updated 11/19/2010 6:45:58 AM ET 2010-11-19T11:45:58

NEW YORK, Nov. 18, 2010 (GLOBE NEWSWIRE) -- Bid on the City, www.bidonthecity.com, the first and only online real estate trading platform for luxury residential and commercial real estate properties offering live audio and video bidding in real time online and first U.S.-based residential company entering the Russian market in this manner, announces today that it is has launched its bidding platform in Russia in partnership with Russia's top business media source, Ros Business Consultants [RBC] http://www.rbcnews.com and Global Advertising Strategies, http://www.global-ny.com, a leading international marketing agency. The newly launched company is to be called Bid in the City Russia,www.bidonthecity.com. When this site is accessed from Russia, viewers will see listings for Russian properties. They will also have a choice to see properties from Bid on the City's other locations. The site is in both Russian and English.

The first bidding event will include ten luxury properties for sale in luxury developments outside of Moscow. The properties' starting prices will range from RUB24,500,000 to RUB77,000,000 (US$800,000 to US$2,600,000) and can be viewed here: http://www.bidonthecity.com/searchResult.php?region_id=5 . The event will take place live in Moscow and online in real time on December 11, 2010. Some properties will not have any reserve set, allowing buyers to get the best possible prices. This marks the first time the firm will be using the Dutch auction method for sales properties. A Dutch auction, also known as reverse auction, has a starting price that keeps going lower until there is a bid. Unlike traditional (English) bidding in which the price goes up and bidders have an opportunity to increase their bids, the dynamics for a Dutch auction are very different. The first bid is the final bid.

"BOTC's expansion into the Russian market will introduce Russia's affluent buyers to the simplicity of our platform, giving them an opportunity to buy, sell, or rent property directly from their location," said Albert Feinstein, managing partner, Bid on the City. "We are the only firm offering online live audio and video bidding in real time and this is the first time that there is synergy between a media company and online real estate firm. We are excited to work with Global and RBC on this international venture."

Global will use RBC's multiple media channels – online, TV and print – to establish BOTC's presence in the Russian market as well as position it as the premier source for those interested in U.S. real estate.

Bid on the City [BOTC] first launched in Manhattan in April 2009 to great success and has since expanded to the Hamptons and Westchester. This is the firm's first international division. Bid on the City Russia [BOTC Russia], similar to its U.S. constituent, will offer an effective way to buy, rent and sell local Russian luxury properties in the Russian marketplace using its unique online platform which allow users to bid on residential properties via computer, cell phone or in person at the live event.

There are many advantages for sellers, buyers, renters and brokers to using this innovative technique.

BOTC offers many distinct advantages to sellers, including:

  • A free detailed property analysis with comparable sales, a recommended starting bid price, a local and international marketing schedule and an open house schedule, within 90 minutes of their request;
  • A finite, much shorter than average, 30-day on-the-market cycle;
  • Sellers pre-sign a contract prior to listing their property making the transaction transparent and making the sale certain if there is a qualified buyer;
  • Marketing of properties locally, nationally and internationally, utilizing print, digital and broadcast media;
  • Access to a database of pre-screened and qualified buyers from around the world.
  • The highest accepted bid will be awarded the contract for sale and within three hours the contract and the closing schedule will be delivered;
  • Sellers pay nothing if the property is not sold.
  • Sellers pay 3% if property is sold, which is significantly lower than others charge.

By buying or renting residential and commercial properties through BOTC, buyers/renters are benefitted by getting a transparent process, the best prices, and the most comprehensive information about each listing.

BOTC also allows brokers to list and sell their exclusive properties through the platform.

Thirty days after a property is listed, buyers bid in real time on BOTC's platform to negotiate the best possible price. Bidding takes place simultaneously online, via mobile and in person at BOTC's bidding center located in the Russian Bid on the City showroom. The bidding is broadcasted live around the globe.

BOTC's New York operations are overseen by two Manhattan real estate professionals with more than 25 years of combined years of experience: Albert Feinstein, managing director and Vlad Sapozhnikov, executive director, residential sales.

Global Advertising Strategies will assist BOTC with its international expansion efforts  by using the agency's established network of media and marketing sources as well as providing the strategic direction of the campaign. The marketing campaign will encompass a broad spectrum of print, broadcast, digital, out of home (OOH) and social media marketing for BOTC Russia and is slated to launch at the end of November 2010.

About Bid on the City:

Bidonthecity.com is the first online real estate trading platform created to sell and buy luxury residential and commercial real estate properties. Bidonthecity.com offers the best prices and contract terms and affords sellers a short listing agreement, lower commissions, an exceptional marketing campaign, and access to qualified buyers from around the world. The 30-day process culminates in a live bidding event where Bidonthecity.com's state-of-the-art platform allows buyers to bid in person or online while viewing real time audio and video. Bidonthecity's bidding engine has been designed and engineered by PropertyShark.com, the leading real estate online datacenter.

The Bidonthecity.com logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=6093

© Copyright 2012, GlobeNewswire, Inc. All Rights Reserved


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