Broker launches program that will provide clarity around bidding wars

Broker launches program that will provide clarity around bidding wars

Broker launches program that will provide clarity around bidding wars

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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9 Comments
  • @kiltedbroker 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.
    Post a reply
  • Sardool Bhogal 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.
    Post a reply
  • @kiltedbroker 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.
    Post a reply