “Afterward, everyone that registered an offer can actually have access to the system and see everything; they can see when it was opened and when [each offer] came in.”

Donaldson and Adam Brind, a Toronto-based real estate agent, conceived of the idea after seeing too many clients lose bidding wars.

“It wasn’t that they lost it was that they didn’t know what happened,” Donaldson said. “They didn’t know if it was fair; there was no real regulation on it – Realtors are emailing back and forth offers to purchase and there was a huge lack of transparency.”


read more > 1 2

  • @kiltedbroker on 2015-03-26 12:27:23 PM

    Wow... this is a pretty interesting idea. Not only have I been in multiple offer situations personally, I have represented many clients fighting through the same. It's a pretty tense situation for sure.

    I agree a lot of the problems don't arise from losing out on a bid, it was the lack of transparency that frustrated me. I think it would be a real step forward to standardize the multiple offer process!

    Great idea, I wish DealDocket all the best! Very cool.

  • Sardool Bhogal on 2015-03-26 12:33:45 PM

    Multiple offer is not a problem for the seller. It is a problem for buyers where they may be just bidding against Phantom [ non existent ] offers. Buyer needs to now and have assurance that offers are on the table and in writing. That is what OREA is trying to fix.

  • @kiltedbroker on 2015-03-26 12:44:06 PM

    Wow... this is a pretty interesting idea. Not only have I been in multiple offer situations personally, I have represented many clients fighting through the same. It's a pretty tense situation for sure.

    I agree a lot of the problems don't arise from losing out on a bid, it was the lack of transparency that frustrated me. I think it would be a real step forward to standardize the multiple offer process!

    Great idea, I wish DealDocket all the best! Very cool.

  • @kiltedbroker on 2015-03-26 12:44:44 PM

    Yikes... double post, how embarrassing. Guess I shouldn't have hit that refresh button! aha.

  • Sardool Bhogal on 2015-03-26 12:48:23 PM

    Re posted after typo correction.
    Multiple offer is not a problem for the seller. It is a problem for buyers where they may be just bidding against Phantom [ non existent ] offers. Buyer needs to know and have assurance that offers are on the table and in writing. That is what OREA is trying to fix.

  • broker on 2015-03-26 8:45:07 PM

    Terrible idea!
    How about giving a buyer a chance to improve, or tweak an offer?
    What about situations when network is down or slow.
    Is the real goal here to eliminate agents or make them all to act like robots.
    There is nothing wrong with the existing system or multiple offers; lost bidders just need to learn how to deal with the loss and find out how much they r willing to pay (max) for that particular real estate. This is still as close as we can get to a free market economy!

  • Omer Quenneville on 2015-03-27 8:15:23 PM

    System works fine when agent present their offers instead of emailing them in. Show up and represent our client it is your right.

  • Realtor on 2015-03-29 6:06:20 PM

    Sure that is what we need - another hurdle to get a deal done. Maybe the guys who thought of this have nothing better to do.

  • Adam on 2015-03-30 8:30:26 AM

    Interesting comments here.

    I think that Realtors/Brokers have to remember that this is going to make your life a lot easier, not harder.

    As of July 1st, you're going to be required to bring every offer back to the office and scan it, so that your office can save it as per REBBA 2002. DealDocket will save every offer automatically - your brokerage can sign in and find the offers by date, address or agent. RECO intends to audit this process.

    You will now have a complete summary of every offer on offer night on your ipad, laptop or phone if you prefer. This means no more scrambling to keep the offers in order or trying to find the buyer agent's cell phone.

    From the buy side, you can verify the offers in real time in your car or at the office.

    You will also be able to negotiate and sign-back and change your main conditions from your office or iphone.

    Some things will remain the same - you will still need to show up or bring a deposit cheque if you want to strengthen your clients position and offer.

Broker news forum is the place for positive industry interaction and welcomes your professional and informed opinion.

Name (required)
Comment (required)
By submitting, I agree to the Terms & Conditions