Online Auction Company Offering Realtors Discount to Sell REO Listings

With real estate agents struggling to sell their REO and foreclosed properties in a difficult economy, RealtyBid.com is offering these individuals a discount to use their online auction website to try to get rid of their assets.

As part of the Agent Direct online bidding program, Realtors can post their listings throughout October on the website without any charge. Usually, agents can be charged a $150 fee to post on RealtyBid.com.

After receiving positive feedback from Realtors when the company presented agents with a complimentary trial to use their services in August, the online auction provider decided to expand its offering this month.

By participating in this free service, agents can create their own bidding event for their properties and choose the start date and event duration for buyers to acquire a new home.

According to RealtyBid.com, there has been an increase in the number of Agent Direct properties that have received bids from 37% in 2010 to 47% in 2011. The company also said more Realtors have chosen to post their listings up for bid on the website than REO properties provided by lenders.

RealtyBid.com said the Agent Direct program is on track to see as much as a 50% increase in the number of properties sold and closed in 2011.

Recently, the National Association of Realtors reported that pending sales in August fell 1.2% from the previous month. The Northeast had the largest monthly difference down 5.8%, followed by the Midwest at 3.7% and the West was down 2.4%. The South was the only region to experience a rise in pending home sales up 2.6%.

“RealtyBid.com can be a phenomenal sales tool and have tremendous value for agents,” said Tony Isbell, president of RealtyBid.com, Rainbow City, Ala. “One of the real positives of bidding events is the ability to get potential buyers ‘off the fence.' Putting a property up for bid creates a sense of urgency and encourages interested parties to act. We've helped agents sell slow-moving listings in less than 30 days. We know that online bidding events are growing in popularity and are an important tool for real estate agents to have in their toolkit.”