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.
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.
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 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.
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, 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.
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.
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.
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 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.