At Unreserved, over 1000 progressive agents have now brought their clients to participate in our transparent auctions. Unreserved is a platform that connects buyers and sellers with complete transparency. Those buyer agents appreciate the fairness that Unreserved provides, however, there have been a few agents that have tried to steer their clients in a different direction.
Strong agents focus on the property
In the event that an agent is spending more time talking about Unreserved than the property you’re interested in, be mindful, and ask yourself whose interests are they trying to protect? We are a competitor to the traditional model.
Positive things to listen for:
- “Do you like this place?”
- “Let’s look at the comparisons”
- “If we can buy it in this price range, it would make sense.”
How to identify if I’m being steered
These are examples of scripted talking points that some agents are using to discourage buyers from using Unreserved.
“Unreserved is unregulated and you have no recourse as a buyer”
We are one of Canada’s best funded startups and we stand behind everything that is for sale on our platform. If we ever misrepresented anything on Unreserved we would be held financially responsible for any damages. Auctions are not regulated by RECO and are therefore exempt from the brokers act. This exemption is what allows Unreserved to offer an open bidding process, something that brokerages and agents are currently forbidden from doing.
“You don’t know who you’re bidding against!”
In the traditional process, you never know who you are bidding against. Not only do you not know who you’re bidding against, you also don’t know the price or conditions attached to the other offers. You very well could be bidding against yourself. Unreserved removes 100% of the guessing games that plague the traditional way of doing things. If any agent uses this objection, be highly cautious, Unreserved is the only model where you can see every offer that is made.
“The low starting prices trick buyers and give them false hope”
It would be impossible to host an auction if the starting price was at market value. Auctions historically start well below market value. On our website we advertise the market comparables for everyone to see. These comparables provide an estimate as to what the home is expected to sell for. We let fair market economics determine the final price when the hammer drops. It's the most fair process available in the market today.
“They aren’t required to have a trust account”
Although auctions aren’t mandated to have trust accounts we take holding your deposit in trust very seriously. If this is ever a concern for a buyer, we can make arrangements directly with the seller’s lawyer to hold the funds in their trust account.
“Unreserved knows your pre approval amount”
It is important to recognize that there is zero correlation between someone’s approval amount and what the house will sell for. It’s equally important that you only bid against qualified buyers. Once you are pre approved in our system, you can bid on any house. What you are willing to pay for the house is of zero concern to Unreserved, and nobody from our team will ever ask you how high you are going to go. We are agnostic with all buyers.