Change can be a tricky thing for many of us to navigate. Prepare yourself for a new disruptor in the residential real estate industry called Hyyve. This Toronto-based platform is set to launch soon, where Realtors will bid on residential listings, competing with other agents in a bidding war to win clients.
Yes, you read that correctly. Agents will pay upfront for the opportunity to list a property.
 Sellers will keep the cash, no matter the outcome
Furthermore, homeowners will get to keep the cash that the winning agent bids, even if the property doesn’t sell.
While this bidding system may not appeal to everyone, it provides a direct line to sellers looking to sell their property, according to Toronto boutique brokerage agent Dorian Rodrigues. By signing up, agents can generate more business and allocate more resources towards listings.
The platform, the first of its kind in Canada, is currently accepting agent registrations and is expected to launch in time for the spring market. If successful, the plan is to expand nationwide.
Not your typical brokerage, but a bold industry disruptor
Hyyve is not a traditional brokerage. It is a system designed to revolutionize how sellers choose a Realtor, with an added incentive for sellers in the form of bid cash from agents before a sale. This unique approach to lead generation may appeal to tech-savvy, younger sellers in their 30s and 40s who don’t have established connections with a Realtor.
Agents must pay a monthly subscription fee to place bids on Hyyve, reportedly averaging a few hundred dollars per month.
Weighing the pros and cons
Industry experts are evaluating the potential pros and cons of the Hyyve platform. Re/Max Canada president Christopher Alexander believes that Hyyve will complement the industry by providing more options for sellers. However, he acknowledges the risk that some homeowners may prioritize agents based solely on price, rather than expertise.
Patrick Armstrong, co-founder of Hyyve, acknowledges this concern but insists that the platform encourages sellers to consider overall value, not just price. Armstrong emphasizes that listings are valuable and should be monetized and controlled by the homeowner.
He adds that with Hyyve, agents gain access to a broader client base and high-conversion listings, while sellers benefit from upfront cash, better agent competition, and increased transparency.
Registrant Leo Naiman, co-owner of a Toronto flat-fee brokerage, was drawn to the platform’s transparency. He believes that more transparency in the industry is a positive move.
A draw for sellers and Realtors?
Here’s how the platform operates: Sellers can upload their property details for free. Agents can then submit detailed bids outlining their credentials, sales plan, services, commission, and bid amount to secure the listing. Homeowners select the best bid based on this information, with the focus on who is most likely to move the listing.
Armstrong highlights that agents who overbid and underperform will quickly lose credibility. He acknowledges that Realtors may face stiff competition, especially from well-established agents, but believes that newer agents can stand out by offering creative bids and detailed sales plans.
Hyyve takes a cutÂ
Once a bid is accepted and certain conditions are met, Hyyve takes a 30% commission from the winning bid amount. The rest goes to the homeowner. For example, if an agent’s successful bid is $1,000, Hyyve takes $300, with the remaining $700 going to the homeowner upfront.
After this, the listing falls into the regular system.
Sellers have the potential to earn even more through this platform. Armstrong mentions that in countries with similar marketplaces, research shows…
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