The Company’s solutions are primarily delivered online through their technology platform. The Openn platform combines their proprietary technology for a transparent online sales process with an online software platform to facilitate real time negotiation of property sale transactions.
The Openn platform is designed to facilitate different types of sales methods. At present, it facilitates:
- Openn Negotiation – the Company’s primary product offering and sales process which combines flexibility of a private treaty with the transparency of auction price discovery; and
- Openn Offers – which supports a traditional private treaty process online with improved transparency.
- The Openn platform is a transactional tool used by real estate agents throughout Australia and New Zealand to conduct property sales online.
The Openn platform facilitates a real-time, online bidding process to achieve the market value for a property, through competitive price tension. The platform aims to build trust between the agent and buyer and ensures price maximisation for the seller.
Agents (who are trained by Openn and certified to use the platform) are able to upload properties to the platform.
Potential buyers are then able to view properties. Those who wish to participate in a sale campaign can register and bid online through the Openn platform via a web browser or mobile app.
Competing bids for a property are disclosed on the platform to participating qualified bidders. This provides all bidders with price transparency, allowing them to make an informed decision about improving their bid.
In addition to its transaction capability, the Openn platform captures unique, real time data that has the potential to provide lead indicators for the property market. This data could add value to the property sector especially as the industry is experiencing an increase in buyer demand and competitiveness.
With approximately 55,000 registered users across Australia, over 3,300 agents adopting the technology and approximately $2 billion of property sales so far, the Openn platform is being recognised as an industry enabler, delivering a flexible and transparent transaction alternative.
It is anticipated that OPN will list on the ASX during June 2021.
Openn Negotiation is a new, simple, seamless and technologically advanced system designed to bring an unprecedented level of transparency to the process of buying and selling real estate online via an online auction app.