Brixbid, An Auction-Based Apartment Leasing Platform, Launches in ChicagoApril 9, 2021
Brixbid, a new, innovative auction-based apartment listing platform, has launched in the Chicago market. Conceived by commercial real estate veterans who own and operate thousands of apartment units in Chicago and New York, Brixbid aims to serve both renters and landlords by offering a first-of-its-kind turnkey experience for apartment leasing transactions within a user-friendly, web-based platform.
Unlike other listing websites, Brixbid offers a full suite of services scalable to the needs of the landlord. These services include no-cost apartment listings presented in an interactive map; dynamic auction-based pricing that includes both fixed and bid options; the ability to schedule apartment showings using either Brixbid licensed agents or agents selected by the landlord; fair housing compliant tenant screening services; and digital lease execution through a legally compliant lease supplied by Brixbid or the property owner.
New to the Chicago rental market is Brixbid’s innovative auction-based rental pricing tool that allows renters to place a bid – the amount they are willing to pay in rent per month — on an available apartment. Similar to eBay, bids are structured within customizable parameters that include a minimum bid set by the landlord and a premium “rent-it-now” price.
The auction platform serves as a beneficial price discovery tool for both renter and landlord because it provides a transparent forum to negotiate the transaction and shows precisely what price the market will bear for an available unit.
“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 James Peterson, Brixbid’s co-founder. “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 market, which has a tremendous volume and variety of rental housing across distinct neighborhoods, the model works for landlords of all sizes and apartment classes, from large luxury developers, to 3-flat building owners, to single family rentals. For established property owners and managers, the platform extends marketing reach and accommodates concessions and special offers. For smaller landlords with less institutional experience or access to market insights, the platform’s turnkey, fair-housing-compliant services can serve as a structure to guide lease transactions.
“As apartment owners ourselves, we recognized a market need for a platform that provided all of the functional services a landlord might require to complete a lease transaction,” said Peterson. “Whether you have one apartment or a portfolio of 1,000 apartments to rent, Brixbid provides an end-to-end framework to list, show and lease an apartment to a qualified tenant. It simplifies the process for everyone.”
Brixbid is launching with several hundred listings currently available on the site. The firm has signed agreements with multiple property management companies and will be adding thousands of units across the city. For more details, visit www.brixbid.com and follow Brixbid on LinkedIn, Instagram and Facebook.