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 being able to capture the first buyer, rather than risking 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 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.
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.
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 over 1700 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 for free!
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.
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.
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.
Yes if the bid is above your reserve price, the property will sell on the agreed terms to the highest bidder.
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.
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. 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.
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.
No, the whole premise of having buyers Terms Accepted is that it allows the maximum 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.