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An online tool that has been touted as the biggest shake-up of the real estate industry this century has launched in Perth.
The app is the first-of-its-kind in the world that takes pre-contracted buyers through a completely transparent sales process, allowing them to view competing bids in real-time.
Created by a team of Perth real estate experts with more than 50 years’ collective industry experience, Openn Negotiation is an online bidding platform that allows both buyers and sellers to see bids as they occur.
Mint Real Estate Director and Openn Negotiation Co-developer Peter Clements said the app came about following years of feedback from homebuyers and sellers and would bring a new level of transparency to the home sales process for both buyers and sellers.
“A house is the biggest purchase most people will make in their lives, but many are daunted and lack trust in the sales process,” he said.
“This app will bring back people’s comfort, as buyers know they are paying market value and can see what others are offering in real-time”
Since launching in June, hundreds of Western Australian agents have signed up to be trained and use the new sales process.
Mr Clements said unlike other digital real estate processes, Openn Negotiation involved agents rather than eliminating them.
“For sellers, Openn Negotiation allows them to know upfront they have committed, interested buyers,” he said.
“While for buyers, it eliminates guesswork by letting them know exactly what bids are being made, giving them the power to make clear decisions on price.”
Liz Mortimore from Dianella, who sold her home using Openn Negotiation, said the process got her the results she wanted.
“Upon putting my house on the market I was very disillusioned with the options I was presented by the agents I spoke to,” she said.
“I couldn’t understand why competing buyers were forced to guess what they needed to offer to secure a property, and they only had one chance to get it right.
“When approached to consider selling using Openn Negotiation, I took a leap of faith.
“My real estate agent was vital in the whole process. I knew good marketing would attract potential buyers to the property and the agent was diligent in ensuring these became registered bidders that presented with very similar terms and conditions – everyone was then on an even playing field.”
Conversely, Rebecca Eaton from Morley, who bought her new home using Openn Negotiation, said the process eliminated the pressure usually experienced by buyers in a live auction.
“We had the opportunity to think about price beforehand,” she said.
“We participated in the Openn Negotiation process from the comfort of our own home while being able to see other people’s bids in real time. It was user-friendly and made the whole process hassle-free and transparent.”
The Openn Negotiation app – Openn – can be downloaded from the App Store and Google Play.
© The West Australian and Seven West Media (WA)