One non-bank lender has broadened its footprint, launching into real estate service.
From this week, inTouch will provide vendors with a real estate service that is designed to deliver greater transparency and save thousands of dollars in real estate commission fees.
According to inTouch founder Paul Ryan, the new model will provide a private sale or “vendor assisted” marketing platform with an online sales twist.
Mr Ryan said one of the great frustrations for both vendors and buyers is the lack of transparency around the sales process.
“Having been involved in the home loan industry for 20 years I have seen so much anger, frustration and annoyance from borrowers when it comes time to negotiate on a property. The mystery that often surrounds making an offer, the reserve price and how many other buyers there are can make the sales process an incredibly stressful and unhappy experience,” he said.
To provide the clarity and transparency inTouch has developed a LiveOffer system which will allow the vendor to control the sale process.
Vendors can set a maximum or a reserve sale price and buyers can make offers online and in real time.
“The advantage of the LiveOffer platform is that both the buyer and the vendor know exactly where they stand. There is no third party in the middle of the sale process clouding negotiations,” Mr Ryan said.
“LiveOffer allows the vendor to see offers from real buyers and buyers know what other buyers are offering. We believe this new level of transparency will appeal to vendors and buyers alike.”
The LiveOffer system sets a defined campaign period, a minimum price and most importantly, displays the latest offer received which will ultimately save the vendor and buyer time and effort.