Frequently Asked Questions (FAQ) - Brokers
Inquiries about Selling
Question: What is BidOnTheCity.com?
Answer: BidOnTheCity.com is the most advanced real estate listing and bidding platform to sell, buy and rent residential properties. BidOnTheCity.com currently lists properties located in Manhattan, Westchester and Hamptons. BidOnTheCity.com was called the "sophisticated technology" by New York Times and "Ebay for apartments" by CNBC. Learn More.
Question: Why use BidOnTheCity.com?
Answer: BidOnTheCity.com has a unique, accelerated approach that can sell your exclusive listing extremely fast — 30 days after listing! Brokers keep their commissions, Bid on the City charges a 3% buyers premium to the purchaser of the property.
Question: How do I submit my exclusive listings?
Answer: Register with Bid on the City as the exclusive broker, then the seller registers and gives us the property address. Receive and review the No Obligation Sales Proposal Package which includes detailed property information, market report and comparative sales as well as the proposed Listing Agreement and Contract of Sale. Review and approve online. That is it.
Question: Does the seller have to agree to a minimum sale price for the property before listing with BidOnTheCity.com?
Answer: The minimum price that your seller agrees to becomes the "reserve price". If the bidding reaches the reserve price, you must sell your property to the successful bidder. If the bidding does not reach the reserve price, the seller has 24 hours to accept or reject the highest bid. See Listing Agreement.
Question: Does BidOnTheCity.com offer any property outside of Manhattan?
Answer: Yes, in addition to Manhattan, BidOnTheCity.com is offering properties in Westchester and Hamptons making BidOnTheCity.com the only luxury real estate brand operating in these three premium markets - New York, Hamptons and Westchester.
Question: Does BidOnTheCity.com act as the agent for Seller?
Answer: No. While BidOnTheCity.com is a licensed real estate broker in New York and our bidding hosts are licensed New York City auctioneers, BidOnTheCity.com does not act as the agent for Sellers or Buyers. BidOnTheCity.com acts as the real estate listing platform and has no fiduciary relationship with any party involved.
Question: How much does BidOnTheCity.com cost?
Answer: There is no cost to apply. No cost for property Sales Package. No cost for marketing. Upon the successful sale, the registered broker receives their commission from the seller. BidOnTheCity.com adds a three percent (3%) buyer's premium to the final bidding price.
Inquiries about Renting
Question: What is BidOnTheCity.com?
Answer: BidOnTheCity.com is the most advanced state of the art real estate listing and bidding platform. BidOnTheCity.com lists residential and commercial properties for sale or rent. BidOnTheCity.com was called "technologically sophisticated" by New York Times and "eBay for real estate" by CNBC News. Learn More.
Question: Why use BidOnTheCity.com?
Answer: BidOnTheCity.com has a unique, accelerated approach that can rent your exclusive listing extremely fast — 30 days after listing! Brokers keep their commissions, Bid on the City charges a premium to the tenant of the property.
Question: How do I submit my exclusive listings?
Answer: Register with Bid on the City as the exclusive broker, then the Owner registers and submits the rental property. Receive and review the Rental Proposal which includes the listing and leasing agreement Review and approve online. That is it.
Question: Does the owner have to agree to a minimum rental price for the property before listing with BidOnTheCity.com?
Answer: No minimum rental price is required. Bidding starts at or above the asking price and goes down in specified dollar amounts. The bidding stops when the first bid comes in on the property. The Owner has 24 hours after the bidding to approve or reject the deal.
Question: Does BidOnTheCity.com offer any property outside of Hamptons?
Answer: In addition to the rental properties in the Hamptons, BidOnTheCity.com currently offers residential and commercial properties in Manhattan for sale. BidOnTheCity.com will soon be offering rental properties in Miami and Manhattan.
Question: Does BidOnTheCity.com act as the agent for the Owner?
Answer: No. While BidOnTheCity.com is a licensed real estate broker in New York and our bidding hosts are licensed New York City auctioneers, BidOnTheCity.com does not act as the agent for Owner or Tenant. BidOnTheCity.com acts as the real estate listing platform and has no fiduciary relationship with any party involved.
Question: How much does BidOnTheCity.com cost?
Answer: There is no cost to apply. No cost for property Rental Proposal. No cost for marketing. Upon the successful lease, the registered broker receives their commission from the Owner. BidOnTheCity.com adds a premium of $2,000 or 10% of the gross rental amount to the lease, payable to BidontheCity.com by the tenant.