Brixbid, a new auction-based apartment listing platform, has launched in the Chicago area. Conceived by commercial real estate veterans who own and operate thousands of multifamily units in Chicago and New York, the platform aims to serve renters and landlords with a turnkey experience for leasing transactions.
Brixbid’s web-based platform offers a full suite of services scalable to a landlord’s needs, including no-cost apartment listings, auction-based pricing that includes fixed and bid options, the ability to schedule apartment showings with Brixbid licensed agents or those selected by the landlord, fair housing tenant screening compliance services, and digital lease execution.
Its auction-based rental pricing tool is new to the Chicago rental market and allows renters to place a bid of what they are willing to pay in rent each month on an available apartment. Bids can be structured with customizable parameters that include a minimum bid set by the landlord as well as a premium “rent-it-now” price.
“Whether the market is hot or experiencing disruption, the auction-based pricing tool works to the benefit of a prospective renter and the landlords,” said co-founder James Peterson. “In an up market, renters have the option to pay more to secure a unit that is in high demand. Conversely, in a down market, where landlords might be struggling to move a unit, renters can offer a lower price. Either way, the landlord knows very quickly the value of a unit and can choose to accept the best offer.”
In the Chicago multifamily market, according to Brixbid, the model can work for landlords of all sizes and apartment classes, from Class A luxury to single-family rentals. The firm is launching with several hundred listings available on its site and has signed agreements with multiple property management companies to add thousands of units across the city.
