How Open Negotiation Works
After being trialled with great success by agents, sellers and buyers using a paper based version, the Open Negotiation process is ready to use via a revolutionary new app.
To participate in an Open Negotiation, 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 the Open Negotiation via the Openn app.
All terms accepted buyers are asked to submit an opening bid. 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 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, the Open Negotiation may start earlier than scheduled.
Once the Open Negotiation begins, all terms accepted buyers bid openly using the open 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 also has a buy it now button which gives buyers the option to purchase the property prior to the open negotiation.
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.