70% of those selling real estate call only one Realtor and accept the standard 6% or 7% Realtor commission fees. Many Sellers do not realize that real estate commission rates are negotiable. According to Consumer Reports, March 2016 edition, 63% of commission real estate agents negotiated their commission fees in 2015. It is estimated that on the open market, the commission rate for selling a house would fall below 5% depending on the zip code or postal code.
The COO and Co-founder of ListingBidder, Inc. and its patent pending commission bid system says, “We finally launched our latest version of ListingBidder.com where we are experiencing a tremendous amount of activity regarding our Realtor bid platform. We strive to provide a unique and exciting free platform for Sellers who want to see Realtor bids to reduce their Realtor fees for selling a house. With our platform launching just 30 days ago, we already have listing auctions going on in 7 different states and real estate agents are signing up daily throughout North America. Homeowners are concerned about their Seller Realtor fees and have shown interest in a platform that would help them negotiate the lowest Realtor fees. ListingBidder.com was created to provide this service and do it in a manner that is FREE to the Seller, with NO OBLIGATION to the Seller, while allowing the Seller to remain ANONYMOUS. It is a private bidding experience!”
ListingBidder is experiencing commission rate bids as low as 3.75% with the bulk of the bids coming in at or under 5%. The reverse auction real estate listing platform is a new experience that may very well become the norm of the real estate industry.
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