Since BidMyListing’s launch in June 2022, more than 10,000+ real estate agents have trusted us to find listings – not leads – for high-quality local properties. Our online marketplace enables real estate agents to “bid” on the opportunity to represent home sales – a first-of-its-kind innovation for the real estate industry. Each bid contains a bid amount paid upfront to the home seller after a listing agreement is signed, proposed commission rate, listing term, and a marketing plan for the property.
In January 2023, we announced that bids would also include a new SmartMatch Premium fee. This service fee is unique for each listing, and determined by a proprietary quality score algorithm that accounts for factors like property condition, market, agent density, and more. The fee is only paid by the winning agent after signing a listing agreement with the home seller, mitigating the uncertainty and risk that hampers traditional lead generation. Rather than charging costly, upfront payments for leads with low conversion rates, BidMyListing uniquely enables agents to secure the legal right to represent a property before processing any fees.
The SmartMatch Premium supports product improvements that directly impact the quantity and quality of listings on our platform nationwide. As the housing market continues to experience unpredictability amid high interest rates and supply shortages, it’s more important than ever for agents to maximize marketing spend and return on investment. We’re committed to scaling our marketplace and delivering more ready-to-sell listings to help reduce agents’ reliance on costly, uncertain lead generation platforms.
“The SmartMatch Premium fee increases transparency for real estate agents and furthers our mission to help them make smart decisions about growing their business.” - John Nicholas, Chief Executive Officer
Agents can view a property’s SmartMatch Premium, as well as the total cash agreement for the listing (bid amount plus SmartMatch premium), beneath their bid amount in the agent portal. The fee is visible to agents throughout the entire bidding process.
After the bidding period on a property ends, the home seller reviews all bids and selects a winner. The winning agent then connects with the home seller, schedules a walkthrough of the property, and signs a listing agreement. After a listing agreement is signed, the winning agent is charged the bid amount plus the SmartMatch premium fee.