Good point, however what the buyer does not know is what offers the seller might be considering that are offline and not on the offer grid. In the end and given all of the variables, a serious buyer will pay exactly what they think it is worth to them regardless of what anyone else will pay. A very simple concept but always true.

You should do an experiment if you ever have the opportunity to sell two identical houses. Sell one the traditional non-transparent way, and sell the other using this system. See which goes for more.

Count me with those that think this will result in a lower sales price. If a buyer doesn’t know what the other offers are, given competition, they will more likely go with the highest amount they are willing to pay, which may be way more than the next offer. If they had they known about the other offer, they would only have barely surpassed it.

Cheers,

Arthur

With so much of the old way of doing real estate having been reinvented online, I don’t believe that the offer process is sacred and immune to reinvention. Will be interesting to see.

N-Play has a number of unique features to prevent insincere “gamers”, minimize lowball offers, and assure that buyers are bonefide and legit. These features are controlled by the listing agent and therefore the top of the offer funnel for each of your listings can be as open or as restrictive as necessary at any given time in the sales process to produce the desired results.

As far determining the reality of an offer for a seller, all it takes is a click of a mouse by the listing agent to force the buyer’s hand or otherwise the buyer is forever purged from that listing.

That being said, there is nothing like having an offer on the offer grid which is about to expire that will get your seller motivated. When a seller knows that any buyer from anywhere at anytime can make an offer, and they have summarily done so, the decision of what it’s worth very quickly comes into focus.

I wonder about the “mischief factor” on such a transparent tool, ie., would insincere “gamers” get involved as if bonefide buyers just for sport?….. While this process is non binding until made so following the N-Play event, it may be difficult for an anxious seller to separate the N-Play experience from reality and gamers could have a negative effect on these sellers and the numbers based on mischief that may be hard to unravel. Is there a substantial fee ….. pay to N-Play?

After a couple of years into this and having spoken with thousands of people from everywhere, the pain points that came up over and over again from sellers, buyers and agents are clear. The goal of N-Play is to ultimately minimize these pain points and in some cases eliminate them altogether.

I must also mention that no buyer using N-Play knows the identity of any other buyer and no seller or seller’s agent knows the identity of any buyer until an offer is agreed to in principle. Buyer’s agents can make offers as proxy for their client and can use N-Play to get their client “engaged” instead of “always waiting for the “right” deal.”

Any offer agreed to online is summarized in a memorandum of understanding and is then taken offline and negotiated by the agents on behalf of the buyer and seller into a binding purchase agreement in the conventional manner. The final agreement is confidential between the parties and not disclosed through N-Play.

Buyers must provide proof of pre-qualification to submit offers and agents can control a myriad of powerful features with a click of mouse. There have been other services in the past that have tried to accomplish this complex task online, but NONE are like N-Play. We think once agents really look under the hood, they will be impressed with what they see and how it will help make their life a little better.

Pain points:

Sellers: “I’m not getting enough offers or the offers I do get are too low and a waste of time. My agent needs to do more or a better job. I want to be more involved”

Buyers: “Making offers is too difficult, too time consuming, too legal, too hidden and too often a big waste of my time! I want to know where my offer stands and soon, faster response times and I want to be more directly involved in the negotiations. I want to make sure I’m getting the best possible deal.”

Agents: “I need more offers and higher quality offers on my listings. I need my clients to get real and be truthful. I need higher contract close ratios and spend less time on deals doomed to fail. I need to be responsive to the ever increasing client demands for transparency and involvement to remain competitive in my field.”

As a final note, I have found that very few buyers and sellers want to feel like they are “gambling” when it comes to buying real estate.

Buyers would lowball on purpose, and struggle to go much higher publicly, especially if they had to use their real name.