“Clients have consistently seen a lack of transparency in the home-buying process when it comes to multiple offers,” Drew Donaldson, co-founder of DealDocket Inc., told REP. “The problem is that agents can get multiple offers and the clients don’t get to see just how many offers they are so we believe this platform could change the industry and bring some transparency.”
DealDocket will provide agents with a host of digital tools, following a series of industry efforts to transition to digital technology, and it’s expected to allow agents and brokerages to store offers and counter offers. One of the features is called 'Deal Room' which will act as a digital negotiation log between the buying and selling agents.
The new service brings about a welcome change for many agents who will now have a central platform to submit offers, which will avoid a situation that Donaldson dealt with working for a client years back.
Donaldson said that one of his clients was in line for their $990,000 dream home. After beating out five offers, Donaldson’s clients was awarded the home until suddenly another offer surfaced. It was the listing agent involved who snatched it away.
It was that scenario that prompted Donaldson and his business partner, Adam Brind, to start the platform, which is now running across Canada. In three months, it aims to enter the New York market.
"We think it's time to eliminate the many conflicts that exist in the today's real estate marketplace, especially the consumer frustration surrounding multiple offer scenarios,” Donaldson said.
"It's pretty hard to game the system when everyone is watching and you have an even playing field. We know that the majority of agents and the vast majority of homebuyers feel the same way we do.
"We genuinely believe that the real estate industry is inherently good and honest but it's the perception and the unknown that creates skepticism,” he added.
A new registry service designed to centralize and standardize offers from multiple buyers and bridge the transparency gap could be a solution to those who are frustrated with phantom bids and hidden offers.