An Openn Negotiation campaign usually lasts between 1 - 4 weeks, but properties can sell earlier if the reserve price is met early. We have some properties sell in as few as 5 days!
It is a $440 (incl GST) fee to conducting an Openn Negotiation through the Openn Platform. This fee is paid for by the vendor under Vendor Paid Advertising.
Openn Negotiation is a selling system that combines the best parts of private treaty/sale and auction. Some of the key differences our Agents experience are:
Sell listings faster - Openn's average days on market is 30 days
Points of difference - Openn provides you a real point of difference to win listings in your area. There are no costs to the agent and no ongoing subscriptions.
No cooling off - Openn falls under the Auction umbrella, buyers are pre-contracted and there is no cooling off period. You can take any bid, high or low from day 1 of the campaign and legally show the bids on all real estate portals during campaign. The vendors and buyers can monitor competing bids as they come in, allowing the agent to offer real proof they’re achieving the best possible price the market is willing to pay.
More buyers can compete - Openn captures a wider buyer pool as buyers can bid with more flexible terms (subject to vendor approval).
Stale listing strategy - Agents are reinvigorating lifeless listings and clearing otherwise stale stock.
Absolutely not. Openn Negotiation was created by agents, for agents and only licensed real estate agents are able to use Openn Negotiation.
Before you receive full agent access to Openn Negotiation, you are required to undergo Certification training. We have a range of options to help you get certified which you can register for 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.
To take part in the Openn Negotiation process a bidder is required to submit a pending price on the App and complete documentation with the Agent. The Agent then provides the terms to the Seller for approval and the pending price becomes a live bid and the bidder is qualified.
Following this qualification process, the bidder is able to improve their bid at any time however they are under no obligation to bid again.
Yes! While Openn Negotiation is technically an auction, you do not have to be an auctioneer to utilise it. However, an Auctioneer is still required to faciliate the process. Good news is we offer a register of Certified Openn Auctioneers that can work with you too.
As stated under the contract conditions, if the Auctioneer or Agent reasonably determines that a technical problem has occurred or one or more of the Qualified Bidders is experiencing difficulty with the App, the Auctioneer or Agemt can extend the negotiation to a future date.
In this circumstance, the Qualified Bidders shall be bound by any prior bid and shall be free to recommence bidding at any amount the Qualified Bidder wishes.
As with any sales process, if the buyer does not wish to participate, they can pull out at any time.
If the property doesn’t reach the reserve price, the property is passed in and the Agent begins to negotiate with any interested parties, including the existing bidders.
The reserve price can be changed at any time during the campaign. However, if the reserve price is met no changes can be made to it to ensure the legitimacy of the process.
The Campaign Stage is from the time of listing until the Final Bidding Stage starts. This is when the agent is qualifying buyers, holding home opens and inspections and buyers are able to enter their pending price. Buyers can improve on their bid at this time, once qualified.
The Final Bidding Stage is the final stage of the Openn Negotiation where no more new buyers can be accepted and an initial five minute countdown timer displays on the screen waiting for the next bid.
During this stage, each time someone bids, the bidding clock resets and allows two minutes for any other bidder to make their next bid.
The two minute clock is designed to give buyers multiple opportunities to bid and provide plenty of time for you to determine your next bid.
Note that the agent, who is usually sitting with the owner, can pause the negotiation if required and speak to the owner to set new bidding increments, determine when the home meets the reserve or reduce the reserve if required, call the buyer direct to encourage an additional bid or determine if you are out of the process.
If the Agent sees the bidding slowing down, they can reduce the bidding increment just as you’d expect with a traditional auction and when the bid increment is adjusted, the two minute clock restarts, to give all buyers a chance to bid at the lower increment.
Once the reserve price is met, a large red banner will appear announcing the property is on the market and will sell!
After the clock runs out; if the property has reached reserve, it has sold to the highest bidder or if it has not met reserve it is passed in and the Agent will continue negotiations with the bidders.
The amount and timing of deposit payments will be addressed in the Terms and Conditions of the Contract of Sale that are submitted to the seller for acceptance.
The Agent should provide guidance as to what would be acceptable to the owner and ensure they are meeting the appropriate legislation requirements to execute the contract.
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.
The Agent and the Seller are in control of the date and time of the Final Bidding Stage is set to ensure an optimal outcome is achieved for all Parties. Under the Terms, the Final Bidding Stage can be moved forward to any time so long as at least 12 hours-notice is provided and it is run between 8am and 9pm Standard Time.
With Openn Negotiation, the Seller may accept a Sole Bidder's price and sell the property through the App immediately.
Where there are already other Qualified Bidders, the Agent must give all Bidders fair opportunity to compete to purchase the property in the Final Bidding Stage.
The owners will generally be sitting with the Agent throughout the Final Bidding Stage but can be elsewhere as long as they are contactable. This allows direct discussion regarding any change to the reserve price, bidding increments and to sign off on the final purchase price.
Your best chance for a great price. An Openn Negotiation has a countdown timer so interested buyers need to get qualified ASAP if they want a chance to purchase your property. More competition helps to push the price up.
Openn Negotiation encourages buyers to bid. Buyers like Openn Negotiation because they can start at a comfortable level and follow the price up to your reserve, as the competition builds. The more buyers the more competition, the better chance of realising your best result.
Real-time feedback. 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.
You won’t let your best offer walk out the door. In real estate you'll often hear, "Your first offer will be your best offer". With Openn you can test this by capturing the first buyer, and not risk them walking away.
Openn captures a wide buyer pool – With Openn Negotiation, 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.
Less days on market – The facts indicate the longer your property is on the market, the lesser price you will achieve. Openn Negotiation allows the Sales process to be conducted over a short and defined time, providing certainty and avoiding endless open homes and disappointments.
Each Qualified Bidder is pre-contracted prior to joining the Openn Negotiation. Bidders are contracted to purchase the property should they be the highest bidder once the reserve price has been met.
Dummy bids are impossible with an Openn Negotiation.
No, Openn Negotiation is run exclusively by Real Estate Agents. In order to sell your property on Openn Negotiation, your agent also needs to be a Certified Openn Agent which means they have undergone our training program.
We have Certified Openn Agents across Australia and you can search in our Find an Agent portal for one in your area.
If we don’t have an agent certified in your area yet or you want to use your own real estate agent, ask them to contact us at firstname.lastname@example.org or 1800 667 388 to become certified!
There is an observer function which allows people to view as the Openn Negotiation Process unfolds.
This is controlled by the agent and can be turned on or off at any stage in the lead up to the Final Bidding Stage. The Agent can also choose if they wish to allow observers to remain anonymous or if they would like to request their details.
Yes if the bid is above your reserve price, the property will sell on the agreed terms to the highest bidder.
Yes. 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 in order to give other bidders a fair chance to purchase the property although it can be brought forward.
No, the whole premise of allowing buyers with flexible terms is to allow the larget possible number of buyers to participate on a level playing field.
It’s important when setting the terms and conditions of sale with your agent you are clear as to what you will and won’t accept such as length of settlement, offers subject to finance, deposit amount or any other item you consider important. It is vital that you work closely with your agent to set these terms or ask for their advice as to what is fair and equitable.
Before you can view a property or observe/bid on an Openn Negotiation, you need to sign up. Click here to register and ensure you confirm your email to receive important alerts regarding the properties you are interested in.
If the Observe button is grey, it means the agent has not allowed observers at this time. You can contact the agent directly to get access or check back later closer to the Final Bidding Stage to see if access is allowed.
If you want to become qualified to participate, you do need to place a pending price on the property during the Campaign Bidding Stage to start the qualification process. Once your price is approved, you can then improve your price at any time.
Once you have made your opening bid you are under no obligation to make further bids.
If you decide you do not wish to participate further, you can withdraw an approved bid at any time during the campaign stage. It is important to note, if you withdraw your bid you will need to be re-invited by the agent so it is not recommended unless there are specific cirumstances.
As with any other auction, the Auctioneer and Agent have determined a minimum bid increment. If you want to bid an amount less than this increment, please contact the Agent – however this is usually reduced as the bidding approaches the reserve price.
Your price is pending and it’s not possible to withdraw or improve on a pending bid until it is approved. Sit tight and the Agent will be in touch to finalise your terms. Once the Seller has signed off the documentation, your pending bid will become live and you’ll be able to improve your bid if you wish.
If you have verified your email address through the App, you will receive email notifications as well as a push notifications relating to any updates on the property.
In order to become a Qualified Bidder, bidders are required to sign a full legal contract to participate in the Openn process which will be provided by the Agent once you have placed your starting price in the app.
If the agent has opted to use Openn Negotiation contract automation, you will be given the opportunity to enter these details following your pending price within the platform.
If the seller decides to bring forward the Openn Negotiation Final Bidding Stage, all qualified bidders will receive a minimum 12 hours notice of the new date and time for the Final Bidding Stage.
The Final Bidding Stage of the Openn Negotiation will always occur between the hours of 8:00am and 9:00pm in the timezone of where the property is located.
Yes. The app has a dedicated training environment that allows buyers and agents to practice the use of this very simple to operate technology.
Easy! Put in a knock out bid right now and the seller may elect to sell the property to you at your current bid or negotiate a higher sale price without the need for the campaign to enter the Final Bidding Stage.
If there are other bidders on the property the Final Bidding Stage must be conducted in order to give other bidders a fair chance to purchase the property.
You may place as many bids as you like to successfully purchase the property within the time limits provided.
Getting qualified ASAP is important as the property could sell as early as today or tomorrow. Once you are a qualified bidder you can withdraw at any time – you are in complete control and once your Terms & Conditions are accepted, the property cannot be sold without you having a fair chance to improve your price.
Throughout the whole process, you will be able to see the current bid and complete bidding timeline and therefore see what price you will need to beat to secure the property.