Vernon realtor introduces transparent bidding

Real estate buyers are often rankled by the back and forth blind bidding on properties, not knowing what the competition is up to.

Vernon realtor Jake Russell has become the first agent in Canada to be fully transparent with a live offer.

“Realtor.ca recently enabled ‘offer transparency’ through an integration with OpennOffers.ca,” Ryan Norrish of OpennOffers said.

“Buyers have forever hated the process of ‘blind bidding.’ Finally the alternative has arrived, and sellers and agents are winners from this innovation as well. This is a game changing moment for buyers, sellers and realtors nationally.”

Local listing shows offer and asking prices (supplied image)

Much like an auction, the new system shows the ask price on the listing and the current high bid.

“I think it’s a win-win for both buyer and seller here. It’s going to bring more offers to my sellers and be way more transparent for buyers negotiating. And even further to that, with the seller’s permission, anyone looking on realtor.ca will see whether an offer has been submitted and for how much,” Russell told Vernon Matters.

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