In this article, we'll define transparency settings, who determines these settings, and notifications when transparency is turned on.
Question:
What are transparency settings?
Answer:
Perhaps you've noticed the following "Transparency Settings" diagram while looking at a property and wondering what these settings mean.
Note: The image above illustrates what transparency settings look like if the listing agent decides to turn on Offer Ranking, Unconditional Offer, and Closing Date for buyer agents and buyers to see and only Offer Ranking and Unconditional Offer for Observers.
The listing agent determines the transparency settings at the time of launching a property or can turn on or off visibility options at any time. The listing agent will have the option to reveal the following details:
- if observers are allowed to view the listing (click here to learn more about observers)
- if there is an offer submission deadline or delayed presentation of offers and if a countdown to that deadline should appear on the listing0
- the number of buyers and observers (on by default)
- highest offer
- the offer ranking
- the offer value
- unconditional offers (no contingencies)
- financing (only available for buyer agents and buyers)
- deposit (only available for buyer agents and buyers)
- closing date (only available for buyer agents and buyers)
- special conditions (only available for buyer agents and buyers)
Here's a quick glance at what the listing agent sees when choosing the transparency settings mentioned above:
Notification when Transparency is enabled
The listing agent can choose to launch a listing with no transparency and at any given moment, turn it on as per the seller's instructions. The following notification will be sent to buyer agents and buyers each time one of the Offer Visibility options is turned on.
