Winning bids are selected by the home seller based on cash upfront, commission, listing term, and bid description.
Winning bids are selected by the home seller based on what they feel fits their listing the best. When a listing's active period is over bids are presented to the homeowner showing the following information.
💰 Bid Amount - the amount that the agent is willing to pay upfront to represent the listing. The bid amount usually falls between 10-40% of the agent's eligible commission. for example a winning bid on a $100,000 house at 5% commission would range between $500 and $2,000. Every listing is different and bid amounts relate to property condition, market conditions, and competition in a market.
🗓 Term - the length of time the agent wants to represent the listing. Shorter listing terms are usually a great sign that the real estate agent is confident they can sell the listing.
% Commission Percentage - the proposed commission amount that the agent will take on the listing.
📖 Bid Description - a description of the marketing plan and real estate agent presenting the bid.