Openn.com.au app advances online residential property auction capabilities

An app designed by WA real estate agents, called Open Negotiation allows sellers to pre-approve terms and conditions from people interested in buying their house.

The approved buyers are then able to bid for the property in an online auction, enabling bidders to see what the other parties are offering.

It has attracted listings from agencies including Mint, Abel McGrath, Jones Ballard and The Agency.

“In a normal private treaty we often get calls from the buyers that miss out saying, ‘I would’ve paid that. I found out what you sold it for and I would’ve paid more if I had known what you sold it for’,” said Peter Clements, a real estate agent and one of the brains behind the concept.

“With Open Negotiation I have never enjoyed selling as much, because you can share other people’s prices. All the buyers feel comfortable because if they miss out, they only chose to miss out because they couldn’t pay any more,” he told the local Perth paper.

The app has been operational for five weeks with 17 homes sales since using the technology.

“There’s never ever been another system that pre-contracts and then allows agents to still be involved at the same sort of level,” Mr Clements said.

Clements said while the initial roll-out was in WA, there was interest across Australia.

There were five bidder and eight bids on a Bayswater recent listing, a three bedroom duplex at 117B Milne Street. 

For more information, go to openn.com.au