Auction-style homebuying platform Doorsey has officially opened another market with its second sale in Nashville, Tennessee.
Auction-style homebuying platform Doorsey has officially opened another market with its second sale in Nashville, Tennessee. It now operates in seven cities around the country, aiming for 12 more by year’s end.
A listing agent using Doorsey sold a four-bedroom, two-and-a-half bathroom home in the Nashville submarket of Mt. Juliet, a press statement said.
Jordan Allen, Doorsey’s CEO and co-founder, said it’s been an exciting year for his company.
“Our team remains laser-focused on taking all of the guesswork out of one of life’s largest and most important decisions,” he said in a press release about the Nashville expansion.
Doorsey partnered with Ashton Real Estate Group RE/MAX Advantage for the Mt. Juliet sale. Its broker/owner, Gary Ashton, said Doorsey offers his team a smart alternative to pitch to sellers.
“Our mission has always been to advise our clients with market-leading intel,” Ashton said in a statement. “Once Jordan and his team came on our radar, it was a given their platform would only further equip our agents to not only integrate further efficiencies into the process, but maximize results.”
Doorsey’s model uses a publicly available bidding website on which buyers can see competitive offers and submit formal “bids” above the last. People can ask questions of the seller and ignite discussions about specific concerns about the home. All comments are available for all to read.
Each listing is marketed on Doorsey with extensive visuals, marketing content, all seller disclosures and a formal property inspection paid for by Doorsey, acting as a neutral party. Doorsey takes a percentage of the final sale amount.
As a listing’s window of opportunity approaches its final seconds, the period between bids automatically shifts to three minutes so competing parties have a chance to react to one another.
In an interview with Inman, Doorsey said, “There’s a concept in sales and auctions called the ‘linkage principle.’ It refers to the idea that a buyer will offer less for something when they need to compensate for discovery of the unknown. In turn, the more a buyer knows upfront, the less risk they perceive in the sale.”
Doorsey encourages sellers and their agents to share as much as possible about the home. The company will even hire photographers for a listing to ensure as much of the home, warts and all, are exposed to the open market.
Doorsey is backed by notable names including 166 2nd Financial Services, Agya Ventures, Liquid 2 Ventures, SRM Development & Sam Parr, according to the press release.