Designed to bring an unprecedented level of transparency to the process of buying and selling real estate. One of the great features of the Open Negotiation App is the ability to log on also as an observer. You can see how the process works in real time and experience the unprecedented level of transparency throughout the bidding phase as the property goes live. This is great if you’re thinking of buying or selling a home using Open Negotiation, as it gives you the opportunity to experience the process first hand and feel comfortable with what’s involved. It also lets you see what properties in your area are fetching, giving you a realistic indication of what you could expect for yours should you decide to sell.
To participate in Open Negotiation as a potential purchaser of a property, the buyer must first submit their purchase terms and conditions via the agent for the seller to approve. At this stage, there’s no need to submit a price. If the seller approves their terms and conditions, the buyer becomes ‘terms accepted’ and can participate in Openn via the Openn App. All terms accepted buyers are asked to submit an opening bid via the Openn App. 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 final Open Negotiation that was set by the agent at the start of the campaign. If an opening bid is submitted that is above the seller’s reserve, then at the agents discretion, Openn may start earlier than scheduled. All terms accepted buyers bid openly using the Openn App. Buyers can see each new bid and how much time is left on the bid clock. This continues until a final unchallenged bid is made that is above the reserve. The Openn App is a simple user-friendly mobile and web platform. Buyers can bid from anywhere in the world, as long as they have internet and phone reception.