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 for conducting an Openn Negotiation through the Openn Platform.
Openn Negotiation is a selling system that combines the best parts of private sale and auction. Some of the key differences our Agents experience are:
Sell listings faster - Openn's average days on market is 30 days
Point of Difference - There are no costs to the agent and no ongoing subscriptions, Openn provides you a real point of difference to win listings in your area.
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 realestate 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 at www.openn.com.au or via 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. We do offer a register of Certified Openn Auctioneers that can work with you too.
As stated under the contract conditions, if the Auctioneer reasonably determines that a technical problem has occurred or one or more of the Qualified Bidders is experiencing difficulty with the App, the Auctioneer 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 Party including the existing bidders.
The reserve price can be changed up or down during the Campaign Bidding Stage however it can only be amended downward during the Final Bidding Stage, to ensure the legitimacy of the process is not compromised.
Once the reserve has been met, it cannot be changed.
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 starting 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 5 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.
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 2 minute clock restarts, to give all buyers a chance to bid at the lower increment.
Once the property is past the reserve price, 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 2 minute clock is designed to give buyers multiple bids 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.
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 when the Final Bidding Stage is set to commence 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.
Good for you! With Openn Negotiation, the Seller may accept a Sole Bidders 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 although they can connect via Skype from anywhere in the world. This allows direct discussion with the Seller regarding any change in reserve price and bidding increments and to sign off on the final purchase price that is determined by the bidding on the Openn App.