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What does REBid mean?
REBid is an acronym for the real estate sales process:
Establish qualified buyers
Invite seller to view
Decide to sell – or REBid
REBid can also mean “Real Estate bid”, or “bid again”.
Is REBid an alternative to using a real estate agent?
No, REBid is simply a tool that has been designed to be used by real estate agents.
Is REBid an online auction?
No, REBid has been designed for ‘private treaty’ sales, but it combines some of the benefits of auctions, tenders and expressions of interest.
REBid’s transparency enables potential buyers to increase their offers when they can see that there are other offers higher than theirs, although they cannot see the amounts of the other offers – that’s one of the reasons why REBid is not an online auction.
When should a real estate agent use REBid?
That’s up to the agent and their professional judgement of the particular property, in consultation with the seller – REBid will be the most appropriate method of sale for some properties, but not all.
What does a real estate agent have to do to be able to use REBid?
Is there a cost to use REBid to sell a particular property?
Yes, there is a transaction cost per property that is charged to the agent when the REBid process is activated after the Registration stage (although there is no charge if the process does not proceed past Registration). The agent may in turn pass on that cost to the seller.
Is there a cost for potential buyers to use REBid?
How do buyers know that the other buyers are genuine?
There are a number of reasons why buyers can have confidence in the integrity of the REBid sale process:
- REBid is not an open or searchable platform, so the only people who can participate in a REBid sale are those who have been invited to register for that property by the agent.
- All buyers provide their names, mobile numbers and email addresses when they register, so their identities can be verified; further, before they can submit a Best Offer, they must provide the full name(s) and address for the contract of sale, which is a legal document.
- The only buyers who can submit a Best Offer are those who have been qualified by the real estate agent, which means that their contract conditions are acceptable to the vendor.
- The REBid platform records the entire process, including every buyer and every offer, so it is independently auditable in the event of a complaint.
- Real estate agents are bound by the law and by Real Estate Institutes’ codes of conduct, to prevent any illegal or unethical conduct.
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