We will extend the life of the real estate industry and agents by agents being at the forefront of technology and giving the public the world’s best system to buy and sell real estate that they will LOVE!
Why we came up with this method
- The world is being disrupted by new technology that is simply wiping out whole industries or massively reducing the profitability (Monetisation) of the remaining players in the all industries.
- Current Examples are- Uber to the taxi industry, airb&b to the hotel industry, Kodac by digital cameras (which they invented but ignored as an innovation and eventually wiped them out), Bookings.com, Expedia, wotif... replaced travel agents. Airtasker, fiver etc are demoitarising odd jobs and creative jobs. On line shopping EBay, amazon have destroyed the retail markets.
- Future examples- self drive tech will obliterate jobs like truck drivers, train drivers , bus drivers, Uber and the taxi industry (the future self drive tech will wipe out this industry all together) Uber and Tesla are already active in this space. Artificial intelligence (AI) will replace- accountants, article Clark lawyers, stock brokers.
- Robots have replaced workers in factories, are replacing cleaners, are performing surgery and will replace doctors.
YET WE AS AGENTS IN REAL ESTATE SOMEHOW THINK THAT WE ARE IMMUNE TO DISRUPTION.
WE ARE NOT!
WE ARE A TARGET FOR ALL DISRUPTION BECAUSE OF OUR HIGH COSTS
WE MUST PROTECT OURSELVES BY BEING AT THE FOREFRONT OF TECHNOLOGY RATHER THAN ALWAY THE FORCED ADOPTERS.
WE CAN HELP AND BE BETTER AT OUR BUSINESS AND INSURE AGAINST DISRUPTIVE TREAT BY CONTROLLING THE TECHNOLOGY AND IMPROVING HOW WE ARE PERCEIVED AS REQUIRED, UP TO DATE PROFESSIONALS.
Buyers are withdrawing from other methods. Due to distrust of agents who aren't open and forthcoming (typical EOI, closing date, auction quoting).
Our job as agents is not to lose buyers with our sales methods, it's to encourage all buyers who like the property to want to participate. With all the current methods most buyers have a general mistrust because of either a lack of transparency or a lack of trust of what the agent is telling them.
- When selling with all the current methods- on nearly every occasion after the negotiation and eventual sale buyers would tell me that if they had known what they needed to pay to be competitive they would have. Most even say they would have paid more. This is something that agents rationalise by saying that it's easy to say this after the sale. However logically if a buyer has no idea where the rest of the market is on price how are they possibly expected to know what price they need to beat. When a buyer can see where a price is they will make a decision to pay more or let it go. As per a competitive auction.
- With the current sales systems there is no true understanding of how a campaign is going and if you are going to achieve a good result until it's a few weeks into the campaign, and if you do get a good offer up front there is no way to fairly and openly have multiple buyers compete for the property they want to buy. A blind bid scenario always has the losing buyer feeling unhappy and sometimes manipulated. Due to a lack of transparency.
- Auctions are the only true transparent system in the current sale systems. However if an early (acceptable) offer comes in usually the process then flips to a EOI or closed bid process which is not transparent at all. The other option is to have a boardroom auction or move the date of the auction forward. This can either result in losing potential buyers who feel intimidated by the close scrutiny or simply can’t attend due to the changes. Also with auctions the buyer, seller and agents have no true indication of what interest there is in the property until late into the campaign.
- All current private treaty sales systems are simply flawed simply because all the terms of the contract exist on the contract. The auction system could be slightly improved by taking care of early acceptable offers and keeping the competitive nature all the way through and both methods can be improved by knowing real buyer interest as early as the first home open.
To find out more, visit our website at www.openn.com.au, or download the Openn App from iTunes or Google Play Store to see the process for yourself.