On The Block is a first-of its-kind premium real estate brokerage and auction house in Canada. Designed to take the ‘silent’ out of the bidding process that has been widely popular in Ontario real estate transactions, this startup has built a proprietary online real estate auction platform.
Founded by experienced Realtors and auctioneers, Katie and Daniel Steinfeld, the company is addressing several key concerns that have been plaguing the industry.
The primary focus is transparency – of process, of information, and of costs. With a secure bidding platform, prospective home owners will now have the chance to purchase their dream home without guessing at what price to pay.
“Our goal is to put the power back in the hands of the buyer and the seller,” says Daniel Steinfeld, the company’s co-founder. “Real estate in Toronto has effectively become a series of silent auctions, making it impossible to have a true sense of market value. This has ultimately left buyers unsure of what price to offer, and sellers unsure of what price to accept.”
All information pertinent to a purchase decision, including home inspections, comparable property statistics, and consistent terms of sale, will be disclosed to allow for a level playing field between bidders. This access to information will help establish genuine value for buyers, while sellers enjoy a high-end and cutting edge real estate process at a lower cost than virtually anyone else in the market.
Finally, the issue of multiple representation (where agents represent both the buyer and seller) will no longer occur as On The Block has a policy against that practice.
“A considerable percentage of home buyers don’t understand the process that takes place behind the scenes, such as who gets paid, how much, and by whom,” continues Steinfeld. “This is unfair to consumers. It is imperative that this important information is made clear to allow people to feel comfortable with their decisions.”
The public is invited to learn more at www.getontheblock.com, and register in advance of the official launch this summer.
On The Block is the product of Katie and Daniel Steinfeld, two GTA Realtors with an extensive background in finance, marketing and sales. As platforms like Uber and Airbnb have disrupted their spaces, On The Block is positioned to challenge a real estate process that for too long hasn’t seen significant change. With home prices skyrocketing, and affordability diminishing, it’s more important than ever to give people some choice and power in the biggest purchasing decision of their lives.
SOURCE On The Block