Openn Negotiation Limited (ASX: OPN) is an Australian property technology (‘Proptech’) company offering a proprietary cloud-based software platform to support real estate agents in selling property online with greater transparency.
The Openn platform facilitates a negotiation process, featuring streamlined digital contracting and automated communication tools, which enhances a property transaction. The solution provides buyers with real-time feedback through their device on how much competition exists and where their price stands in the negotiation, resulting in an optimal sales outcome
Openn keeps everyone informed about property negotiations in real time, allowing for confident decisions about buying or selling real estate.
Openn Negotiation is a unique sales process that combines the best of auction and private treaty sales methods. This sales method ensures a buyer can’t miss out because they didn’t know what to pay.
In a nutshell, a buyer must start the qualification process by searching for the property they’re interested in and entering a starting price.
They will then be asked to complete terms for the owner’s consideration which can include level of deposit, settlement date and any other terms that can be flexible. Once the vendor agrees to your terms, the pending price becomes live on the property and the Buyer is allocated a unique paddle number and they are qualified.
Once qualified, Buyers can see the paddles representing other qualified buyers, the final bidding date and a bidding timeline. They can improve their price at any time or sit tight for the final stage. Alternatively, if they are the sole qualified buyer and the price submitted is acceptable, the seller can instruct the Agent to sell at any time.
An Openn Negotiation campaign is identified by the Openn Negotiation logo on the listing and you can read more about the difference between an Openn Offer and Openn Negotiation campaign here.
Openn Offers is a private treaty/sale process. It gives agents a centralised offer management system and provides buyers with transparency of where their offer ranks and how many other buyers there are.
Buyers will submit a starting price, terms, and personal details for review by the agent and vendor. The starting price is then progressed to the next stage, and they can see how many other buyers are involved.
While the platform will display a date and time the Final Offer Stage will begin, the vendor can accept any offer, at any time. The offer accepted may not be the highest offer but have more favourable terms for the vendor.
An Openn Offers campaign is identified by the Openn Offers logo on the listing and you can read more about the difference between an Openn Offer and Openn Negotiation campaign here.
Openn provides buyers with transparency of price, while creating healthy competition.
This means that as an agent, you can offer far more value to your clients because they know exactly what is happening throughout the entire process. It connects you with more prospective clients and restores the value both vendors and buyers see in the profession by making the process clearer and user friendly.
Openn is a more effective and simpler way for you to work because it gives you the flexibility to choose the best sales method for your seller, receive bids and offers to a centralised location, approve buyers and negotiate all from the palm of your hand.
Openn was created by agents, for agents and only licensed real estate agents can list with Openn.
It costs $550 (incl GST) to upload a listing to the Openn Platform, which is refundable if the property does not sell.
Before you receive full agent access Openn app, you are required to undergo Certification training. We have a range of options to help you get certified. The process takes less than 90 minutes and is then available whenever you need it. You can register for training here.
As a Certified Openn Agent, you’ll also receive 1-on-1 specialist coaching, marketing and promotional materials, access to our resource centre and entry to our private Facebook group of certified agents.
The Final Offer or Bidding Stage brings the Openn process to an end. The platform will display a date and time for when this will begin. Once this starts, new buyers cannot be accepted and qualified buyers will participate and decide if they wish to improve their bid or offer further, under a countdown timer.
Each time someone improves their bid or offer, or the increment is adjusted by the Agent, the countdown timer resets. This is designed to provide plenty of time for each buyer to determine you’re their next improvement on price. The agent is also able to pause the timer. Usually this is so they can speak to the owner to set new increments, determine when the home meets the reserve or call buyers direct to encourage an additional bid.
In an Openn Negotiation, after the clock runs out; if the property has met reserve, it is sold to the highest bidder. If it has not met reserve, it is passed in and the Agent will continue negotiations.
If the property doesn’t reach the reserve price, it will pass in and the Agent will negotiate with any interested parties, including the existing qualified buyers.
In an Openn Negotiation, the reserve price can be changed at any time during the campaign. However, once the reserve price is reached, no changes can be made to it to ensure the legitimacy of the process.
Yes, in an Openn Negotiation, if a Sole Bidder enters a price that is acceptable to the seller, the property can be sold to them immediately.
If there are other qualified bidders on the property, the Final Bidding Stage must be conducted to give other bidders a fair chance to purchase the property although it can be brought forward.
In an Openn Offers campaign, the property can be sold at any time to anyone, on the Vendors instructions.
In an Openn Negotiation, all buyers are required to complete and sign a fully binding contract as part of the qualification process, which is then signed by the seller. As a result of this process, Buyers can have confidence that each paddle on the bidding timetable can be linked to a fully legally binding contract.
The contract documentation and verification process all bidders and sellers sign before being allowed to bid is more rigorous than traditional selling methods and has been through an incredibly thorough legal review to ensure compliance with the Auction Act. Dummy bids are impossible with an Openn Negotiation.
As with any sales process, if the buyer does not wish to participate, they can pull out at any time.
In an Openn Negotiation, if the highest bid is above your reserve price, the property will sell on the agreed terms to the highest bidder. However, in an Openn Offers campaign, the vendor is not required to accept the highest offer.
Under the terms and conditions of an Openn Negotiation, the seller is not allowed to instruct or make a vendor bid, or cause a bid to be made on their behalf.
In the case that they are a co-owner and want to purchase the property, they will go through the qualification process just like any other bidder and will be identified on their paddle number as a vendor.
Absolutely yes. All sales methods facilitated through the Openn platform have undergone an incredibly thorough legal review to ensure compliance in all states.
Additionally, the contract documentation and verification process all bidders and sellers sign before being allowed to participate in an Openn Negotiation is more rigorous than traditional selling methods.
Choosing to sell your property with Openn ensures you capture a wide buyer pool, get real time feedback from the market, and have less days on market.
Buyers can be anywhere in the world and aren’t locked into specific conditions. They can submit their settlement date, deposit and even finance conditions for your approval from the start. This flexibility allows more buyers to participate.
With an Openn Negotiation, all buyers are pre-contracted and approved by you, meaning you have a real time indication of how many qualified bidders are placing legally binding bids, from as early as day one.
Openn is a sales platform, managed exclusively by Real Estate Agents. To sell your property with Openn, you need to do so with a real estate agent who has undergone our training program to become an Openn Certified Agent.
We have over 3,000 Certified Openn Agents across Australia and New Zealand and you can search our "Find an Agent" portal for one in your area or ask your preferred real estate agent to contact us to become certified today at email@example.com or 1800 667 366.
Openn has a feature called Register Interest, which allows people to view the process as it progresses.
This feature is controlled by the agent and can be turned on or off at any time.
In an Openn Offers campaign, the vendor can accept any offer at any time, even if it is not the highest value.
However, an Openn Negotiation allows buyers with flexible terms which in turn, allows the largest possible number of buyers to participate on a level playing field. In this instance, the Vendor is not able to choose the winner and it will be determined by whether the reserve is met and who is the highest bidder.
It is vital that you work closely with your agent to set your preferred terms or ask for their advice as to what is fair and equitable when approving buyers to participate.
If you like the property, it is best to get qualified straight away because it could sell at any time. The qualification process can take up to 24 hours.
The 'observe' feature is made available by the agent, allowing users to watch and learn the process or the sale, without having to place a bid. If the option to observe is not available on a property, please contact the agent who will be able to assist.
Remember, observing does not mean you are qualified to participate in the negotiations but it will allow you to watch the process.
If you decide you do not wish to participate anymore, you can withdraw during the campaign stage or before the property has met reserve.