Newly launched firm disrupts an "incredibly flawed and antiquated system"
Real estate marketplace BidMyListing has launched nationwide, officials have confirmed.
The company is being touted as enabling real estate agents – for the first time – to bid on listing opportunities from homeowners who are ready to sell. Homeowners are then matched with top agents in their area who bid for the exclusive right to list and get paid upfront when they select an agent. Officials called the model a win-win for both real estate agents and homeowners.
“BidMyListing disrupts an incredibly flawed and antiquated system that has resulted in generations of sellers rewarding speed over substance when picking an agent,” BidMyListing founder and chairman Matt Proman said. “Selling a home is one of the most consequential financial transactions most Americans will ever face. Our marketplace allows for better decision making and facilitates the best possible match between sellers and agents, while also benefiting the seller financially.”
The service allows real estate agents to utilize marketing dollars to directly purchase the actual listings versus simply hoping to generate a lead. Homeowners have the assurance of a dedicated real estate agent for their property – who is willing to invest in an exclusive right to list their home, company officials added.
Read more: What does the pullback in pending home sales mean for the housing market?
BidMyListing’s premise is rooted in a known statistic: The National Association of Realtors (NAR) estimates that nearly three out of every four sellers give their listings to the first agent they meet, officials noted. At the same time, agents invest more than $22 billion annually and spend more than 75% of their time chasing listings with only a 2% conversion rate, officials said in adding another supporting statistic.
Founded in 2021, BidMyListing began development and softly launched to test the marketplace. Company officials said they were in the process of assembling a “dream team” of some of the most successful innovators in real estate, technology, and venture funding. Chief among this team are real estate moguls Josh and Matt Altman of The Altman Brothers. Josh Altman consistently ranks in the top 1% of all agents nationally. In 2021, Josh sold over $1.46 billion in transactions. He and his brother are also known for their long-time roles on Bravo TV’s Million Dollar Listing Los Angeles.
“BidMyListing is the first company I have seen that truly helps both the homeowner and the agent. It evens the playing field for agents across the industry, and for the first time ever brings comfort to home sellers with an agent fighting for them who believes in the property and has skin in the game,” Josh Altman said. “My first year as a realtor I was lost; I sold one house! I would have done anything to have something like BidMyListing where I knew exactly how much it would cost to get a listing rather than throwing money against the wall and hoping one of the numerous advertising outlets worked. Your money is as good as any industry veteran at BidMyListing. You get in front of real sellers that you normally wouldn’t have a chance to. At the same time, we are educating sellers on who the best choice is to sell their biggest investment in their lives. Real estate agents are putting money in homeowners’ pockets up front! It's a win-win.”
Read next: Lighter side: Awful real estate listing photos
Officials described the process in detail:
- Step 1: Create a property profile. Enter an address and BidMyListing’s smart technology will automatically create the listing. Home sellers confirm the address, property details, provide a description, and set a target sales price.
- Step 2: Get smart matched with top real estate agents. Real estate agents are alerted when there is a listing that is in their market. Agents bid on the right to represent the seller in the sale of their home. Sellers are presented with bids and choose a winner based on the cash upfront, listing term, real estate agent’s experience, commission, or a combination of all.
- Step 3: Once the listing agreement is signed, the home seller gets paid cash upfront and the agent gets to work on the listing they have invested in.
In addition to The Altman Brothers team, BidMyListing has been designed with the advice and guidance of many top thought leaders in technology and real estate. BidMyListing’s chief technology officer (CTO) is John Nicholas, former CTO with Carrington Retail Group and SVP of Product at Auction.com/Ten-X. Ryan Dranginis serves as the chief marketing officer (CMO) and brings his digital and omni-channel expertise spanning consumer technology products and teams, serving as the prior CMO for Vesta and senior vice president of marketing at Vylla. Shelly Cofini, director of acquisitions, brings over two decades of senior level management and business development expertise to champion go-to-market strategies, spanning technology to channel partner development.
The company is funded with a $5 million seed investment from DP Dakota Ventures, a part of Deer Park Road Venture Capital, which closed in April 2022. The company plans another fundraising effort, which will be announced in summer 2022.
