LOS ANGELES, March 7 /CNW/ - BidSell.ca, a wholly-owned subsidiary of
Idea Labz, Inc. www.IdeaLabz.com - an Internet incubation and holding company,
today launched Canada's first auction site targeting residential and
commercial properties for sale.
Called "The eBay of real estate," BidSell.ca 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.ca and its subsidiary Idea Labz, Inc. are both founded by Bobby
Khalili - a Los Angeles based internet entrepreneur. According to Khalili,
"Similar to eBay.ca (NASDAQ: EBAY), BidSell.ca 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.ca 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. URL's correspond to property addresses, meaning
www.BidSell.ca/QC119ParkPlace would link to a property on 119 Park Place in
Quebec. The company also offers a customized FOR SALE sign with the property's
website URL printed on the sign.
BidSell.ca 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 & Co-CEO,
"eBay.ca 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 and BidRent.ca, 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 340 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.ca profiles, buyers can
browse, 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.ca will remain free of charge to users indefinitely. Ebrahimi
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.ca 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.
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.ca profile for
their property today.
For further information:
For further information: Idea Labz Public Relations 1-877-4-IDEA LABZ