A new app called Openn Negotiation has appeared on the market and in just a few months has transacted over $130 million in sales.
The app is the birthchild of Perth agents who wanted to combine methods of sales, according to Hayden Groves, president of Real Estate Industry WA and vice president of REI Australia.
“Conceived by some local Perth agents, Openn Negotiation aims to combine the three common methods of sale: private treaty, auction and tender,” Mr Groves said.
The app itself is completely transparent, allowing buyers to view all bids, number of bidders and how much time they have left to bid.
Chief technology officer Duncan Anderson said that the app is different from other auction apps because it isn’t digital for the sake of being digital.
“If all you do is create an online replication of a physical auction, you take a simple process and add risk and complexity, without adding actual value. It’s just being digital for the sake of digital,” Mr Anderson said.
“However, the Openn process adds real value by expanding the buyer pool and reduces risk by running the auction component over several days or weeks.”
The app allows competition and provides clear information to buyers and sellers to eliminate the confusion that was creating negativity towards real estate agents, said co-founder Brad Glover.
Mr Glover said that Openn Negotiation combines the best aspects of private treaty, auction, expression of interest and end date sale all in one fair and open process.
“We’re just glad we can facilitate a better way to bring buyers, sellers and real estate agents together,” Mr Glover said.
Openn Negotiation was created by agents for agents to help them achieve results, and that is what is responsible for their success, said managing director and lead founder Peter Gibbons.
“We’ve had an extraordinary team of experts in their respective fields working behind the scenes on Openn to make it robust and successful. We’ve had input from real estate agent leaders and industry bodies,” the MD said.
Openn Negotiation already has partnered with agents in Perth including Lynsay and Brian Hubbar from The Agency.
“The Openn Negotiation process gave us a contemporary tool that helped us achieve a fantastic result for our vendors. The transparency of the system facilitated a friendly, cooperative relationship with buyers regardless of whether they were the winning bidder,” they said.