DENVER - Denver-based Rbuy Inc. and New York-based KnitMedia are proving that computers and the Internet can have quite an effect on real estate - whether it is old-fashioned commerce or just plain fun.
Rbuy, an online real estate auction launched by Denver-based Rbuy Inc., is designed to eliminate sale negotiations and provide true property market values to buyers. Rbuy allows agents and sellers to set sales terms and conditions while the market sets the price. There are no listing or sale prices to negotiate or financial stipulations to stop a sale.
Listing agents set auctioning times, preview and due-diligence periods, buyer pre-qualification criteria and confidential reserve prices, thus allowing the market to determine the properties' value. Therefore, a level playing field is created for buyers and sellers. Rbuy allows sellers to market their properties through a larger local, national and international audience. Participants know the sale and closing dates through a timeline established by the seller's broker.
The Mediator, part of the system, is initiated when the reserve price is not met. The listing agent then arranges for the highest bidder and the seller to reach a compromise on the sales price. Once an agreement is reached, The Mediator announces the price and the listing is sold at that price.
And after a hard day's work using the Rbuy software, real estate professionals in New York and Los Angeles could go out and toast to successful transactions together without ever having to leave their respective cities.
New York-based KnitMedia, owners of the Knitting Factory in New York, will open its West Coast club in a10,000 sq. ft. complex on Hollywood Boulevard. Los Angeles-based CIM Group and Federal Realty Investment Trust, will develop the new Hollywood club, which opens January 2000. The club will have a video link to New York allowing patrons to have a virtual drink with patrons 3,000 miles away.
The Knitting Factory's Hollywood location will include a bar/cafe, audio and video broadcasting technology, and Internet connections.