The Real Estate Blind Bid Provocateurs
Welcome to the "The Real Estate Blind Bid Provocateurs," a groundbreaking podcast produced by TruHome Value, the pioneers of transparent open bidding in residential real estate. This podcast is a bold stand against the opaque and frustrating process of blind bidding—a system that has long plagued the real estate market with uncertainty, mistrust, and manipulation.
Each episode dives deep into the heart of why the traditional method of buying and selling homes is not just outdated but inherently flawed. Listeners will hear firsthand accounts of the stress and disillusionment from buyers who have navigated the blind bid maze, often feeling like they're bidding in the dark, competing against invisible rivals, and pressured into making rushed decisions that lead to regret, even when they win.
But "The Real Estate Blind Bid Provocateurs" is more than just a critique; it's a mission-driven show that shines a light on a better way forward. With TruHome Value's transparent open bid platform, we explore the transformative power of visibility in real estate transactions.
Join us on "The Real Estate Blind Bid Provocateurs" as we challenge the status quo and advocate for a real estate market where every bid is open, every process is clear, and every participant can bid boldly, backed by the confidence that only comes from true transparency. Say goodbye to manipulation and hello to the future of real estate, one transparent bid at a time.
The Real Estate Blind Bid Provocateurs
Episode 7: #1 of 7 Ways Agents Lie With The Truth: "We Have Multiple Offers"
In this episode of The Real Estate Blind Bid Provocateurs podcast hosted by James Clark and KieAnn Brownell, the focus is on the inherent issues of the blind bidding system in real estate. They kick off a series discussing 'The 7 Ways Agents Lie With The Truth,' with this episode dedicated to exploring the phrase 'We Have Multiple Offers.' The hosts delve into how this common statement creates urgency and induces a bidding war mentality among buyers, despite often being misleading. They emphasize that agents are good people trapped in a flawed system and advocate for transparency in real estate transactions.
00:00 Introduction to The Real Estate Blind Bid Provocateurs
00:32 Meet Your Hosts: James Clark and KieAnn Brownell
00:51 Setting the Context: The Flawed System of Blind Bids
02:50 Exploring the First Lie: 'We Have Multiple Offers'
04:25 The Impact of 'Multiple Offers' on Buyers
06:06 Conclusion and Teaser for the Next Episode
06:28 Final Thoughts and Call to Action
Article: 7 Ways Real Estate Agents Lie With The Truth
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#1 of 7 Ways Agents Lie With The Truth
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James Clark: [00:00:00] You are listening to The Real Estate Blind Bid Provocateurs, a podcast, taking a bold stand against the opaque and frustrating process of blind bids in residential real estate. Blind bids have long plagued real estate with uncertainty, mistrust, and manipulation with the truth. This podcast is a production of TruHome Value the pioneers of transparent open bidding. Where every detail of every offer is available to every buyer.
Let's get into it.
Hello and welcome ~back~ to The Real Estate Blind Bid Provocateurs. I'm James Clark, your host, along with my co-host here, KieAnn Brownell.
KieAnn Brownell: Hi, James.
James Clark:
How's it going, KieAnn? ~ You have just written a an article that's talking about the way agents lie with the truth. And, or actually, ~ you had just written an article, The 7 Ways Agents Lie With The Truth.
And we're gonna do a podcast series on each of those. So this is #1 and this is actually Episode 7 of The Real Estate Blind Bid Provocateurs, ~but the first episode we're going to be talking about now, before we get into the seven ways and the first one, why don't we talk about ~Let's set some [00:01:00] context for this because we don't want to be misconstrued in terms of ~like ~how we're positioning or even talking about agents.
So give a little bit of background on, ~on~ why we're talking about this and maybe a little bit of explanation of our position.
KieAnn Brownell: Absolutely. I think that the most important thing for us to stay focused on is the fact that it's a flawed process. The system is bad. And in this case, agents are good people often in a bad system. And so I want us to be careful when we're talking about The 7 Ways Real Estate Agents Lie With The Truth to not ~You know,~ cast some dark cloud over real estate agents and say they're all bad people and they're, intentionally deceptive and manipulating things.
That's not the truth. The truth is the system's bad, and it forces good people to operate within this bad system. And one of the things to keep in [00:02:00] mind with agents is that very often they're in contractual, agency agreements with their buyer or their seller. And as such, they are bound to a fiduciary duty to that client.
They have to act in their client's best interest. And for instance, if you're a listing agent, your duty is to your client as the seller you may be forced~ to behave in this way,~ to use these tactics that are a feature of the system ~ ~in order to best realize ~ ~the highest price for your client and to fulfill your fiduciary duty.
James Clark: You're, everybody's operating within the constructs of a terrible system, which is the blind bid system that we're continuously, it's the name of our podcast, The Blind Bid Provocateurs. ~And all so ~#1 in The 7 Ways Agents Lie With The Truth is, ~and this is just a total classic, and I'm sure so many people will talk about this, but~ "We Have Multiple Offers".
~So you go to put your offer in and the response back is we have multiple offers. So ~[00:03:00] Jump into that a little bit for us.
KieAnn Brownell: Okay, so just the phrase, we have multiple offers, in and of itself, probably isn't a lie. It's the truth. But what it instantly implies in the mind of the buyers and the buyer's agent is, Oh my gosh, let's just call it the bidding war psychology. It instantly triggers the bidding war. And it makes things, people think that your offers are above asking and that it's escalating.
It forces buyers to react in, a urgent system that they may not have otherwise reacted in. It forces them to escalate their price, maybe above where they were comfortable. And the reality is the term multiple offers doesn't mean that you have multiple offers above asking price. It very well could just be a lowball offer that comes in.
Virtually every listing, the first thing you get is some [00:04:00] lowball cash offer from one of these investments firms that are just trying to, basically scam sellers and pick up something $100,000 below asking right off the top. So term multiple offers doesn't necessarily mean that they're at or above asking, but that's what it implies.
James Clark: right, it immediately triggers ~as a buyer, it immediately triggers that, oh,~ urgency and I'm in competition now. ~Because you're already going into the process with just, You're ready to go. This is a big deal. We're going to buy a house. And then now I'm in some form of perceived competition.~
~And then it might be kicking in FOMO fear for me. Oh, no, I don't, maybe I don't want to miss out. But what can you say, KieAnn, when ~What's typical of the buyer? ~Like you're, let's say you're, Let's say you're the buyer's agent. What's typical? of their emotional response that you see it as an agent.~
What do they do when they see this?
KieAnn Brownell: I would say the first initial response, and again, this is just an attempt by buyers to control a system that can't be controlled. It's out of their control, right? But they're just trying to have their arms around this. So the first reaction typically is, I'm not getting into a bidding war. ~I'm not going to get in a bidding war.~
And that works maybe your first time out. But the truth is, in the last five years, for the most part across the country, if you're unwilling to compete and ~ ~place an [00:05:00] offer into a situation where there are multiple offers, then you're probably not going to buy a house. Because That's the way all the houses are being sold.
So this concept in this stern position, I'm not going to get in a bidding war, doesn't really hold up. And typically second or third house in, you're right in there competing with everybody else on the multiple bids.
James Clark: And one of the reasons I would assume they're saying this is because maybe they're thinking I'm bidding against myself ~also. There could be this idea of Oh, we have multiple offers. ~Is mine the best offer?
KieAnn Brownell: Exactly.
James Clark: ~It's okay what does that mean? And so the, just the idea that you don't know, it just stirs that, just like that emotional gut, right?~
~That you, as you mentioned, the bidding war psychology and then the questions, am I bidding against myself? Yeah, there's a lot of emotions at play just in this one. Truth that there could be multiple offers. But not knowing what those offers are just triggers this entire piece.~
KieAnn Brownell: Exactly. And I think at the end of the day, it ~just~ goes back to the underlying issue in the real estate process, the lack of transparency, the lack of trust, which, brings into question the integrity of the process. And that's what everybody is, ultimately, should be upset about. We don't buy anything in [00:06:00] our lives this way.
Why are we buying real estate this way?
James Clark: Absolutely. A hundred percent. Okay. Thanks KieAnn for ~going through~ going through the first one. So we're going to be coming back with #2 which is, ~hey,~ "We Have A 2nd Showing". So that's going to be, ~that's going to be~ our next episode. ~But we'll jump back into that next time.~ We want to thank all of you ~for~ for listening.
To The Real Estate Blind Bid Provocateurs, thank you KieAnn, and everybody have a good day.
KieAnn Brownell: Thank you.
James Clark: Alright. Thanks so much for listening to this episode of The Real Estate Blind Bid Provocateurs. If you learned something today and are ready to bring trust, transparency and fixed cost to residential real estate. Then don't be shy about it. Tell your friends, colleagues, and family. Perhaps, you know, someone who was thinking about buying or selling a home. Do them a favor and hit that share button and text a link to this episode. They'll be sure to thank you.
If you prefer to watch your podcast as videos, guess what? We're on YouTube. [00:07:00] Find us by searching for TruHome Value. And thank you so much for listening. And that is about as much as we can insight and a day. Have a good one.
