Hawke's Bay tech start-up changing real estate

Hawke's Bay men Matt Finlayson and Nathaniel Wright have launched BidList. Photo / Paul Taylor

Two Hawke's Bay men have created a start-up changing up the real estate industry, allowing sellers to compare multiple offers from real estate agents online.

With the aim of easing the process for vendors and giving real estate agents the option to bid for sales which they may not have otherwise seen, Hawke's Bay men Nathaniel Wright and Matt Finlayson launched BidList.

The two friends and business partners came up with the idea when Wright was buying a house and Finlayson selling.

Wright said the real estate industry has been unchanged for some time, and they wanted to bring some of the technology capabilities of other industries.

"There were platforms in place in many other industries to easily compare services or products and we wondered why the same hadn't been done for the real estate industry."

Finlayson said they launched their first site in 2019 to test the idea and after success and feedback have recently launched the new streamlined website.

They're trialling the service in Hawke's Bay with several properties now sold and about 28 local agents signed up and will look to expand to nearby regions soon.

Sellers register the basic details of their property and the timeframe they would like it sold. BidList then sends it to agents who have 24-48 hours to put in their proposal with their normal commission rate, special commission rate and estimated sale price of the property.

"All these things take consideration, obviously lowest rate isn't always everything, you want someone who is going to represent your property the best," Wright said.

It allows them to find the best offer for their property without having to go around and talk to agents.

Finlayson said he didn't realise agent rates and commissions varied between listings until he sold his home.

"We hope to educate vendors all over the country and have them understand that rates and experience vary between different agents.

"Our tool can help lead them towards the best option. It could mean the difference between paying $15,000 in commission or $35,000 in commission, or an agent getting you $50,000 extra over asking," he said.

Wright said they were careful to ensure it "wasn't all for the vendors" but works for both parties.

"Vendors get a good view into the market, into what's available without having to talk to anyone.

"I know personally if I can get that, then I'd much rather that than having to ring around or go into offices.

"This process takes all the emotion out of decision making and doesn't bind the seller to just one agent if they don't get the desired result."

Creating competition in the market there is also the possibility of lower commission he said.

It gives agents the opportunity to bid on properties that may not have come across their desk otherwise, brings potential properties to them and is another platform they can use.

The website is free for sellers to use and charges agents when they are successful.