Ottawa Auction Guru sets sights on the Real Estate Market
Founder of EBlock (Canada’s Largest Digital Car Auction) launches real estate auction platform, bringing 100% transparency to the buying and selling process.
Our vision is to bring full transparency to every aspect of the buying process while eliminating 3-4% in sellers fees.
OTTAWA, July 30, 2021 (GLOBE NEWSWIRE) — Ottawa’s newest tech company Unreserved.com paves a new trail for transparent home buying as the hammer drops on first home sold. It was a first for everyone at the Unreserved team and all Ottawian’s who witnessed 601 Edenwylde transact online in the fully transparent auction environment that only Unreserved.com provides. With almost 50 private showings and 23 buyers registering to bid, it’s safe to say buyers are very open to this new way of home buying. Although there can only be one winner of an auction, the buyer took great satisfaction in the fact that they were only $2,500 over the next highest offer and there were 5 other buyers within $20,000 of the $737,500 selling price. Through the transparent auction, all buyers could see when they were outbid and all had equal opportunities to continue bidding. “Nobody overpaid and the house sold exactly where we felt it needed to sell. Everyone is ecstatic with the results and we’re confident transparent home buying needs to be part of the future,” said CEO Michael Ryan O’Connor.
By setting their sights on creating a fair and transparent marketplace for buying and selling homes, outlining the greatest benefit in removing transaction fees ultimately allows buyers to pay less and sellers to hold more within their home equity. Unreserved aims to tackle the market fatigue of bully offers and blind bidding, allowing pre-approved buyers to make informed decisions on their investment via the online auction, which updates in real-time. The platform will provide buyers and sellers peace of mind, knowing that they will never have to pay more than $2,500 over the previously placed bid, a stark difference from the bidding wars driven by today’s real estate landscape.
“When you build something from a buyer’s perspective, sellers become equal beneficiaries. Not only are we bringing full transparency to the bidding process where everyone has a fair and equal opportunity—we’re also offering home inspections in advance and including a 1-year warranty on every home sold,” says O’Connor. “With transparency being a core value of business, we encourage agents to bring their clients into our ecosystem. In fact, the buyer of 601 Edenwylde came with their buying agent and both parties appreciated the transparency as the current environment of blind bidding prevents buyers from knowing the other offers.”
With 50 homes in Ottawa set to be auctioned off this summer, Unreserved believes Ottawa is the perfect city to beta test the platform. Undoubtedly, there will be deals for buyers; however, sellers have nothing to worry about due to the company backstopping their homes with a Price Guarantee. If homes do sell for less than the price guarantee, Unreserved is committed to covering the difference.
With all the recent uncertainties in the real estate market, Unreserved believes buyers & sellers deserve transparency and aim to build a fair and open marketplace.