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Openn Negotiation

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Openn Negotiation
Company typePublic
ASX: OPN
IndustryReal estate
FoundedApril 2016; 8 years ago (April 2016) in Perth, Western Australia[1]
HeadquartersPerth, Western Australia Australia
Area served
Australia, United States, Canada and New Zealand
Key people
Peter Gibbons, Chief Executive Officer[2][3]
Products
  • Openn Negotiation
  • Openn Offers
  • Openn Tender
Websitewww.openn.com

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. Openn Tender allows buyers to submit tender offers digitally before a set deadline for the agent and seller to review.[4][5][6][7][8] It was launched in Australia in 2016,[1][3] and has seen significant growth largely due to COVID-19 restrictions on traditional home inspections and on-site auctions.[4][2][3][9]

Operations

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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.[10]

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.[10]

Openn Negotiation's online bidding platform is transparent for buyers, sellers and agents.[1][8][3][11]

Since 2017, Openn Negotiation has sold $4.95 billion worth of property in Australia.[12]

Voluntary Administration

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On 6 May 2024 Openn advised the ASX that Richard Tucker and John Bumbak, of KordaMentha, have been appointed administrators to the company to "maximise the chances of continuing in existence". If this isn't achievable, Openn says the voluntary administration will result in "a better return for the creditors and members of the company than would result from an immediate winding up of the company".[13]

On 10 July 2024 the administrators announced that they had sold off the North American and Canadian operations of the business to Final Offer a North American online offer and negotiation platform for residential real estate.[14]

Partnerships and integrations

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  • August 2021 – CoreLogic onthehouse.com.au[15]
  • April 2022 – The Canadian Real Estate Association REALTOR.ca[16]

Awards

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Patents

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  • Australian Patent – 2017280108[18]
  • US Patent – US 11,250,498 B2[19]

See also

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References

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  1. ^ a b c "Safe as houses: The West Australians disrupting the real estate game". The Sydney Morning Herald. 17 January 2019. Retrieved 4 February 2021.
  2. ^ a b "Sam Neill: Actor sells Double Bay home via online auction". News.com.au. Retrieved 4 February 2021.
  3. ^ a b c d "Online auction platforms experience unprecedented growth". The Real Estate Conversation. 26 March 2020. Retrieved 4 February 2021.
  4. ^ a b "Coronavirus shifts consumer behaviour and helps some businesses boom". ABC News. 5 April 2020. Retrieved 4 February 2021.
  5. ^ "Competition heats up in Perth luxury market". The West Australian. 18 October 2020. Retrieved 4 February 2021.
  6. ^ "Commercial: CBD development site on Hunter Street with holding income". Newcastle Herald. 8 October 2020. Retrieved 4 February 2021.
  7. ^ "A beautiful Byron Bay property attracts more than 120,000 views in four days". The Daily Telegraph. Retrieved 4 February 2021.
  8. ^ a b "Openn Negotiation offers simple auction platform for buyers". Online Marketplaces. 31 August 2019. Retrieved 4 February 2021.
  9. ^ "'Make Use of Technology': Auctions, Open Homes in Coronavirus Shut Down". The Urban Developer. 25 March 2020. Retrieved 4 February 2021.
  10. ^ a b Zekulich, Wayne (10 May 2021). "Initial Public Offering Prospectus" (PDF). openn.com.au. Openn Limited.
  11. ^ Waraker, Shay (15 July 2020). "Online auctions: selling homes under a virtual hammer". Canstar. Retrieved 4 February 2021.
  12. ^ 62% Upload Growth in 2022 {cdn-api.markitdigital.com 31 July 2022
  13. ^ "Openn Negotiation calls administrators after Proffer bid". Business News Australia. Retrieved 22 July 2024.
  14. ^ https://finance.yahoo.com/news/final-offer-strengthens-presence-united-120000327.html
  15. ^ Bromley, Darren. "ASX ANNOUNCEMENT" (PDF). Australian Financial Review. Retrieved 30 August 2021.
  16. ^ Leduc, Pierre (6 April 2022). "CREA set to bring transparency to the Canadian real estate consumer". The Canadian Real Estate Association. Retrieved 15 May 2022.
  17. ^ Shaw, Wesly (3 March 2021). "Second Century Ventures Announces REACH Australia's 2021 Accelerator Class". National Association of REALTORS. Retrieved 17 April 2021.
  18. ^ "IP Australia: AusPat Disclaimer". pericles.ipaustralia.gov.au. Retrieved 31 May 2024.
  19. ^ US11250498B2, Clements, Peter Edward; Gibbons, Peter John & Glover, Bradley Robert, "Sales mechanism and digital interface therefor", issued 2022-02-15 
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