Openn Negotiation

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Openn Negotiation
TypePublic
ASX: OPN
IndustryReal estate
FoundedApril 2016 in Perth, Western Australia[1]
HeadquartersPerth, Western Australia Australia
Area served
Australia and New Zealand[1][2]
Key people
Peter Gibbons, Chief Executive Officer[3][4]
Websitehttps://www.openn.com.au/

Openn is a platform that facilitates real time communication and negotiation in a property transaction. Openn Negotiation combines flexibility of a private treaty with the transparency of auction price discovery. Openn Offers supports a traditional private treaty process with improved transparency.[5][6][7][8][9] It was launched in Australia in 2016[1][4] and has seen significant growth largely due to COVID-19 restrictions on traditional home inspections and on-site auctions.[5][3][4][10]

Operations[]

The Openn platform has been built with the intention to offer multiple sales methods for property transactions. Openn Negotiation is the primary product offering and sales process – it combines the flexibility of a private treaty with the transparency of auction price discovery.[11]

Functionally, the Openn platform provides agents with a tool to facilitate real time communication and negotiation between all stakeholders in a property transaction. The platform provides additional benefits to agents such as digital contracting, data retention and integration to agency customer relationship management (CRM) systems to promote efficient work processes and improved outcomes for their customers.[11]

Openn Negotiation’s online bidding platform is transparent for buyers, sellers and agents.[1][9][4][12][2] Vetted buyers can view current and previous bids, the number of bidders and their bids, and how much time to the final bidding stage.[9][1][2] Since 2017 Openn Negotiation has sold $2 Billion worth of property in Australia.[13] In 2020 Openn Negotiation extended its operations to New Zealand.[2]

Awards[]

  • United States National Association of Realtors REACH Program, March 2021[14]

See also[]

References[]

  1. ^ a b c d e "Safe as houses: The West Australians disrupting the real estate game". The Sydney Morning Herald. Retrieved 4 February 2021.
  2. ^ a b c d "Openn Negotiation has New Zealand covered top to bottom". The Real Estate Conversation. Retrieved 4 February 2021.
  3. ^ a b "Sam Neill: Actor sells Double Bay home via online auction". News.com.au. Retrieved 4 February 2021.
  4. ^ a b c d "Online auction platforms experience unprecedented growth". The Real Estate Conversation. Retrieved 4 February 2021.
  5. ^ a b "Coronavirus shifts consumer behaviour and helps some businesses boom". ABC News. Retrieved 4 February 2021.
  6. ^ "Competition heats up in Perth luxury market". The West Australian. Retrieved 4 February 2021.
  7. ^ "Commercial: CBD development site on Hunter Street with holding income". Newcastle Herald. Retrieved 4 February 2021.
  8. ^ "A beautiful Byron Bay property attracts more than 120,000 views in four days". The Daily Telegraph. Retrieved 4 February 2021.
  9. ^ a b c "Openn Negotiation offers simple auction platform for buyers". Online Marketplaces. Retrieved 4 February 2021.
  10. ^ "'Make Use of Technology': Auctions, Open Homes in Coronavirus Shut Down". The Urban Developer. Retrieved 4 February 2021.
  11. ^ a b Zekulich, Wayne (10 May 2021). "Initial Public Offering Prospectus" (PDF). openn.com.au. Openn Limited.
  12. ^ "Online auctions: selling homes under a virtual hammer". Canstar. Retrieved 4 February 2021.
  13. ^ https://www.realestatebusiness.com.au/tech/21374-2bn-milestone-for-tech-platform
  14. ^ Shaw, Wesly. "Second Century Ventures Announces REACH Australia's 2021 Accelerator Class". National Association of REALTORS. National Association of REALTORS. Retrieved 17 April 2021.

External links[]

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