BidLion is an innovative offer platform that will improve your business by allowing you to manage your offers efficiently. You're still in complete control of your listings. Best of all, it takes less than five minutes and costs nothing to get started.
How does it work?
This service is simple and does not affect your normal commissions, contracts, or advertising methods:
- The listing agent creates a listing on Bidlion and then directs all interest they generate by normal means to their Bidlion listing page.
- Competing buyers, who are represented by licensed real-estate agents, then submit informal, non-binding offers during an offer collection period, in the public view, to be evaluated by the seller and their listing agent who are instantly notified.
- After the seller evaluates the offers on the table and chooses the one they like best, the listing agent contacts that buyer's agent and invites them to make a formal, traditional offer using their standard local contract.
This service increases your efficiency and frees up more of your time. Here's how:
- All the terms are clearly displayed for review before a contract is even generated. That means agents don't waste their time creating or parsing contracts to establish what those terms are.
- Agents spend less time on the phone and on the road because their registered clients receive the same real-time email updates they do regarding the latest action on a listing.
- Once a buyer's agent confirms their relationship with a registered client, they can pass the bidding responsibility on to their client and assume an advisory capacity while staying in the loop via automatic email updates.
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What's in it for my client?
BidLion is not just about making your job easier, it's about bringing your clients value:
- Creating a competitive bidding atmosphere allows sellers to get the real market value for their property.
- Disclosing all terms in the public view creates transparency and allows buyers to see the entire playing field when competing for a home they really want.
- Sellers can attach their terms of sale to their listing, allowing buyers to use acceptance of them as leverage against one another.
- No deposits are required, which means buyers can relax and compete for multiple homes at the same time without being stressed about time or outcomes.
- Buyers and sellers know of important developments as soon as their agents do because they receive the same instant email notifications.
- Sellers can choose to attach a Buyer's Premium to their listing to pass some of their cost on to the buyer. The Buyer's Premium is included in the purchase price, which means the premium goes to the seller.
How much does it cost and who pays?
BidLion charges the listing agent a $49.95 Listing Fee when they publish a seller's listing. This fee covers the cost of the listing advertisement and the use of our offer platform.
Buyers and sellers pay nothing for the use of our service unless the seller instructs their listing agent to attach a Buyer's Premium to their listing. In such cases, the $49.95 Listing Fee is waived and the seller assumes responsibility to pay a Premium Service Fee of ½% of the purchase price ($699 minimum) to BidLion upon successful settlement. The attached Buyer's Premium will then be automatically included in the purchase price of all buyer offers, which translates to an extra, financeable cost for the buyer.
(Note: A Buyer's Premium will almost never be used for traditional listings and is more commonly used for bank owned properties.)