BidSell.com Launches "The eBay of Real Estate".LOS ANGELES Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. -- BidSell.com, a wholly-owned subsidiary of Idea Labz, Inc. www.IdeaLabz.com - an Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the incubation incubation /in·cu·ba·tion/ (in?ku-ba´shun) 1. the provision of proper conditions for growth and development, as for bacterial or tissue cultures. 2. and holding company with popular websites such as DiscountMore.com, BidRent.com and BidSell.com, today launched the nation's first auction site targeting residential and commercial properties for sale. Called "The eBay of real estate," BidSell.com enables property owners, banks, and real estate agents to list commercial and residential properties for free, giving potential buyers the opportunity to vie for new living spaces within the context of the popular online auction format. BidSell.com and its subsidiary Idea Labz, Inc. are both founded by Bobby Khalili - a Los Angeles based internet entrepreneur An Internet Entrepreneur is a person that engages in business on the internet and helps to shape the future of business on the internet by being an innovator. One who is able to recognize opportunity and administer resources to take advantage of the opportunities. . According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Khalili, "Similar to eBay.com (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : EBAY), BidSell.com enables potential sellers to list their property on an auction style forum and receive bids on the property without the help of costly broker/agents." The company plans to keep the service free to both sellers and buyers while focusing more on generating revenue from advertising. BidSell.com enables owners to build unique profiles which bear descriptions and photographs of their showcased properties. In essence, property owners can make a free website for their property in order to make marketing the property easier. URLs correspond to property addresses, meaning www.BidSell.com/NY119ParkPlace would link to a property on 119 Park Place in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of . The company also offers a customized FOR SALE sign with the property's website URL URL in full Uniform Resource Locator Address of a resource on the Internet. The resource can be any type of file stored on a server, such as a Web page, a text file, a graphics file, or an application program. printed on the sign. BidSell.com claims they are first to market with a real estate auction site that gives property owners the tools to help sell their property without the use of an agent. The site offers property owners a free website for their property. Property owners afford all the marketing advantages of a dedicated website. According to Mike Ebrahimi, the company's President and Co-CEO, "eBay.com is the first to market with a real estate auction forum but they do not promote it. They offer no services to the seller such as dedicated websites for properties and customized For Sale signs." Like its popular sister company, BidRent.com, Ebrahimi feels that BidSell will be embraced by the real estate community. Although second to market after eBay, going head on with eBay while keeping the service free will encourage more listings and more transactions by the real estate community. With all of eBay's success, popularity, and sheer dollar volume of transactions, they only have under 2,000 real estate listings on the site. According to Ebrahimi, "The $300+ listing fee eBay charges restricts them from growing in the niche. It must be kept free in order to encourage usage of the site and eventually become more liquid." Ebrahimi goes on further to say, "With BidSell.com profiles, buyers can browse (1) To view the contents of a file or a group of files. Browser programs generally let you view data by scrolling through the documents or databases. In a database program, the browse mode often lets you edit the data. See Web browser. , view pictures, leave messages and ask questions of the owners. The interested party may be inspired to make a casual offer. At that point, anything can happen." BidSell.com will remain free of charge to users indefinitely in·def·i·nite adj. Not definite, especially: a. Unclear; vague. b. Lacking precise limits: an indefinite leave of absence. c. . Khalili wants to encourage widespread use of the site, and subscribes to the notion that the most useful sites on the Net are offered at no cost. "With real estate transactions at an all-time high, we firmly believe that BidSell.com will become a valuable commodity for everyone in the real estate community - from average Joe's and experienced investors to broker/agents and banks," says Khalili. The company plans to eventually start a brokerage division whereby offering sellers flat rate fees of $2,000 to list properties on the MLS See multilevel security. . Buyers would receive 2/3 of the commission credited back to them. This type of cut throat pricing is what Khalili expects to happen in the near future. "Just like stock brokers and travel agents, real estate agents will be a dying a breed. They won't die out completely, but there will be a lot less of them. We plan to capture a big chunk of the online real estate market with our cut throat pricing," according to Khalili. Property owners are encouraged to make a free BidSell.com profile for their property today. |
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