Openn Negotiation has launched its own private treaty solution in a bid to boost the typical procedure’s transparency, efficiency and automation.
Dubbed Openn Offers, the new feature follows a typical private treaty sales procedure, but with the added benefits of an online platform, such as increased buyer transparency, faster digital contracts and automated communication capabilities.
While agents using Openn Offers will have the option to show or hide the offer prices of qualified buyers, buyers will always have the ability to see where their offer ranks in terms of price, thus providing them with greater transparency than a more traditional private treaty procedure.
Openn Negotiation’s managing director, Peter Gibbons, said the launch of the new private treaty solution stands as an important step in achieving the company’s vision to “provide agents with the ability to use Openn to conduct any method of sale”.
“When a private treaty is the best strategy for a property, Openn Offers is an efficient way to manage multiple offers and provides sellers with the flexibility to accept any offer, at any time,” according to him.
Openn Offers listings will reportedly be made accessible to agents at no cost for a limited time, under certain conditions.
Having participated in a trial for the new product, Smart Real Estate principal Brad Scott said “the flexibility is the best part”.
He said: “Vendors are able to accept an offer that may be lower, but have more favourable terms, which is a real advantage in some campaigns.
“Meanwhile, the Openn app keeps buyers informed every step of the way — that is, at all times they can see how many buyers there are and where their own price ranks.”
From the principal’s perspective, “it’s much more transparent than the alternative and gives them confidence to make the decision to improve their price, or let it go”.