Broker launches program that will provide clarity around bidding wars

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The technology was also a response to pending regulations.

“On July 1st, 2015, the Real Estate Council of Ontario will officially adopt changes to REBBA 2002 (the Real Estate and Business Brokers Act) which will require that real estate brokerages retain a copy of every offer on a property in order to prevent fake offers,” DealDocket explained in an official release.

The platform is set for launch in Ontario with plans to launch it Canada-wide within the next month. It boasts bank-level encryption and the eventual goal, according to Donaldson, is to have a DealDocket number on every MLS listing.

“It benefits everyone; the real estate agent, the buyer, the seller, the regulator,” Donaldson said. “There is more compliance and, honestly, it’s a win on every level.”

Some of the program’s features include:

•             Timestamps all incoming offers
•             Provides full disclosure in multiple representation situations
•             Creates an auto summary of all offers
•             Standardizes the multiple offer process
 

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  • @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.

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