Open Negotiation combining the best characteristics of private treaty, auction, expression of interest and end date sale into one fair and open process.
Sellers want to optimum price in the quickest time possible and Open Negotiation enables this by maximising the audience of possible buyers without putting “a ceiling” on the potential price that can be achieved.
It gives you the power to approve only terms and conditions that suit you! It also allows the sales process to be conducted over a defined time avoiding endless home opens and disappointments.
Open Negotiation ensures a commitment of interest from buyers, therefore knowing how many are competing for your property which gives you confidence about how your property is preforming, making the whole process less stressful.
Because the process is transparent.. buyers love it too! They know exactly what’s going on with price, allowing them to make clear decisions without the guesswork of private treaty and closing date sales, or the public scrutiny of auction.
In the final bidding stage the property cannot be sold until they bid clock runs down so they have enough time to increase their bid.
Download the App
Download at openn.com.au or via the Apple App Store or Google Play.
How Does Open Negotation work?
At the start of the campaign, the seller and the agent set the date of the Open Negotiation. All interested buyers are invited to submit their terms and conditions for the seller’s consideration. At this stage price is not required.
Once the seller signs off on the buyer’s terms the buyer becomes ‘terms accepted’, they can now compete to purchase the property using the Openn App in the privacy of their own home with their unique paddle number.
All ‘terms accepted’ buyers must submit their opening bids through the App. At this stage they are not required to submit their highest bid. The first bid received sets the advertised price for the property. When a higher opening bid is submitted, this becomes the new advertised price.
During the Open Negotiation, all parties can see the number of bidders and their bids. This continues right up until the nominated final bidding stage, enabling them to openly compete and arrive at a true market value.
During the campaign bidding stage, if a bid is above the seller’s reserve price, the Open Negotiation may start early at the seller’s discretion. The agent and the App then alert all registered buyers of the new time frame.
There is an optional Buy Now button on each campaign. At any time during the campaign bidding stage, buyers can use the Buy Now button. The Buy Now price reduces throughout the campaign and is programmed to be above the seller’s reserve price.
The bidding clock is designed to create the same level of excitement and sense of urgency as buyers would experience in a public auction. Each time someone bids, the clock resets and allows two minutes for any other bidder to make their next bid. A buyer can decide to increase and decrease the amount that they wish to bid as long as it is above the minimum bid amount.
Did you miss the 9 News Perth clip about the video? Watch it here!