LOS ANGELES (MO.Properties) – Luxury real estate brokerage firm Deasy Penner Podley (DPP) was named 2020 Most Innovative Brokerage firm by Leading Real Estate Companies of the World® (LeadingRE) for the invention and launch of plumBid – a patent-pending, online software platform that improves the real estate process for all.
“We’re delighted to award DPP in recognition of their online bidding platform that aims to provide greater transparency, a higher sales price, and optimal terms for all parties,” said LeadingRE President/CEO Paul Boosma.
“Mike Deasy and I created plumBid to better ascertain true market value by putting the consumer in charge of the negotiation process — all with the guidance of their real estate professional,” said George Penner, CEO of both DPP and plumBid.
For 14-days, plumBid extensively markets each property. All inspection reports and disclosures are available for potential buyers to review. Buyers register, provide financials and perform any additional due diligence. Galen Loram, Caltech graduate and plumBid Chief Economist, explains the plumBid Optimizer: “Prior to bidding, our team helps sellers establish Optimizer incentive variables – monetary values based on the sellers’ preference for escrow length, amount of cash down, and inspection contingencies.”
During the 90-minute plumBid, buyers submit their price and adjust the Optimizer to match the seller’s incentives. Bids placed within the last 5 minutes extend the clock an additional 5 minutes, thereby eliminating “sniping.” Prevailing buyers sign purchase contracts, and all other bidders are offered back-up position.
“We’ve seen 36 counter-offers over a two-hour period,” said Lynwen Hughes, VP at DPP and Director of plumBid. “That process would take weeks in a traditional transaction.”
To date, every plumBid has successfully closed escrow. plumBid properties have been featured in: The New York Times, Curbed, The Los Angeles Times, dwell, and CBS KCAL9, which profiled the plumBid process. (see: plumBid.com).
About Deasy Penner Podley
With over 300 agents, DPP represented $1.2 billion in sales for 2019. See: dppre.com
Leading Real Estate Companies of the World® (LeadingRE) is the home of the world’s market-leading independent residential brokerages in over 70 countries, with 565 firms and 130,000 sales associates producing 1.1 million global transactions. See: leadingre.com