Bridge Bidding Rules
As you become a professional bridge broker, you will be required to learn and obey several Bridge Bidding Rules that govern the conduct of all transactions involving your business. In fact, as you learn to become an expert bridge broker, you will also be required to establish a number of Bridge Bidding Rules for your business to follow.
Bridge bidding is the process that brokers use when a buyer wishes to purchase multiple units from one real estate broker. This is a vital process because it provides buyers with a wide range of choices. By establishing several Bridge Bidding Rules for your business, you can ensure that the process will run smoothly for you and your clients.
The first Bridge Bidding Rule is to create an Individualized Pre-Procedure Agreement or IPPA for each initial bridge bidder. This contract outlines the terms for the transfer of ownership of each set of bridge contracts. As you become an expert broker, you will need to be able to develop these contracts properly. This is because the Bridge Bidding Rules stipulates that bridge bidding contracts should be well written and specific enough to meet the needs of any potential buyer.
In addition to the IPPA, each bridge bidding contract should include a clause detailing the results of the bidding process. It is important to note that all results must be recorded so that future Bridge Bidding Rules can be adhered to.
The results of the contract’s results will typically detail the percentage of buyers and sellers that were successful. Additionally, it will contain the number of bridge contracts that were successfully sold and the average sale price that was paid.
The second Bridge Bidding Rule is to post each bridge bidder’s details and successful bids on a separate piece of paper. Be sure to use high quality labels that are legible and that have your broker’s name and business address clearly printed on them. These records should be kept for your records and that of your clients.
The third Bridge Bidding Rule is to notify the bridge bidder of any other active bridge bids that have been received and then look over the newly received bids to determine whether or not they fit into the current contract. If not, they should be added immediately to the end of the contract.
The fourth Bridge Bidding Rule is to update the bridge bidder’s details and results every three weeks. This is required in order to avoid any possible discrepancies that could occur as a result of missed bids. This can prevent delays that can come from missing or late bids.