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 recommend unless in specific circumstances.
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 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.
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.
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 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.
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.
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 starting 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.
Each Qualified Bidder is full 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.
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.
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.
You may place as many bids as you like to successfully purchase the property within the time limits provided.
Becoming a qualified bidder immediately 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.