Frequently Asked questions

How much does it cost?

The services we provide are FREE of charge to the customers and clients that initiate auctions and find real estate agents to work with. Our goal is simple, to get you a big refund when purchasing and reducing your commissions when selling. 

How long is the process?

Once you initiate the auction, one of our specialists will be contacting you to validate the information to ensure accuracy and start the auction process. The auction itself is 48 hours with notifications of bids throughout the process upon which time you would be requested to select the winning bid so that we can share your contact information with the real estate agents. You do not have to select the lowest bidder but a combination of offered services and bid. 

Are the real estate agents that use the Fee Slash platform any good?

We ensure that all real estate agents that work with us and leverage the Fee Slash platform go through a validation process. One of our qualification factors is that the real estate agents work with known and reputable real estate brokerages. 

My auction says “Pending Approval”, when will it start?

Your 48 hour auction will start once we contact you to validate the information in the auction and release it to our real estate agents to bid on.

Is my data and contact information shared?

Fee Slash will have access to the information you provide and will only share your contact information once you have selected an auction winner so that they can contact you directly. 

Do I have to meet with the winning real estate agent in person or otherwise?

We would encourage you to have a frank and open conversation about your needs and the services that they promised to provide you as there was a reason you selected them as a winner in the first place. They will contact you after the auction to try and win your business, but you are technically under no obligation to work with them or have subsequent interactions after the initial conversation. 

What happens if there is not a good fit with the agent that won the auction?

If you are not 100% satisfied with the winning agent, you are under no obligation to work with that agent. If they try to go back on what they included as part of their bid such as a refund amount, we encourage you to contact us immediately and they will be removed from our service.

How big of a cash refund or commission savings can I expect?

That depends on the bid details and the amounts for purchasing and selling involved but we have a savings calculator that can provide you with a good estimate. The savings calculator is located right on the main login page of the application.

How many times can I use Fee Slash?

Our goal is that you find the right real estate professional the first time you use our services, but you are welcome to initiate multiple auctions.

How can I contact Fee Slash through the application?

In the menu section of the application there is a “Contact Us” section to send us a message and we will get back to you promptly.

For any other questions or concerns you can email us at support@feeslash.com

What are the fees to use Fee Slash platform?

There are no fees to bid on auctions themselves but if you do win an auction you will be charged an administration fee of $159 (+applicable taxes) for each auction. If you win a separate buy and sell auction from the same client/customer, you will be charged two separate administration fees. That’s it, there are no other hidden fees.

Can I set my own automated bidding rules so that the platform bids on my behalf automatically?

Yes, we have built in automated bidding rules that can be setup that allow the real estate agents to set their own unique preferences and thresholds that allow for automated bidding to take place to ensure you never miss an opportunity. Please note that if you win an auction as a result of an automated bidding rule bid you are obligated to contact the client and pay just like you would be if it was a manual bid.

Do I have to participate in all the auctions?

It is up to you to ensure your preferred bidding strategy and tactics which include when to bid, but we will not deactivate your account because of inactivity. 

How does Fee Slash verify the auction accuracy including owner and property?

Fee Slash manually verifies the auction information by contacting the client to ensure accuracy of the information represented in the auction as well as to confirm that they are not working with another agent. By doing so we ensure that all auctions are for qualified clients that are not currently represented by other agents.

What would happen if I have won the auction but the client refuses to work with me?

Our goal at Fee Slash is to match the best real estate agents with the customers and clients that use Fee Slash so that both are happy because of our services. However, it is up to the realtors to use their sales experience to ensure that the lead we provide is secured. 

For selling auctions, does the bid include the commission that I must pay to the buying agent?

Yes, we are assuming that the bids for the sale auctions include the standard commission rates paid to the buying agent. For example, in Ontario the standard commission rate for the buying agent is 2.5%, therefore when you bid 3.5% you are essentially saying that your commission is 1% and 2.5% for the buying agent.

Why would I bid if there will always be a discount agent that will offer a lower bid?

As part of our realtor verification process we ensure that discount brokers are not welcomed to Fee Slash, who compete solely based on price as we want to ensure that our customers only work with the best. The clients who use our services are encouraged to select an agent that offers the best combination of price, services and reviews and is typically not the lowest offer. 

Can any realtor join the Fee Slash platform? 

We only work with pre-approved reputable agents from established brokers and not everyone is approved.

What prevents the clients from thinking the bids are coming from discount agents?

We are as transparent as possible so your bid details along with name, reviews and website are available for the clients to review in advance. They can clearly see who they would be working with, eliminating the notion of the discount agent.

How will I know if I have been outbid?

You will immediately get an in-app notification indicating that you have been outbid. You can choose to leave your bid as is at that point or update your bid.

If I win an auction when will I get the client contact information?

As soon as the client selects a winner their information is shared with the realtor. We encourage all the realtors to contact the client as soon as possible to avoid them re-listing the auction. The payment is sent to the realtor and should be processed in that same time frame as well.

How long do the auctions last?

They last 48 hours from the time they are verified and approved by Fee Slash. 

What are the big benefits of using the Fee Slash platform?

We offer you the most qualified leads for a low price. Granted you still need to work with the auction winners and have them commit to working with you but just think about this… You have a client that has clearly outlined their immediate needs and has agreed to working with you and your terms already by selecting you as the auction winner. 

For any other questions or concerns you can email us at support@feeslash.com