There’s a new real estate start up called Bid For My Listing promising to save home sellers money by getting agents to compete for their business.
There are only two problems with this new start up. First, the idea of getting agents to compete for a seller’s listing has been around for over a decade in the form of Hungry Agents. Of course it is hard to get PR for a 10 year-old company.
The other problem with this start up is that their business does not work. How do I know? Just head on over to Hungry Agents. They “brag” about the low commission the user’s of their site receive. With just a quick glance, 4.5% seems to be about the average commission.
That does not save anybody any real money. All a home seller has to do is head on over to Redfin. The agents there will be happy to take your listing all day long for 4.5%. No negotiating, no competition, just sign on the dotted line.
You don’t save serious money letting agents decide what you should pay them to sell your home. You save serious money by telling agents what you will pay them to sell your home and the let interested ones come to you. I cannot wait until I see that start up.