BidSell.ca Launches ``The eBay of Real Estate''

LOS ANGELES--(BUSINESS WIRE)--BidSell.ca, a wholly-owned subsidiary of Idea Labz, Inc. www.IdeaLabz.com – an Internet incubation and holding company, today launched Canada’s first auction site targeting residential and commercial properties for sale.

“With BidSell.ca profiles, buyers can browse, view pictures, leave messages and ask questions of the owners. The interested party may be inspired to make a casual offer. At that point, anything can happen.”

Called "The eBay of real estate," BidSell.ca enables property owners, banks, and real estate agents to list commercial and residential properties for free, giving potential buyers the opportunity to vie for new living spaces within the context of the popular online auction format.

BidSell.ca and its subsidiary Idea Labz, Inc. are both founded by Bobby Khalili – a Los Angeles based internet entrepreneur. According to Khalili, “Similar to eBay.ca (NASDAQ: EBAY), BidSell.ca enables potential sellers to list their property on an auction style forum and receive bids on the property without the help of costly broker/agents.” The company plans to keep the service free to both sellers and buyers while focusing more on generating revenue from advertising.

BidSell.ca enables owners to build unique profiles which bear descriptions and photographs of their showcased properties. In essence, property owners can make a free website for their property in order to make marketing the property easier. URL’s correspond to property addresses, meaning www.BidSell.ca/QC119ParkPlace would link to a property on 119 Park Place in Quebec. The company also offers a customized FOR SALE sign with the property's website URL printed on the sign.

BidSell.ca claims they are first to market with a real estate auction site that gives property owners the tools to help sell their property without the use of an agent. The site offers property owners a free website for their property. Property owners afford all the marketing advantages of a dedicated website. According to Mike Ebrahimi, the company’s President & Co-CEO, “eBay.ca is the first to market with a real estate auction forum but they do not promote it. They offer no services to the seller such as dedicated websites for properties and customized For Sale signs.”

Like its popular sister company, BidRent.com and BidRent.ca, Ebrahimi feels that BidSell will be embraced by the real estate community. Although second to market after eBay, going head on with eBay while keeping the service free will encourage more listings and more transactions by the real estate community. With all of eBay’s success, popularity, and sheer dollar volume of transactions, they only have 340 real estate listings on the site. According to Ebrahimi, “The $300+ listing fee eBay charges restricts them from growing in the niche. It must be kept free in order to encourage usage of the site and eventually become more liquid.”

Ebrahimi goes on further to say, "With BidSell.ca profiles, buyers can browse, view pictures, leave messages and ask questions of the owners. The interested party may be inspired to make a casual offer. At that point, anything can happen."

BidSell.ca will remain free of charge to users indefinitely. Ebrahimi wants to encourage widespread use of the site, and subscribes to the notion that the most useful sites on the Net are offered at no cost.

"With real estate transactions at an all-time high, we firmly believe that BidSell.ca will become a valuable commodity for everyone in the real estate community - from average Joe's and experienced investors to broker/agents and banks,” says Khalili

The company plans to eventually start a brokerage division whereby offering sellers flat rate fees of $2,000 to list properties on the MLS. Buyers would receive 2/3 of the commission credited back to them. This type of cut throat pricing is what Khalili expects to happen in the near future. “Just like stock brokers and travel agents, real estate agents will be a dying a breed. They won’t die out completely, but there will be a lot less of them. We plan to capture a big chunk of the online real estate market with our cut throat pricing”, according to Khalili.

Property owners are encouraged to make a free BidSell.ca profile for their property today.