Bidonthecity.com, the first online real estate trading platform for residential and commercial real estate properties, couldn’t find a more interesting market to launch in than New York City, which is a great way to make money, while there are also information online with trading strategies, where people can make money investing online. Conceived before the housing bubble burst,  Bid on the City combines the best of the brokerage and auction worlds, simplifying the process for buyers, sellers, and agents. Bidonthecity.com’s operations are overseen by Manhattan real estate professionals with more than 25 combined years of experience and owners of New York Business Group — Albert Feinstein, Managing Director Business Development, and Vlad Sapozhnikov, Managing Director, Sales and Rentals.

After launching in Manhattan last spring, Bid on the City has now expanded—and will continue to grow—offering luxury rental properties in the Hamptons and homes for sale in Westchester. All properties now have a starting bid of $1, unless the event includes a reverse auction—another Bid on the City first, wherein the price starts out high and is lowered until there is a bid; the first bid is the only bid.

Bid on the City has pioneered live online bidding, providing the ability for anyone who would like to watch, listen and bid live, in real time from anywhere in the world. The heart of the system–the bidding engine–was built by one of the leading real estate data providers, Property Shark. After the 30-day listing period, buyers can bid online, in person at the company’s showroom or via the recently-introduced BidMobile™ that allows bidding via a mobile phone.  During the bidding, prices are updated at a fraction of a second. The accessibility of information throughout the process, and the real time audio and video streaming of the bidding is a boon for international buyers who may find it difficult to travel to New York.

“The problem in today’s market is that many properties are not selling,” says Sapozhnikov.  “Lots of buyers are sitting on the sidelines of the market, not knowing when to jump back in.  Sellers don’t know how to price real estate. It appears people are waiting for something, and we strongly believe that that ‘something’ is our platform.”

Bidonthecity.com aims to improve and expedite the listing process.  Properties are carefully pre-screened before being listed, and potential sellers are given a sales evaluation package about the current market and the prices for comparative properties. Bidonthecity.com pre-negotiates the best prices and contract terms and gives sellers comprehensive details about open house dates and marketing materials before the 30-day listing period on the platform begins.  Transparency, short listing period, and the sophisticated state-of-the-art live bidding technology are key components of the model.

“Everything is up front, and all properties are uniformly presented and marketed,” Feinstein explains.  The only thing missing from the initial contract is the final price, which the market dictates and buyers and sellers negotiate.”

Agents  also benefit from Bidonthecity.com’s model.  There is no cost to them or their clients, and they keep their commissions when the property is sold.   “Agents face the same problems the market faces,” Sapozhnikov explains.  “All the tools that used to work are no longer effective.  Real estate now requires a more dynamic and technologically advanced platform.  We’re in no competition with agents at all.  In fact, we’re an additional tool for them.”

Bid on the City actively engages users and has recently created and implemented a game on its site called: “Guess 10 for $100k” – a fun game that puts one’s knowledge about real estate prices to the ultimate test. The objective of the game is to correctly guess the final bids for 10 properties in a row. If one does, he/she will receive $100,000.00.

Bidonthecity.com  can also foresee its benefits extending to real estate developers and banks.  “There’s no analogy on the market, in terms of what we’re doing,” Feinstein says.  “Sellers are attracted due to the short listing agreement,  exceptional marketing campaign, and superior trading platform.  Buyers find the best prices and most comprehensive information about each listed property.  Developers can use Bidonthecity.com to sell units to get financing for a building. It will also help banks to get rid of their inventory in Manhattan.  We provide  unrivaled online tools for people involved in buying, selling and renting  in the real estate market.”