Unreserved, the First Transparent Online Auction Site in Canada

OTTAWA-A startup based in Ottawa is trying to shake up real estate by hosting an online auction for homes. All bids are public and there is a small difference.

Unreserved is the company and they are looking to get a piece in the hot housing market.

Six months ago, Anamika Srivastrava and Ashish Srivastrava emigrated to Canada. Unreserved was used to purchase their first home.

“I thought why not?” “Let’s move on and let go some numbers,” Anamika said.

This is how it works. Buyers can view other bids online so they can make adjustments or increase their bids.

Anamika says, “And that’s what’s the best part.” “We’re going see the numbers on the screen. Then, you’d see that there was only half an hour remaining. We were playing the entire game. It was really fun.

Imagine a scenario where everyone is relaxed and enters numbers on Friday. It began as a game. He says that when you win it, you get a house.” Ashish laughs.

Ryan O’connor, founder and CEO of the company, claims he created Canada’s first transparent online auction site.

O’Connor states that buyers have complete confidence knowing they won’t pay too much $ 50,000 to $ 100,000. It works. We are thrilled that we were able to eliminate the blind bid and give buyers confidence after many buyers pulled out of the market. It is now possible to bring them back.”

Unreserved, which takes a percentage of the sale price and auctioned its first house last month. According to the company, it plans on selling 25 homes in September.

O’Connor states that “all the bidding that occurs is going to take place in the last hour, half of ours, and the last 10 minutes.”

Andrew Lemoine sold his house recently using Unreserved.

Lemoine said, “Down to that last second.” It was, in a nutshell, quite exciting. My entire family came over to dinner. My mom, my brother and the children were there. Everyone was just too focused on the screen to see the deals being made. It was certainly an unforgettable experience. It was definitely an experience.

Geoff Walker, a real estate agent, has been selling houses for over 20 years. He believes this model of business may be viable now but could end in the face of a hot housing market.

Walker states, “You’re going up the price.” Walker says, “That’s what buyers want to avoid.” It is a different market than traditional markets where you work with sellers one-on-one. This gives buyers a better chance to not only take their time but also potentially get the property at an acceptable price. ”

Debra Wright, Ottawa Real Estate Board Chair, says she is concerned about the method.

Wright states that property sales through auctions are not regulated. They do not have the same regulatory framework for public law as real estate agents. “So, that’s something we as an industry worry about.”

O’Connor acknowledges that he faced a difficult start to his business. O’Connor was convicted in 2009 of fraud related to a used car business called “Find a Car”.

He said he learned from it.

“Not everyone gets another chance. I have been extremely blessed to rehabilitate and restore my name over the past 15 years. He says that he is not only an Ottawa resident but also a member of the Canadian automotive community. “It was the auction experience which led to the unreserved Birth and we look forward to earning the trust of Canadians.”

This was, according to Srivastavas’s opinion, the best way to be new homeowners.

Anamika says, “We are new to Canada.” “We are new to the system. It’s difficult to navigate the system otherwise. This purchase gave us a sense of security. We are excited.”

Sandi Branker is a Real Estate agent and a Think Ely Real Estate Team member at Zolo Ottawa. She can be reached at (613) 408–7935 or by email at sandi@thinkelyrealestate.com. Facebook| Google My Business |

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