Published on April 6th, 2018
What is the Openn Negotiation Sales method?You may have noticed over the last 12 months, that a number of properties have started being sold by ‘Openn Negotiation’.
It’s a really interesting new method of sale that Agents must be trained in to be able to use.
Lucky for you our Sales Team has participated in the training and they are now qualified to use this sales method.
What is the method and how does it work?Openn Negotiation combines the best aspects of other methods of sale into one and is designed to be open and fair for both Sellers and Buyers.
During an openn negotiation, Buyers bid against eachother using the Openn app or website at a date and time specified by the Seller (with a set reserve price).
The process has two stages: the campaign bidding stage and the final bidding stage.
During the campaign bidding stage, Buyers submit their Contract terms and conditions (excluding the purchase price) to the Seller for approval. If the Seller approves the terms and conditions, the Buyer becomes ‘terms accepted’ and can participate in the Openn Negotiation via the app.
All terms accepted buyers are asked to submit an opening bid. And the first opening bid sets the advertised price for the property. If a higher opening bid is submitted than the first one, then this becomes the new advertised price.
Buyers can see all bids and how many bidders there are. This can continue right up until the nominated date of the Openn Negotiation that was set by the agent at the start of the campaign.
Once the final bidding stage begins, all terms accepted buyers bid openly using the app. Buyers can see each new bid and how much time is left on the bid clock (two minutes). Only when the price hits the reserve price, will the property be on the market. The App will notify all parties when this has happened. Once all bids are made and the bidding clock runs out, the property is either sold if it met reserve, or is passed in.
The App also has a buy it now button which gives Buyers the option to purchase the property prior to the Openn Negotiation.
If you are interested to learn more about ‘Openn Negotiations’, please don’t hesitate to contact us on 9371 1000 and speak with one our Sales Consultants.