For Realtors

Realty Hotwire, LLC – What it is and What it isn’t

First, let us address what Realty Hotwire, LLC is not.  It is not a traditional real estate listing company or auction company, nor is it intended to be a competitor with traditional listing real estate or auction companies.

Now let us address what Realty Hotwire, LLC is.  It is an alternative method for marketing and selling properties that uses selected components of the traditional listing and auction methods, but offering those properties in an online, internet bidding format with the objective of generating favorable, acceptable offers.

Origination of Realty Hotwire, LLC

It is a concept conceived by a realtor and an auctioneer who believed there were certain properties and clients with certain objectives that could be better met by a marketing and selling method that incorporated certain components of the traditional listing and traditional auction methods.  They realized four things:  1) there are situations that are best served by the traditional listing method and situations that can be best served by the auction method, 2) there are situations that could benefit from certain characteristics of both methods, 3) while some clients liked the advantages of the auction method, their perception of auctions was occasionally skeptical of the auction process, and 4) with the increased use of the internet to market and sell property, why not incorporate it more fully to generate potential buyers, since the internet seems to be a preferred avenue to search for real estate.

How Does it Work for Realtors

Whether you have a long established client or a brand new client, Realty Hotwire, LLC understands the importance for you to maintain or build that relationship.  Thus, when you recommend Realty Hotwire, LLC’s services to a client, to the extent that you desire, you will still be the “Agent-in-Charge” of that client’s listing on Realty Hotwire, LLC.  If you are an agent of another real estate company, that company’s name and your name and contact information will be included in all listing and marketing information.  Realty Hotwire, LLC has no desire to interfere or take over your listing or relationship, it is simply an additional marketing tool to help you market and sell your client’s property.

Realtor Compensation – Seller’s Agent

In this business we all know that commission income is completely irrelevant if there are no sales to generate commission.  With that being said we need to keep in mind that our #1 objective is to successfully sell the client’s property.  Realty Hotwire, LLC has several compensation plans available, depending on the extent of involvement you want to have in the listing process and how much you want Realty Hotwire, LLC to have.  Realty Hotwire, LLC believes in providing fair and equitable compensation to the listing agent.  By law all such compensation must be paid to your Broker.

Realtor Compensation – Buyer’s Agent

If you are a licensed agent and represent a client who wishes to bid on a property listed through Realty Hotwire, LLC, you should get compensated also.  This is called the Broker Participation Program (BPP).  The amount paid under the BPP may vary per property.  Therefore, you are encouraged to look at the terms offered under the BPP for each property.  To be eligible for the BPP you will need to fill out the BPP form to register the name of your client and they also need to sign the form verifying that they are working with you in an agent/client relationship.

Comparison with Other Online Bidding Companies

The advantage of Realty Hotwire, LLC is our focus on local, customer service – to our clients and prospective buyers.  Presently, there are other similar companies that advocate bigness.  That’s good but not to the extent that bigness overrides customer service.  We believe that when someone calls on a property, the phone should be answered or you should be at least get a call back.  We believe that when a prospective buyer wants to look at a property, they should be able to do so within a reasonable time.   Again, the goal of Realty Hotwire, LLC is to provide a progressive marketing avenue that gets offers on properties and ultimately gets them SOLD.