Competition Intensifies as Realtors Compete for Listings

There is no doubt that our real estate industry has received an extraordinary number of attacks in the last decade – from the constant pressures to publicize the MLS from the Competition Bureau, to the increasing role of online listing websites such as ForSaleByOwner.ca, pushing customers to negotiate for lower commissions.  Yet again, we have a new wave of websites that are now putting real estate agents in the driver’s seat.

Bidcomhomes.com,  is a website where realtors bid on commissions to homeowners looking to save some money.  Sellers post their homes online for free, and realtors compete against each other to get the listing. Realtors pay $99.95 to bid on 30 homes, and sellers receive emails from realtors and can respond or not.  Several similar websites have begun to pop up since the Canadian Competition Bureau began to probe realtors’ monopoly on MLS information.

To read more on this story, click here.  [Originally published in The Vancouver Sun on July 30, 2012]

#Commission #competition #MLS #realestate