A new eBay-style platform which allows vendors to bypass agents has been launched by non-bank lender inTouch this week.
inTouch will provide vendors with a real estate service that is designed to deliver transparency and allow vendors to avoid paying commission fees.
According to inTouch founder Paul Ryan, the new model will provide a private sale or “vendor assisted” marketing platform with an online sales twist.
Mr Ryan said that one of the great frustrations for both vendors and buyers is the lack of transparency around the sales process.
“Having been involved in the home loan industry for 20 years I have seen so much anger, frustration and annoyance from borrowers when it comes time to negotiate on a property," he said.
“The mystery that often surrounds making an offer, the reserve price and how many other buyers there are can make the sales process an incredibly stressful and unhappy experience."
inTouch has developed a LiveOffer system which will allow the vendor to control the sale process. Vendors can set a maximum or a reserve sale price and buyers can make offers online and in real time.
“The advantage of the LiveOffer platform is that both the buyer and the vendor know exactly where they stand," he continued.
Mr Ryan claimed that real estate agents ‘cloud’ the negotiation process.
“LiveOffer allows the vendor to see offers from real buyers and buyers know what other buyers are offering. We believe this new level of transparency will appeal to vendors and buyers alike.”
The LiveOffer system sets a defined campaign period, a minimum price and displays the latest offer received which will ultimately save the vendor and buyer time and effort.
In the upcoming August issue of Real Estate Business, a number of leading industry experts, both from Australia and North America, discuss the implications of for sale by owner (FSBO) companies for local agents.