Real Estate Agents – Frequently Asked Questions
As an agent, how do you register your client for a plumBid?
Registering your client is an easy 3-step process. It starts by giving plumBid a little information.
Once I have my client registered, what are the next steps so my client is ready to bid on a plumBid property?
After plumBid receives your registration information, we will reach out to you. There are two additional steps to get your client ready for the plumBid.
- All independent property inspections, seller disclosures, third party reports and applicable sample purchase contracts and terms are made available upfront. We’ll need you to review, then have your client review, approve and acknowledge receipt.
- We’ll ask you to provide your client’s financial details, to give them the maximum bidding capacity.
In the unlikely event that you do not hear from us, please call us at (626) 299-9700.
Can my client conduct additional due diligence prior to the plumBid?
Yes. We want your client to feel comfortable and informed prior to bidding. Just let us know.
Who is responsible for paying for the upfront inspection reports?
plumBid pays for the initial due diligence, which includes property inspections. All reports can be found on the property page. Our goal is to help your client get prepared for the plumBid. They are welcome to perform additional due diligence prior to the plumBid. Additional due diligence will be at your client’s own expense.
What are the plumBid Incentives?
The plumBid Incentives help to determine the actual plumBid winner by allowing your client to create a stronger offer based on the seller’s preferences:
- Overall Sale Price
- Amount of Cash Down
- Escrow Length
- Terms of Inspection Contingency – (Your client’s acceptance/approval of the third party inspection reports, or your client’s desire to conduct additional inspections and due diligence)
Is my client responsible to pay the seller the cash equivalent to the plumBid incentives?
No. The plumBid incentives are simply there to create a stronger, more competitive offer. At the end of the plumBid the winner is responsible for paying the “You Pay” amount.
What is the plumBid Buyer’s Premium and should my client be prepared to pay any other costs at closing?
The plumBid Buyer’s Premium is 1.95% of the final “You Pay” sales price. This is the only fee your client pays to plumBid. Typical closing costs (escrow, title and loan fees) will be paid at close of escrow. The listing agent, as well as your commision is paid for by the seller.
Can you explain why plumBid has a Buyer’s Premium?
The 1.95% Buyer’s Premium covers the plumBid technology platform, pre-launch fees, and other costs – such as marketing and an Enhanced California Home Warranty Plan for your client by Fidelity National.
In other auctions platforms, a buyer’s premium is standard. But unlike other companies, that charge can run upwards of 5% to 10% of the sales price – sometimes even higher. plumBid has made every attempt to keep the Buyer’s Premium at a more manageable figure.
During the plumBid, is there a minimum bidder increment that my client must pay attention to?
Yes. The minimum bidder’s increments during the plumBid are as follows:
- Bidder’s increments must be at least 1% above the last placed bid in the 1st 30 minutes.
- Bidder’s increments must be at least .75% above the last placed bid in the 2nd 30 minutes.
- Bidder’s increments must be at least .5% above the last placed bid for the remainder of the plumBid.
Is there an advantage to my client waiting till the last minute to place a bid?
No, because any bid placed in the last five minutes will automatically extend the plumBid clock by five (5:00) minutes. This allows for the bidding process to end naturally with no concerns of “sniping” from other bidders.
Can my client bid from their mobile device?
Yes, plumBid supports all major smart devices: mobile phones, tablets, laptops and desktops. (Android, iOS, Windows)
Is it possible to place bids on my client’s behalf?
Yes, you – as a representative of the clients can place bids on their behalf – provided an authorization from them is in place. plumBid is not responsible for that agreement and plumBid can not place bids on your client’s behalf.
What should my client do if they are having technical difficulties during the plumBid?
Please reach out to us at (626) 229-9700. We are available throughout the plumBid process to attempt to troubleshoot any technical difficulties.
Can you alleviate my client’s fears about planted "fake" bidders used to drive up the sale price?
Our belief is that the most successful real estate transaction achievable is one in which both seller and buyers have 100% satisfaction with the process from start to finish. Planting bidders to drive up the selling price goes against our company’s ethical pledge and duty to all participants in the plumBid process. That would be a breach that would risk undermining the plumBid mission and jeopardizing our reputation and business overall.
If it ends up that my client is not the prevailing winner, can they be put in a "Back-Up" position?
Yes. At the end of the plumBid we would invite your client to submit a back-up offer in the same amount as the winning price – within 24-hours of the completion of the plumBid. Please contact us right away at (626) 229-9700 if your client would like to submit a back-up offer.