May 11, 2010
The Competition Bureau has cracked down on agents recently for partaking in anti-competitive practices. And a new Toronto site, iBidBroker.com, has taken leveling the playing field into its own hands. How?
It’s a site that allows a seller to list basic details about their property and then agents can “bid” on the property. Agents will include the commission fee they would charge and the services they would provide for the fee.
While sellers could do this the old fashioned way before, iBidBroker will make it way more convenient– the bids will come to them instead of the onerous search for the most affordable rate. So instead of the seller wasting time finding an agent, the agent will actually have to pay $30 to make a bid on the property. Ahhhh, how the tables have turned.
For those of you thinking “This sounds pretty wicked. Will this replace the MLS system?” The answer from the President of the company, Ajay Jain, is “No”. The site is intended as a starting point for sellers to find an agent who will subsequently list the property on the MLS system.
Since launching at approximately 6 p.m. on Monday, 20 brokers and 11 property owners have registered and four properties placed up online. The Toronto Sun