Dedicated to providing excellent auction opportunities, Bidwin.org has developed an interesting and unique bidding and sales system that can be used by bank asset managers or professional real estate agents. The system, designed specifically for brokerage firms and real estate agents help in bidding for any real estate property like condominiums, foreclosures, residential homes and so on. Have a look at how the entire process works:
Bidwin.org invites professional investors and property developers to list directly. However, in order to be eligible and bid in the website, they must have relevant supporting government documents that are verified. The website does not allow for any other FSBO listings. If you own a property and would like to sell the same, then the website assists you in hiring a qualified real estate agent to work on your behalf.
Every listing agent has to pay a standard fee of $150 after which he can put up a property on the site. He can select three options when he puts the property on auction: 7-day, 14-day or 21-day bidding period. Once he chooses his desired “period”, he will receive a yard sign that he can put up in front of the property (received at no extra cost from Bidwin.org). Bidwin has no active role in the auctioning of any property, but when a property sells, the website will get the standard 1% fee, which is normally paid by the buyer. Most people choose for the 14-day bidding duration because that is the peak time during which multiple bids are received and handled.
Q: I need to know more about the AgentList (Selling) Program. Where can I get the details for it?
A: Click here to know more about AgentList (Selling) Program.
Q: Is the website open for all kinds of properties?
A: The site doesn’t encourage desperate sellers or sellers who are hard strapped for cash and require the maximum amount for their property. This is because Bidwin insists that agents add a minimum reserve price for each property that is put up; this price should be 5% below the current list price of the property.
Q: How to make a successful sale on bidwin.org?
A: Having a realistic price for the property is very important. Motivated sellers who have great exposure to marketing would also help. Additionally, Bidwin.org insists that putting up ads in the local newspaper/magazine would push things a little higher.
Q: How to motivate competition among bidders?
A: Every property has an undisclosed amount as reserve price. This will remain undisclosed until the bidder has crossed the minimum limit, after which he will be informed through an email sent by the system. Until then, the bidder will only see the list price and the actual bid. But once other bidders enter the scene and bid above the minimum reserve price, competition heightens.
Q: Are any outside bids allowed?
A: When a property is put up for auction, no bid that is considered outside the bid process will be considered. Every single bid has to pass through the website.
Q: What are the rules regarding bidding and subsequent sale?
A: As soon as each property is entered in the website for bidding, it is mandatory that seller/agent reveal all acceptable contingencies, including financing contingencies, inspection periods and other disclosures of the property.
Q: What about notifying the vendor before placing their property on auction?
A: Of course, the seller has to give the green signal because his signature is mandatory for placing the minimum reserve price for the property. The seller must also agree for competitive bidding. This allows for additional protection for the agent who is placing the bid on the seller’s property.
Q: How to place the property in an MLS system
A: In order to accelerate the chances of a sale, the listing agent can place the vendor property on MLS systems. However, it is imperative to include a notice that talks about the property available for bidding and the starting bid price.
Q: I received another offer outside of bidwin.org. Can I withdraw the property before the bidding period is over?
A: It is possible to withdraw the property from the auction site before the said period, but the withdrawal penalty becomes applicable. The penalty is either $500 or 1% of the original reserve amount (especially for properties that cost less than $50,000). The listing agents would have to pay the fee within 10 days of withdrawing the property from the site.
Q: How do I get started?
A: The starting process is simple and quick, follow the steps below
STEP 1 – Register as an Agent on Bidwin.org
STEP 2 – Review the Selling Tips below.
STEP 3 – Use your username and password to log in.
STEP 4 – Click on “Sell”
STEP 5 – You are now ready to load a property. This is just like loading a property into the MLS
STEP 6 – Now you can pay the fee through your credit card.
You don’t have to pay any fees for registering. That is entirely free.
Be careful of the agent name and company information and proof read them to ensure the names are spelled correctly. If the first letter of your name has to be capitalized, you have to write it the same way when you register. When you display your property for sale, the name would be displayed exactly as you entered when you registered.
Once you register, load a property and participate in the bid, you will receive an auction yard sign with the website name within 2 business days, and this must be placed on your property alongside the listing sign.
Click here to REGISTER.
A Major tip you can use for selling your properties
Once you load the property in our website and the property is up for auction, we advise you to advertise the information about the bidding in the local media. The time-frame of the bidding must also be mentioned. Make the public aware of the date on which they can bid.
Make use of the property magazines to post your ad, complete with a photograph of the property. Run the advertisement continuously for two weeks and you are likely to get good results for the same. The ad should be attractively written so people would be encouraged to bid. So the information must be accurate, including details of the property, list price, opening bid, agent information and so on. Include our address at the end of your ad - www.bidwin.org