There is a new and modern way for property sellers to put their properties on the market as a non-bank lender gets into the real estate market, providing a place where sellers can post what they are selling online.
In an article at www.rebonline.com.au, a platform, that is just like that of eBay, named inTouch Real Estate was born on a notion of providing property sellers and buyers greater transparency, plus the incentive of saving a lot of money as they bypass the need of real estate agents.
Paul Ryan, the inTouch founder, shared the inspiration behind the online selling service, “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. 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.”
A LiveOffer system was developed by inTouch allowing vendors control of the property sale process. Vendors will set an amount or a reserve sale price for their property. Buyers will then post their offers, in real time, online.
“The advantage of the LiveOffer platform is that both the buyer and the vendor know exactly where they stand.”…“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.”
According to Ryan, the need for real estate agents is eliminated thus nothing will ‘cloud’ the negotiation process. Professionals in the property industry quickly aired their comments on the article about inTouch’s new service, questioning the claim of how transacting online is a better service compared to that of dealing with a real estate agent. One shared his concern as to what will happen to the property should it not get any bids. There is a possibility for a seller who is in dire need of money to just give in to an offer due to frustration or fear of his property not selling.
The presence of something accessible to a lot of people could also do more damage to a slowly recovering property market as many would think, basing on what they see, that a property could not be a good asset, dwindling confidence even further. Sam Joseph also shared a good point of the possibility of the seller having to ask people to make falls bids so as to jack up the bidding process. Brenton Wilson also had another idea that maybe the new service main purpose was for getting inTouch more customers.
Although there may be advantages and disadvantages to buying and selling online, both buyers and sellers should still be vigilant and do a lot of research should they decide to lose the agents. Doing transactions online could consume a lot of time and effort and not knowing all the rules and laws about property can put one in trouble. At least if there are real estate agents, they can be put to blame and can be sued in court should any malpractice happen.