What is it?

Openn Negotiation is an online property purchasing platform designed to be transparent and fair for both buyers and sellers. Managed by professional real estate agents, it allows qualified buyers to openly negotiate on price with the advantage of knowing exactly how many real competing buyers there are.

How does it work? 

Once buyers terms are accepted by the seller, there's complete transparency on price for everybody. You can see all competing bids. Buyers will never miss out on a property because they didn’t know how much to pay and sellers can be confident they've sold their property for the best price.

The Openn Negotiation process has two stages:

1. The Campaign Bidding Stage

2. The Final Bidding Stage

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. Only qualified buyers, approved by the Seller, can participate in the Final Bidding Stage. The Seller can choose to change the reserve price and the Final Bidding Stage date throughout the Campaign Bidding Stage.

At auction, buyers bid against each other to purchase your property. It is the preferred method of sale for beneficiaries, governments, banks, administrators, executors and trustee companies, corporations and, of course, private vendors.

If the highest bid at auction is acceptable to you, the sale occurs at the fall of the auctioneer’s hammer. The property is ‘passed-in’ if the highest bid fails to meet your reserve price.

For the owner, auctions have several benefits including:

Competitive bidding – You enjoy a position of strength as buyers compete against themselves instead of you

No pricing issue – You have the benefit of several weeks of market feedback before setting your reserve. Because there is no advertised price, strong demand can sometimes result in a sale price above expectation

Three opportunities to sell – before, at auction or immediately afterwards

Tight timeframe – Buyers have a set timeframe to work towards, usually three or four weeks. This focuses your buyer’s attention and provides the incentive for finances and building inspections to be completed in time for auction day

Unconditional contract – You get a cash contract where you dictate the terms and conditions

No cooling off – A sale made under the hammer is definite and there is no cooling off period

Online auction systems, such as Openn Negotiation, provide an exciting, proven alternative to on-site auctions and can make access easier for buyers in some circumstances. Let’s discuss these alternatives to determine what best suits you.