Can Auctions Bring Transparency to Buying Real Estate?

When you think about the average residential real estate transaction, it can be boiled down to the description using the words, "blind auction". At least, that's how second-time proptech founder and CEO of a startup called Doorsey, Jordan Allen, describes it.

Buyers have a chance to purchase a home if they can best guess with an offer what the homeowner wants to sell for. In this scenario, there are many bargaining chips including inspection, appraisal, and a whole-host of terms that a buyer can introduce. But what if instead the seller provides inspection details, high-definition photo tours with enriched photo data, terms are clearly spelled out, and a timeline giving all buyers a deadline to submit their offer—effectively reducing variables down to only price? Could this bring more transparency, guarantee sellers the maximum price for their homes, and empower listing agents to be more productive?

Listen in as Jordan breaks all this down and more. You'll also hear us talk about a live transaction that was happening during the interview (which was totally unplanned). The house that sold during the interview, which has yet to be built, sold for more than $150,000 over asking price.

Let's jump right in!

More about Doorsey and Jordan
Doorsey is on a mission to innovate the home-buying offer process, offering buyers, sellers, and their agents an offer platform that drives efficiency, transparency as well as confidence. Through Doorsey, buyers, sellers, and agents are able to view all aspects of the offer process in real-time, under pre-accepted terms — enabling all prospective buyers to know exactly where they stand and what it will take to win. Sellers set a minimum price to protect their bottom line, and buyers are able to make offers with confidence, thanks to  next-level listings inclusive of virtual tours, neutral third-party inspection reports, disclosures, & more than 100 up-to-date, accurate photos. Each listing also has a community forum, where agents, building professionals, and sellers can come together with prospective buyers to share expertise & answer questions on properties, repairs, upgrades, and the neighborhoods.

Jordan Allen is the CEO and Co-Founder of Doorsey, the online platform set to improve the home buying offer process. Prior to Doorsey, Allen was the CEO & Founder of the short-term rental company, Stay Alfred. A real estate and army veteran, Allen knows how to foster, lead, and grow PropTech's companies at scale. 

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See what it's like when Doorsey hosts a watch party for one of their listings.