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IBidBroker.com, a 'Canadian Real Estate Upstart'



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By : Lina Horner    99 or more times read
If you’re interested in trying out a new way of finding the best agent for your Canadian real estate transaction, you might be interested in trying out IBidBroker.com, a new website that enables property owners to receive and entertain bids from agents interested in representing their home on the open market. Currently, all the listings appear to be in the Toronto area, but if this website meets its creators’ hopes of success, it could be showing listings from coast to coast in a relatively short time.

This unique approach to the Canadian real estate industry comes at a time when the Canadian Competition Bureau has filed against the Canadian Real Estate Association (CREA), alleging that CREA is anti-competitive. The Bureau is seeking a system wherein a property owner and agent can work together without having to work under a complete listing contract.

In IBidBroker.com’s case, the launch at the same time that conflict over CREA’s alleged monopoly on real estate in Canada was sheer coincidence. Ajay Jain, a Torontonian and Realtor ®, came up with the concept of the website over half a year ago. However, the situation could well bring more eyes to IBidBroker.com than might otherwise be the case as Canadians see change on the horizon.

IBidBroker.com isn’t the only website touting innovative ways of approaching the MLS. The CREA vs. Competition Bureau issue has sparked a wave of new websites and businesses that are promising lower fees and flexible marketing plans. In some areas, businesses are even nudging CREA’s official rules, trusting that the real estate giant will be wary of trying to force them to remain within its bounds.

CREA and the Competition Bureau will convene at the Competition Tribunal on April 26, 2011, which gives IBidBroker.com and websites like it plenty of time to refine their approach to the “new” Canadian real estate market. If unchecked, they could be well on their way to redefining how real estate is bought and sold in the very near future.

Whether or not the Competition Bureau succeeds in forcing CREA to take on more flexible policies remains to be seen. However, the power of the Internet to establish and maintain a new world order for Canadian real estate cannot be doubted. In fact, it may well be what forces CREA to completely review its structure and its methods of dealing with real estate professionals, home owners, home buyers and home sellers.
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