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Do you love your MOMS?

By Mitch Gover

Services for Real Estate Pros with BidOnRealty.com

March 31, 2011 06:27 AM

"Of course I love my Mom", you say. "Do I have more than one?" You may not even have ONE. I'm talking about your Multiple Offer Management System.

There's been alot of discussion lately about how to deal with multiple offer situations and "highest and best" offers. Do you have a system in place to deal with multiple offers that is to the best advantage of your client, be they a Seller or a Buyer? As a Listing Agent, how do you assure the Seller that they indeed are getting the highest and best offer? As a Buyer's Agent, is there a way for your Buyer to know exactly what they must bid to get that home of their dreams? If you don't have all the answers, you may need a MOMS.

A Multiple Offer Management System sounds a little more techie than an auction, doesn't it? But that's exactly what an auction system is. It's a way for Listing Agents to remain in control of the sales process on behalf of the Seller, by utilizing the auction method of sale to force multiple offers, and thereby assure the Seller that they are indeed getting the most possible for their property. For Buyer's Agents, it's a way to take the stress out of not knowing exactly how much to make their highest and best bid for in order to get that home of their dreams.

BidOnRealty.com offers a Realtor®-controlled online auction platform, as well as a paperless Make Offer system for offers prior to the start of the auction. Buyers can also purchase at a predetermined price if they do not want to participate in a competitive bidding situation. As part of our beta-phase rollout, we are offering your first 5 listings for free. Take a look. I promise you'll be glad you did.

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John Michailidis

Real Property Management of Sarasota & Manatee - Sarasota, FL

Real Property Management of Sarasota & M

That certainly is an interesting concept. I hope it works out for you! For times when price is the key issue, sounds interesting.

Mar 31, 2011 06:35 AM

Mitch Gover

BidOnRealty.com - Orlando, FL

Hi John, and thanks for commenting. We're based over in Orlando. Just give me a call and I'd be glad to show you how it can work for your short sales too.

Mar 31, 2011 06:40 AM

Glenn Roberts

Retired - Seattle, WA

For a carpenter, a power saw is a beautiful piece of equipment. But in the hands of a non-carpenter, an awful mess can be made. with our NWMLS forms we have a MOMS system in place. It took some learning, and some trial and error on the part of companies that make up the mls. But it is an accepted process.

BidOnRealty may be ahead of its time for your average home seller or buyer. I like meeting the agents and when possible, the principals in person, in a transaction. Doing so adds a gut level interpretation to the offer that is missed with many online venues. Here on AR we learn about each other with repeated contact and the fact that the process reveals much about us unintentionally, but with our tacit approval.

Knowing only $179,000...$185,000 $201,000.01. Sold Is not enough for me to establish how the transaction/relationship will proceed.

I exchanged emails with Jon in Florida who sells mainly investment condos and he claims he never meets many of the principals on either side in person. But here, I do.

Sorry to get so windy, Mitch. I do look in on your site occasionally but haven't registered yet. Might just do that, so I know more about what I am talking about.

Mar 31, 2011 06:55 AM

Hello Glenn. I appreciate your thoughts. Our system really just enhances the very personal aspects of a transaction as you describe. Buyers still have Buyer's Agents, and Sellers still have Listing Agents, and they all interact the same way they always have, except for the actual online nature and anonymity of the price negotiation. Once the final number is determined anonymously, and dispassionately, the buyer is "unveiled" so to speak. The contract is still presented by the Buyer's Agent (if applicable) to the Listing Agent. Feel free to register at https://www.bidonrealty.com/register.php It's free, and your first 5 listings are free. Thanks again.

Mar 31, 2011 07:45 AM

Mitch, I did try to register but the site wants a credit card number and as I have no intention at this time to put a listing up for bid, nor to I intend to bid on any property, giving that information is not appealing.

You keep insisting that "the number" is obtained anonymously and dispassionately, and those are exactly contradictory to what I want to know about the buyer. Homes are not only about the money, and negotiating face to face with known entities makes the experience personal. There are things more important than the number. Perhaps not in Florida, but here.

Mar 31, 2011 08:14 AM

Glenn, yes we require a credit card at registration. We run a $0.00 authorization to confirm identity for both bidders and listing agents. The credit card data is encrypted and stored securely on third party servers so as to maintain PCI compliance.

I guess we can agree to disagree on the anonymous and dispassion issue, but I'll give an example of where I'm coming from: Bill Gates looks at a home for sale. Seller knows Bill came to look at the home. If an offer is placed by Bill Gates with his name on the contract (Let's set aside an assignable contract for the sake of this example), no Seller on the face of the earth would budge an inch on his price. Now, a more real world example is that of anyone with "MD" behind his/her name. In my BidOnRealty.com world, Bill Gates is just a username (perhaps "Softy"). He can bid freely and anonymously on a level playing field with everyone else. If he wins, the Listing Agent then is given "Softy's" contact information and the contract is written. It's more fair for Bill and the Seller. I know, I've got a lot of evangelizing to do...

Mar 31, 2011 09:17 AM

I think you would find that Bill Gates is as good a negotiator as there is Mitch. Just because one has a lot of money doesn't mean that he will spend whatever you want to get. I often get a pre approval letter for clients that is way over the price they are offering. They offer what they offer because they believe that that is the proper value of the property. It's my job then to negotiate for that value and hopefully convince the seller that our studied position and our ability, matched with our interst are the best match for the seller. The seller could take a higher price, but find out later that the sale fails because, for instance, the buyer was doing a 1031 exchange and had to designate 3 properties by a certain deadline. This one was rejected later. By then, my buyer had moved on. These things usually come out in a conventional negotiation.

Mar 31, 2011 04:55 PM

Good Morning Glenn. You cite a good example, and there's no denying that Mr. Gates is a savvy negotiator. My point is only that our system levels the playing field for everybody, and takes "perceived" advantages away. The system never forces anyone to pay more than they intend to. If I were selling my home, I would accept the highest offer possible, period. We require mortgage approval and/or proof of funds at time of contract, and a closing date no greater than 60 days out. Our system is set up to negotiate the price of the real estate as offered in the MLS, nothing more, nothing less. If a buyer wins the auction at $200,000, and wants the Seller to contribute $5,000 to closing costs, the contract is simply written at $205,000. The subtle negotiations beyond the price of the real estate still take place.

Apr 01, 2011 12:43 AM

Do you love your MOMS?

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