APTI (Authenticated Property Transactions Ireland) is a new Internet based service that facilitates estate agents and auctioneers in Ireland to offer their clients a transparent property transaction with real-time information.
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This is an area that should be regulated in a far greater way. EA's get paid a fortune to handle the sale of property and I certainly think they should have to adhere to some basis ethical principals.
Hmm, just checked out that APTI website. Looks interesting, not too sure though how it eliminates false bids??? Surely it'd be easy for an EA to add in a false bid.
Yeah, I can see how it would alleviate the problem of EAs not informing sellers of bids. Can't figure why an EA wouldn't pass on a bid though (other than the seller had expressly instructed a minimum value), surely it's in the EAs interest to try and get a sale agreed.
What's there to stop the vendor placing bids (anonmously via the EA)? At the moment (I'm an EA) if we're asked to fabricate a bid by a vendor, we refuse. I'm not saying its easier to make one, but the vendor can now verify if his "bid" has been recorded....
Having all the bids recorded indepently will make a fraudulent agent think twice before making up a "bid of the wall"! I believe it is current practice for the two esate agents and auctioneering bodies in Ireland, IAVI and IPAV to request a complete recording of bid activity (names, addresses, amounts etc) in the event of any dispute and it will also be required by law:
Hi Lobby, You sound like a caring esate agentBut that's my point, they're not being indepently recorded (they would be if bids had to be made through APTI). It's only a public version of the EAs list of bidders - and may or may not be false bids. Neither the bidders nor APTI can tell if the EA is submitting genuine bids. If the APTI system is based on "trust" with its agent members then it's no better than the current system.
I think you are right about looking for transparency, there is a perception that estate agents are all the same and can't be trusted but as I said in a previous post when you get a good agent your opinion changes.Don't get me wrong, I'm all for such a system. We currently have a bids notebook that has all offers in it, and as it has names/phone numbers of bidders it can't be shown to anyone who asks (we must respect the privacy of bidders). We do regularly get asked if an offer is genuine and we can only hope they trust us when we say it is - anything that would make this more transparent would be welcome.
Hi,
While we were viewing the house, my husband made a comment to me upstairs that he thought it was overpriced. The EA who was downstairs at the time, heard this and suddenly there was a bid on the house of 35k under the asking price that according to him had been there since day one. I pointed out that I had asked his office if there were any bids on the property and after checking they confirmed that there were none - at which point the EA made excuses about it taking about 20mins to register a bid and the bidders details on the computer and gave the impression that he couldnt be bothered.
thanks thomas22, its certainly worth a try!
With modern technology and the internet, it should be possible to put the price of the highest bid on adverts myhome.ie and daft.ie etc.
Would be great if when you click on a properties profile, it would say "Bidding currently at €000,000" - potential buyers could see exactly how much they need to bid.
Another solution would be for all the reputable estate agents to set up an independent bid accepting agency. Need not be a huge operation - handful of staff and some computer software. Could be funded by very very small percentage levy on fees. Anyone putting a bid on a property has to ring up the bidding agency who record and verify the details before passing onto the estate agent/seller. Information on current highest bid is also made available to the public online. Could have rules like in auctions - once you bid you are liable - to rule out people putting in false bids to bump up the price.
This is more or less what this www.apti.ie thing seems to be. I have registered with them and there is a "demo" property listed, it gives an example of how the system works. I am able to see Bidder 1, Bidder 2 etc and the amount. I cannot see their names. So, if you want to see the bidding on a property ask the estate agent to add your details for that property and then once they do you can see past bids.
No, it isn't. Just becuase the bids are available to view on a website doesn't mean they are genuine.
A system whereby the BIDDER submits the bid to the website is the only way to ensure transparency (and even still, bids are not legally enforceable so a vendor can ask his mates to submit bids so even that system isn't perfect).
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