Industry News

RealtyBaron offers real estate rebate auctions

New feature allows agents to compete for buyers' business

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As the real estate market transitions from a seller's market to a buyer's market in many areas of the country, an online site is offering agents a chance to bid for home buyers' business. RealtyBaron, which launched in 2004, has offered an online platform through which sellers can negotiate real estate commissions with agents and consumers can rate real estate professionals. The new service for buyers allows consumers to negotiate a rebate amount that they will receive from the buyer agent's commission in a real estate purchase. It's an auction-based system that is modeled after eBay. All auctions for commission and rebate amounts run for a maximum 24 hours, said Marc Dugger, RealtyBaron founder, and buyers and sellers can select a stop-bid amount that will terminate the auction once a bidding agent offers that amount. "With this new feature we ... allow buyers to get into the game and request rebates from real estate agents," Dugger said. Prospective buyers can identify a property i...