Terms of Service & Privacy Policy

Agent Arena

User Agreement and Privacy Policy

1. Introduction

Welcome to Agent Arena ("Agent Arena," "we," "us," or "our"). This User Agreement ("Agreement") governs your use of the Agent Arena platform and services, including but not limited to our website at www.AgentArena.com and any other branded properties (collectively, the "Services"). By using any of our Services, you agree to abide by the terms and conditions outlined in this Agreement. Please read this Agreement carefully before accessing or using our Services.

2. What We Do

Agent Arena is a cutting-edge platform revolutionizing the real estate industry by connecting homeowners seeking to sell their properties with qualified agents through a transparent and efficient auction process. By providing a secure marketplace where agents bid for exclusive listing opportunities, Agent Arena ensures fair representation for homeowners and maximizes agents' potential to secure valuable listings. With a focus on transparency, integrity, and empowerment, Agent Arena facilitates successful property transactions while empowering homeowners and agents to achieve their real estate goals.

3. Acceptance of Terms

By using our Services, you agree to abide by the rules and terms outlined in this Agreement. This Agreement constitutes a legally binding contract between you and Agent Arena. If you do not agree with these terms, including the arbitration clause and class action waiver, you may not use our Services.

4. Rules for Agents

You agree to our simple process:

Agents are selected by homeowners who believe they would effectively market and sell their homes. These agents receive notifications via text message containing the address of the homes up for sale and the desired listing price set by the homeowner. Upon receiving the notification, agents are prompted to sign up and can join the Agent Arena platform at one of three tiers.

Bronze Tier: Free of charge, agents at this level can participate in bidding arenas for a fee of $50.
Silver Tier: Priced at $200 per year, agents at this level benefit from reduced participation fees of $20 in bidding arenas. They also gain the ability to create a biography and apply to homeowners to enter their arenas, even without a direct invitation.
Gold Tier: Available at $500 per year, agents at this level enjoy exclusive perks. They can access invited bidding arenas for free, create a biography, apply to homeowners to enter their arenas, and gain access to Realtor Rankings in their zip code.

Agents can choose the tier that best suits their needs and budget, ensuring they have the tools and opportunities to effectively compete in the Agent Arena marketplace. Invited agents have access to detailed information about the homes available for listing on the Agent Arena platform. Along with this information, they also receive three critical terms of the potential listing agreement:

1. Listing Agreement Price: The price at which the homeowner intends to list their property for sale.

2. Listing Agreement Duration: The duration for which the homeowner permits the property to be listed on the market.

3. Listing Agreement Commission: The commission rate offered to the listing agent upon successful sale of the property.

These three terms provide invited agents with essential insights into the homeowner's expectations and the potential scope of the listing agreement they are bidding for. Invited agents are also extended an invitation to attend an open house, where they can further analyze the property and gather additional insights to inform their bidding decisions. This opportunity allows agents to evaluate the home's condition, features, and potential market value firsthand, enhancing their ability to make an informed decision of whether or not to enter the bidding Arena.

If an agent believes they have a strong chance of successfully selling the home, they can enter the Arena to participate in the auction and bid for the listing. The entry fee for the Arena varies based on the agent's membership tier:

Bronze Members: $50
Silver Members: $20
Gold Members: Free

Agents can choose the membership tier that aligns with their preferences and budget, ensuring fair access to bidding opportunities while maximizing their potential for success in securing the listing.

The auction for the listing starts at noon the day after the open house and concludes at 3pm. If any bid occurs in the last minute of the auction, the auction extends for an additional minute to allow for further bidding activity.

The opening bid is determined as 10% of the potential commission that the agent stands to earn from selling the property. For instance, if the homeowner is selling their home for $1 million and offering a commission of 2.5% to the agent, the potential commission for the agent is $25,000. Therefore, the opening bid is set at $2,500.

Bids incrementally increase in intervals equal to 10% of the opening bid. In the example provided, the bid intervals would be $250. This structured bidding process ensures fairness and transparency in the auction, allowing agents to make competitive bids based on the potential earnings from selling the property.

Once the auction concludes, the winning agent is required to pay the winning bid amount and finalize the listing agreement in person with the homeowner. The homeowner should only sign the listing agreement once Agent Arena has verified that the agent has made the payment.

The winning bid amount paid by the agent is held in escrow by Agent Arena until one of the following events occurs:

The home is sold.
The listing agreement expires.

When one of these events happens and the seller wishes to receive the funds from Agent Arena, they must confirm the transaction through the app. Agent Arena will then verify this confirmation before releasing the funds.

Upon verification, the funds will be disbursed to the seller, with Agent Arena deducting a 15% fee. This fee covers the platform's operational costs and ensures the integrity of the transaction process.

Agent Arena holds the funds in escrow not only to facilitate secure transactions but also to hold sellers accountable for presenting their homes to potential buyers in a condition equal to or greater than that observed during the broker open house. This ensures transparency and fairness in the listing process and promotes trust among all parties involved.

5. Rules for Homeowners

Provide Truthful, Accurate Information: Homeowners agree to provide truthful and accurate information about their property when listing it on Agent Arena. This includes ensuring that property descriptions, photos, and other details accurately reflect the property's condition. Misrepresentation may result in the editing or removal of the listing without liability to the homeowner or the agent.

Maintain Honest Intent: Homeowners confirm their intention to proceed with the sale of their property if they accept money for the listing. Agent Arena employs fraud detection systems and cooperates with law enforcement to address fraudulent activities reported on the platform.

Confirm Home Ownership: Homeowners agree to confirm ownership of the listed property and refrain from attempting to monetize assets that do not belong to them. Agent Arena utilizes various methods to verify homeownership and expects honesty from homeowners in this regard.

Remain On-Platform: Homeowners agree not to engage in off-platform negotiations with agents and to report any such attempts by agents to Agent Arena. The platform is designed to maximize the homeowner's opportunity to connect with suitable agents and maximize value through onplatform interactions.

Recognize Agent Arena's Role: Homeowners acknowledge that Agent Arena exists to assist them in monetizing their property listings and matching them with appropriate agents. Once a listing agreement is executed, the terms of the agreement govern the relationship between the homeowner and the agent, with Agent Arena unable to mediate disputes beyond this point.

List When Ready to Sell: Homeowners agree to list their property on Agent Arena only when they are ready to sell. Posting and retracting listings undermine confidence in the platform. Homeowners exploring the idea of selling are encouraged to contact Agent Arena for assistance until they are ready to proceed.

Understand and Abide by Listing Agreement: Homeowners acknowledge the importance of understanding and abiding by the terms of the listing agreement. Disputes between homeowners and agents are primarily governed by the listing agreement and local laws, with Agent Arena unable to mediate most disputes beyond this scope.

No Interest in Agent Arena Fee: Homeowners agree that Agent Arena is compensated for facilitating matches between homeowners and agents, and they have no right or interest in the compensation received by Agent Arena.

Tax Obligations: Homeowners acknowledge their responsibility for tax obligations related to transactions on Agent Arena. Agent Arena may provide necessary tax documentation, such as a 1099 form, where applicable, but homeowners are responsible for their tax compliance beyond this provision.

6. Agreement to the Rules:

By creating an account, agents agree to abide by this Agreement and all applicable laws, regulations, and professional obligations governing their conduct as real estate professionals. This includes but is not limited to compliance with fair housing laws, ethical standards, and fiduciary responsibilities to clients. Agents further acknowledge their responsibility to conduct themselves with integrity, honesty, and professionalism in all interactions on the Agent Arena platform.

7. Client Hijacking Policy:

Agents agree not to engage in client hijacking, which includes attempting to negotiate or acquire exclusive listings found on the Agent Arena platform outside of the platform itself. Any attempt to circumvent the platform and directly solicit or negotiate with homeowners listed on Agent Arena is strictly prohibited.

Violation of this policy may result in severe consequences, including but not limited to:

Immediate suspension or termination of the agent's account on Agent Arena.
Legal action taken against the agent for breach of contract and violation of intellectual property rights.
Reporting of the agent's conduct to relevant professional regulatory bodies and associations.
Pursuit of financial damages for any losses incurred by Agent Arena as a result of the agent's actions.

Agents are reminded to conduct all business activities related to exclusive listings through the proper channels provided by Agent Arena. Failure to adhere to this policy may result in serious repercussions for the agent's reputation and career.

8. Agent Arena's Role:

Agent Arena plays a crucial role in facilitating the initial connection between homeowners and agents. However, once this connection is established and the listing agreement is signed, Agent Arena takes a back seat in the ongoing relationship between the homeowner and the agent. Our platform serves as a conduit for this initial connection, but the terms outlined in the listing agreement govern the relationship from that point onwards.

It's imperative to understand that Agent Arena's involvement is limited to facilitating the initial connection and providing escrow services during the listing process. Once the listing agreement is signed, the homeowner and the agent are responsible for adhering to the terms and conditions outlined in the agreement. Agent Arena respects the autonomy of both parties and does not interfere in the day-to-day operations or decision-making processes related to the property sale. This clear delineation ensures that homeowners and agents have the autonomy and flexibility to work together effectively while Agent Arena maintains a neutral and supportive role throughout the listing period.

OUR FEES AND HOW THEY WORK

Agent Arena Fee Structure:

1. Fee Disclosure: Fee disclosure: In the Agent Arena, our fee structure operates uniquely. When an agent emerges victorious in an auction, they pay 100% of the winning bid amount. However, upon transferring the winning bid to the homeowner, we deduct a 15% service fee. This ensures transparency and clarity in our fee structure, empowering agents to make informed decisions.

2. Flexibility in Fee Structure: We reserve the right to adjust our fee structure as needed. By using our platform, you acknowledge and agree to this possibility.

3. Payment Obligations: To utilize our services, you must have a valid payment method on file. All fees and taxes associated with our services must be paid upon closing the sale of the listing agreement. We do not entertain special payment arrangements and will take necessary actions for collections if required.

4. Overdue Accounts: Accounts past due by more than 30 days may have outstanding amounts deducted from the payment method on file, if feasible. Late fees may also apply, and we reserve the right to report delinquent accounts to credit bureaus.

RULES AND POLICY AMENDMENTS

Continuous Improvement: As we evolve, we may need to update our policies to align with user needs, market changes, or regulatory requirements. We retain the right to modify this Agreement without prior notice. We'll clearly document these changes, notify registered users, and ensure accessibility to updated versions.

ELIGIBILITY AND RESPONSIBILITY

User Qualifications: By using our platform, you affirm that you meet the age and legal capacity requirements outlined in our rules. Additionally, you must provide accurate information and maintain confidentiality regarding your account details. Intellectual Property Protection:

1. Ownership of Services: All features and content within Agent Arena are proprietary. You may not infringe upon our intellectual property rights or misrepresent our ownership.

2. Limited License: Users are granted a restricted, non-transferable license to access and use our services. Any unauthorized use or reproduction is strictly prohibited and may lead to termination of access.

SERVICE USAGE RULES

Conduct Guidelines: To ensure a positive experience for all users, adherence to our service rules is mandatory. This includes refraining from harmful behaviors, respecting intellectual property rights, and refraining from illegal activities.

Content Submission Guidelines: Users are solely responsible for content they submit. While we may use submitted content as per our discretion, users must ensure they have the necessary rights to their submissions and comply with our guidelines.

Dispute Resolution: Any copyright infringement claims must follow our specified procedure for resolution, ensuring transparency and adherence to legal requirements.

DISCLAIMER AND LIMITATION OF LIABILITY

Limited Warranty: Users acknowledge that our services are provided "as is," and we disclaim all warranties, expressly or implicitly. We are not liable for any damages arising from service use, except as expressly outlined in this Agreement.

Indemnification: Users agree to indemnify us against claims arising from their use of our services, including legal fees and costs incurred in defense.

PRIVACY POLICY AND TERMINATION

Privacy Protection: Our Privacy Policy governs user data usage. By using our services, users consent to our data practices. Termination Rights: Users may cease service usage at any time, and we reserve the right to modify or terminate services as deemed necessary. We may also terminate user access for noncompliance with this Agreement.

ARBITRATION AND ENFORCEMENT

Dispute Resolution: Disputes with users will be resolved through binding arbitration, and users waive their right to participate in class action lawsuits against us. Policing and Monitoring: We reserve the right to monitor service usage and enforce this Agreement through audits and content review.

FORCE MAJEURE AND COMPLIANCE WITH LAWS

External Events: In the event of circumstances beyond our control, we invoke the doctrine of force majeure. Users are also responsible for compliance with applicable laws and regulations. NOTICES AND COMMUNICATIONS

Communication Channels: Users consent to receive notices and communications electronically and through other specified methods. We may also record telephone conversations for quality and training purposes.

Legal Compliance: Users agree to abide by the laws of their jurisdiction and acknowledge that services may not be available in certain regions or to individuals under legal restrictions. By using Agent Arena, you agree to adhere to these rules and policies, ensuring a fair, transparent, and efficient marketplace for all participants.

Privacy Policy

At Agent Arena, we are committed to protecting your privacy and ensuring the security of your personal information. This Privacy Policy outlines how we collect, use, and safeguard the information you provide to us through our platform and services. By using Agent Arena, you consent to the practices described in this policy. Information We Collect:

1. Personal Information: When you create an account on Agent Arena, we may collect personal information such as your name, email address, phone number, and postal address.

2. Transaction Information: We collect information about transactions you conduct through our platform, including bid amounts, property details, and payment information.

3. Usage Data: We gather data about how you interact with our platform, including your browsing history, search queries, and preferences.

4. Communications: If you contact us or communicate with other users through our platform, we may collect information related to those communications.

How We Use Your Information:

1. Provide Services: We use the information you provide to deliver our services, facilitate transactions, and improve the user experience on Agent Arena.

2. Communications: We may use your contact information to send you important updates, newsletters, or marketing communications related to our services. You can opt out of these communications at any time.

3. Analytics: We analyze usage data to understand how our platform is used, identify trends, and make improvements to enhance user satisfaction.

4. Legal Compliance: We may use your information to comply with applicable laws, regulations, or legal processes, or to respond to lawful requests from government authorities.

Information Sharing and Disclosure:

1. Service Providers: We may share your information with third-party service providers who assist us in operating our platform, processing payments, or providing other services on our behalf.

2. Business Transfers: In the event of a merger, acquisition, or sale of assets, your information may be transferred to the acquiring entity or successor organization.

3. Legal Requirements: We may disclose your information if required by law or in response to legal processes, such as subpoenas, court orders, or law enforcement requests.

Data Security:

We implement security measures to protect your personal information from unauthorized access, disclosure, alteration, or destruction. These measures include encryption, firewalls, and regular security assessments.

Data Retention: We retain your personal information for as long as necessary to fulfill the purposes outlined in this Privacy Policy or as required by law. If you wish to delete your account or request the deletion of your information, please contact us.

Third-Party Links: Agent Arena may contain links to third-party websites or services that are not operated or controlled by us. This Privacy Policy applies solely to information collected by Agent Arena, and we are not responsible for the privacy practices of third-party sites.

Updates to this Policy: We may update this Privacy Policy from time to time to reflect changes in our practices or to comply with legal requirements. We will notify you of any material changes by posting the updated policy on our platform or by other means.

Contact Us: If you have any questions or concerns about this Privacy Policy or our privacy practices, please contact us at privacy@agentarena.com.

Effective Date: 04/22/2024

Thank you for choosing Agent Arena. Your privacy and trust are important to us.