Open Door Auctions Introduces Innovative ?Stock Market for Real Estate? Concept
Open Door Auctions Introduces Innovative “Stock Market for Real Estate” Concept
Irvine, CA (PRWEB) August 23, 2011
Open Door Auctions, Inc., a revolutionary way to buy and sell property quickly and effectively, is proving that long listings and excessive days on market are a thing of the past. Open Door Auctions is at the cutting edge of the flourishing home auctions business and reveals its stock market for real estate concept – demonstrating that the auction model is a superior choice for today’s home sellers.
Open Door Auctions likens its concept to “stock market for real estate”—where pricing is deduced by the efficient markets theory and the law of supply and demand creates a meeting of the minds between buyers and sellers rather than the protracted, slow motion negotiation process. With the stock market, in a perfect world without insider trading, the price of a stock fluctuates as a result of the battle between supply and demand. When company news is good, everyone wants a piece of the action and the price begins to rise due to a scarcity of supply—not enough shares out there willing to be sold at the lower price. Likewise, when the outlook is bearish, shareholders can’t “dump the dog stock fast enough,” to borrow a phrase from Gordon Gecko and the movie Wall Street.
“The whole world has been fixated on the stock market volatility lately,” said Jason Hartman, CEO of Open Door Auctions. “The Open Door Auctions business model treats real estate like the stock market where volatility creates interest and price is set daily by supply and demand.”
The concept is brilliant in its simplicity: Price has little to do with value. Price brings people and people drive value—it’s a form of momentum investing. Open Door Auctions innovative auction methodology, along with the company’s marketing systems, allows the price to match what the property is worth quickly. By creating urgency the way Groupon does and emotional competition using an auction method, Open Door Auctions avoids the risks of selling for too little or potentially sabotaging a sale by listing at a price that’s too high. The seller always has the final say and is not obligated to accept a low offer.
Open Door Auctions platform is the Multiple Listing Service (MLS), a tool that was invented by the old-fashioned real estate industry more than a one hundred years ago and, though horribly under-utilized by the average broker, serves as the perfect online platform from which to launch the company’s real estate stock market concept.
Here’s how the average agent uses the MLS:
1. List a property for sale
2. Wait
3. Reduce the price continually as the seller becomes more desperate
Open Door Auctions turns the MLS into a de facto real estate stock market by taking the eons of time that traditional agents use to market a property and crams it into a two-week supercharged process where a property’s price changes nearly every day. This catapults it back to the top of the listings and draws new interest from a whole new set of buyers.
The business model is not an absolute auction where a homeowner is forced to sell the property. Under the terms of the agreement, the seller is free to reject any and all bids, which is the way it should be in a free capitalistic system. It should be noted that all bids solicited through the process are a true reflection of what the buying public thinks house is worth. This is likely to be the same price an old-fashioned real estate agent will arrive at, though the downside is that, since the traditional real estate model prevents agents from using the MLS like the stock market, it might take the average agent a year or longer to find that price. Open Door Auctions accomplishes this in just 14 days.
About Open Door Auctions, Inc.
Created by successful real estate innovator Jason Hartman in Orange County, California, Open Door Auctions, Inc. operates using a business model that is fundamentally different from every other traditional real estate agency in the marketplace. Open Door Auctions hosts auction-style open houses, offering interested buyers, investors, homeowners and real estate agents a more fruitful and exciting way to do business. Visit Open Door Auctions online or call 800-813-QUICK.
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