Would you make realtors compete for your property listing?

The competition may heat up among realtors as a new bidding website gains steam. (iStock) Homeowners who want a competitive rate from their real estate agents may now pit realtors against each other using a new Edmonton-based bidding website.

Bidcomhomes.com is the brainchild of Giorgio Lupinacci who was frustrated to find that none of his realtor friends were willing to bring their commissions down.

"I think we're going to change how [real estate sales] are done in the future," Lupinacci told the Vancouver Sun, adding that it's "crazy" how competitive the industry has become.

His site requires realtors to bid on commissions, making rates more competitive for those seeking to sell property.

The site's setup is simple:

• Sellers post their properties on the site.
• Realtors compete to get those listings by bidding against other agents.
• Sellers pick the realtor offering the most attractive deal, whether they offer lower commissions or tailored services.

The site caters to sellers, who post their listings to site for free and can decide which realtor emails to respond to, or ignore.

Realtors, on the other hand, must pay up to make bids (more specifically, it costs $99.95 to make 10 bids).

So far Lupinacci's site is growing in Alberta, as 50 big and small realtors from the province have signed up since the site went live in May.

Lupinacci says some agents have started their bids as low as one per cent.

But other realtors balk at the idea and say that alternative sites like Bidcomhomes.com won't stand the test of time.

"One cannot replace the relationship built in trust between the realtor and sellers/buyers," Vancouver-based realtor Michael Tudorie told the Sun, adding that he prefers to stick to proven principles.

"Such services seem to diminish the real estate profession in some way or another."

What do you think of websites like Bidcomhomes.com that aim to change the dynamics between sellers and realtors? Would you use an online alternative, or are you more likely to stick to more conventional channels?

Please explain your reasoning in the comments below.



(This survey is not scientific. Results are based on readers' replies)