Platform to centralize multiple offers

by 15 Jul 2015
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.

“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.  

COMMENTS

  • by Jac 7/15/2015 3:37:49 PM

    Hi, wonder if it is possible to see how this system works.
    I have had this happening before and like to see it change.

  • by Peter B. Realtor 7/15/2015 5:27:57 PM

    It should be easy enough and possible to simply attach a "schedule" to the listing that notes the number of offers and co-operating brokers/agents. This DOES not interfere with client confidentiality as it will not note the buyer's names or offer details. Those are confidential and although I expect some buyers fee they have the "right" to see other offers in detail, that would be a ludicrous step.
    As for keeping umpteen copies of failed offers, what tree-hating gimp thought that one up? I do not want to substantially increase my filing system nor do I want to fret over details lost when a hard-drive crashes.
    Just a simple "schedule" attached to the listing that notes ALL registered offers and the co-operating brokers/agents that will then be tied to the listing history as are price and status changes. Over-complication is not always intelligent.

  • by Frank 7/15/2015 5:46:57 PM

    I totally sympathize with the frustrations we encounter, especially during an active market. Nobody likes to be treated unfairly, it sucks big time! My suggestion is to file a complaint, even if we all know that it may not be much point doing so. What I would strongly recommend is that you file the agent's name in your memory bank. A time will surely come when he/she will need all the co-operation that he can get to sell a property.
    More "Platforms" is the last thing that we need. Same thing applies to our new and current requirement in Ontario to keep a record of all offers/counters submitted. Does anyone really think that all of a sudden agents will be forced to act ethically? Not a chance!

Poll

Is a Toronto foreign sales tax a good idea?