Frequently Asked Questions (FAQ) - Renting
Inquiries about Renting (for Renters)
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: How can I rent the property of my choice through BidOnTheCity.com?
Answer: Renting through BidOnTheCity.com is very simple. You can view all of the property's details on www.BidOnTheCity.com. You can always attend the prescheduled open houses. If you like the property, you'd preregister and bid (all of our bids are live and take place on the 30th day after the property is listed with us). You can bid online or in person at our Fifth Avenue Bidding Center. Learn More. Learn More.
Question: Where do the rental properties come from?
Answer: The properties on Bidonthecity.com are offered by motivated owners, real estate agents, builders and developers.
Question: What kind of rental bidding events do you have?
Answer: Our properties are rented via a reverse or "Dutch" auction. The maximum time of the bidding event is three minutes (unless extended by the Bidding Host). The asking price will decrease gradually until ONE bid is received. The first bid will be deemed the winning bid; there will be no other bids. The Owner has up to 24 hours after the bidding event to accept the winning bid. Upon the owner's approval the winning bidder will receive the Lease and the payment instructions via e-mail.
Question: What is BidOnTheCity.com role in the renting process?
Answer: BidOnTheCity.com acts as the listing and bidding platform for Manhattan and Westchester real estate. See Available Properties.
Question: Does BidOnTheCity.com offer any rental properties outside of the Hamptons?
Answer: No. BidOnTheCity.com currently offers residential rental properties located in the Hamptons, New York only. See Available Rental Properties.
Question: Do I have to be a US citizen or resident to rent properties listed at BidOnTheCity.com?
Answer: No.
Question: I won't be able to visit the property, how can I familiarize myself with the property?
Answer: BidOnTheCity.com has teamed up with professional photographers and virtual reality videographers to provide the most comprehensive visual information about each property. There is also detail information on the properties and amenities. See Available Rental Properties.
Question: Does every renter have access to the same information about each property?
Answer: Yes. The presentation for each property is uniformed to insure that you, as a renter, receive the most detailed information.
Question: Can I see the listed properties in person?
Answer: Yes. Every property list has prescheduled open houses, so you can do an on-site inspection.
Question: Does BidOnTheCity.com act as the agent for 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 buyers or renters. BidOnTheCity.com acts as the real estate listing platform and has no fiduciary relationship with any party involved.
Question: Do I have to pay any fees to BidOnTheCity.com if I am a successful bidder?
Answer: Yes. BidOnTheCity.com currently charges the fixed Tenant's Premium - the larger of $2,000 or 10% of the gross rent amount.
Inquiries about Listing Your Rental Property (for Rental Owners)
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 commercial and residential properties for sale and rent. BidOnTheCity.com was called the "sophisticated venture" by New York Times and "eBay for apartments" by CNBC-TV. Learn More.
Question: Why use BidOnTheCity.com?
Answer: BidOnTheCity.com has a unique, accelerated approach that can rent your property extremely fast -- 30 days after listing! You set a starting price, and benefit from a local and international pool of motivated buyers. The owner has 2 hours to accept or decline the winning bid.
Question: How do I list with BidOnTheCity.com?
Answer: Simply register with BidontheCity.com fill out the Submit Your Property form. Receive and review the standard Lease. Review and approve online. That is it. Learn More.
Question: Do I have to agree to a minimum rental price for my property before I list with BidOnTheCity.com?
Answer: Absolutely not. You have up to 24 hours to approve or reject the bid (offer) on your property. See Listing Agreement.
Question: Will BidOnTheCity.com offer services as customarily offered by local brokers?
Answer: Yes. BidOnTheCity.com package to Owners also includes everything that owners would expect from top brokers, including prescheduled open houses, pictures, property details, virtual tours and much more.
Question: Does BidOnTheCity.com offer any rental properties outside of the Hamptons?
Answer: No. BidOnTheCity.com currently offers residential rental properties located in the Hamptons, New York only.
Question: Does BidOnTheCity.com act as the agent for Owners?
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, Buyers, Owners or Tenants. 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 the Standard Listing Agreement Package. No cost for marketing. Upon the successful bidding, BidOnTheCity.com charges the Owner a fixed fee - the greater of $2,000 or ten (10%) of total gross rent amount.
Inquiries about Bidding
Question: How can I bid at BidOnTheCity.com?
Answer: BidOnTheCity.com is the most sophisticated bidding system that allows buyers to bid in person at our Fifth Avenue Bidding Center. See BidOnTheCity.com Bidding Center. Also, any buyer can bid live via the Internet while watching video and audio transmitted in real time worldwide. One of the major advances of BidOnTheCity.com is that there is no difference between bidding in person or via the Internet.
Question: Are there any special requirements for me to bid at BidOnTheCity.com?
Answer: Yes. You must register as a member and enroll for bidding. You must be 18 years or older and provide a valid credit card for your name and address verification. BidOnTheCity.com does not charge your card unless you are the winning bidder and you refuse to sign the Lease and/or provide the required down payment. See Bidding Rules.
Question: Is my personal information safe?
Answer: Yes. All personal information is strictly confidential and will not be disclosed to any third party without your consent. Your personal information is kept secure and in confidence.
Question: How long is the bidding event for each property?
Answer: Each bidding event includes only one property and lasts no more than 3 minutes. However, the Bidding Host may extend the bidding at his/her absolute and sole discretion. The bidding ends earlier if a bid is received. After the first bid, there is no more bidding The event is closed. See Bidding Rules.
Question: Where can I enroll for the bidding?
Answer: The enrollment can only be done online at www.BidOnTheCity.com. There is no phone or e-mail enrollment. First, you must register as a member, browse and select the property you'd like to bid on, and then click the "Enroll to Bid" button on the property details page to start the enrollment process.
Question: Can I enroll for bidding at Bidonthecity Bidding Center?
Answer: Yes. You can use our computers to enroll for bidding on-site at the Bidonthecity Bidding Center located at 226 Fifth Avenue between 26 and 27 Street. See BidOnTheCity.com Bidding Center. On-site enrollment is limited. We strongly advise to enroll 24 hours in advance.
Question: Can I enroll for more than one bidding event?
Answer: Yes. You can enroll for up to 3 bidding events on any given date. You can only participate in the bidding event for which you enrolled.
Question: After I enrolled, how do I bid?
Answer: You would log on at www.BidOnTheCity.com with your screen name and password. Once you logged on, please mouse over the "Renting" link in the top right corner, then "Enrolled." The system would show you what bidding event(s) you have enrolled for and the start time for each event. Learn How to Bid.
Question: What kind of bidding do you have?
Answer: Our properties are rented via a reverse or "Dutch" auction. The maximum time of the bidding event is three minutes (unless extended by the Bidding Host). The asking price will decrease gradually until ONE bid is received. The first bid will be deemed the winning bid; there will be no other bids. The Owner has up to 24 hours after the bidding event to accept the winning bid. Upon the owner's approval the winning bidder will receive the Lease and the payment instructions via e-mail.
Question: How do I know if my bid is accepted by the owner?
Answer: Within 24 hours after the bidding, you will receive an e-mail advising if the owner has accepted your bid. The offer becomes binding upon the owner's acceptance.
Question: Can I cancel my bid after I placed the bid?
Answer: No. By bidding you are representing you have read and agree to be bound by the Bidding Rules. If you do not agree with any of the Bidding Rules, DO NOT BID. See Bidding Rules.