Bidding Wars Over Zoom?
May 13, 2021
Holly Meyer Lucas, a team leader of Meyer Lucas at Compass in South Florida, came up with an idea for bringing home bidding wars to Zoom to “open the playing field” for sellers and buyers. She believes it could provide more transparency in multiple offer situations if all bidders could meet over video conference to present and discuss.
Meyer Lucas shared her Zoom bidding wars idea recently with FOX-29 WPTV News. But she’s still looking for a seller willing to participate.
After recently hosting a charity event with a live auction, she had the idea of a roundtable Zoom bidding war for selling a home. Each buyer would be with their agent on the video call, along with other interested parties, too, as the agents discuss pricing and options.
“The way I see this is buyers can participate. They can be on the phone, but they’ll be muted,” Meyer Lucas says. “We’ll open it up for questions, where the buyers’ agents can ask the questions like, ‘How old is the roof? Are there impact windows?’ So that we get all the answers out in the open.”
The current market frenzy has Meyer Lucas concerned. Some buyers are subjecting themselves to risky contracts by waiving contingencies just to try to win bidding wars. Other buyers may get outbid for a home they wanted but not know why they lost out.
“We absolutely are going to do this,” Meyer Lucas told WFLX.com. “If it doesn't work, then it doesn't work. Whether or not other agents will play ball is a great question. The few that I've talked to have said for sure, they will participate. There are going to be some … agents who might push back.”
“South Fla. Realtor Says Zoom Bidding Will Create Transparency in Market,” FOX-29 WFLX.com (May 10, 2021)
Updated: June 24, 2021