With the housing market slowing as interest rates rise, Not reserved brings its auction-based real estate platform to Sudbury.
Unreserved is a auction platform for real estate buyers and sellers. For example, in a regular bidding war for real estate, buyers won’t know what the other person is offering for the property. With Unreserved, the information is completely transparent on their platform and buyers can bid comfortably knowing the other bids.
This format “provides fairer solutions to combative real estate practices such as blind bidding and pre-emptive bullying bids,” a company press release reads.
Unreserved began this practice before the Ontario government introduced new real estate regulations on April 19 that would allow home sellers to openly share offers with buyers, which won’t come into effect until 2023.
Their operations began in Ottawa before expanding to Toronto. Now Sudbury will have access to real-time auctions that are changing the way people buy and sell their homes.
“There’s nothing to hide, it’s all out there,” said Didi Henri, senior real estate expert for Unreserved’s Sudbury office.
“From the seller’s perspective, we charge an auction fee, not a commission,” she said.
Henri said Unreserved offers different packages that can include social media campaigns, home inspections and home staging. They even work with a company to provide paint jobs or other repairs to present the home to its fullest potential and value.
For buyers, real estate agents with Unreserved will put a reserve price on homes that are sold. From there, verified buyers can bid in increments of at least $2,500 during the auction period. Buyers also have access to other offers, open houses and private exhibitions.
The reserve price of the property for sale will be set by real estate experts like Henri, who added that Unreserved is not regulated by the Ontario Real Estate Association.
For Henri, who has 17 years in real estate, Unreserved has brought back the “fun” to selling homes.
“I just can’t wait to make it fun again, for people to buy and sell their homes because right now in the traditional market, it’s not fun, it’s very stressful.”
Visit the website without reservation here. Their office is located at 1113, boul. The room.
Eden Suh is a new media reporter at Sudbury.com.