As a vendor, you want to sell for a premium price.
The best way (regardless of market conditions) to achieve that goal is through competition.
To ensure that you get the best possible chance of generating competition, you need urgency and transparency.
This is where the sales method comes in.
Traditionally, your choices are either private treaty or auction but in the past 3 years or so our clients have experienced great results with the following 2 methods.
- Openn Negotiation – Auction style (but with flexible terms) approach
- Openn Offers – Private treaty style approach but you can disclose pricing
Openn Negotiation
In an Openn Negotiation, all bidders are pre contracted – which confirms their commitment to purchasing if they are the winning bidder and provides authority for the auctioneer to transfer their specific terms to the final contract and execute on their behalf.
Because Openn Negotiation operates under Auction Law, the highest unchallenged bid above reserve wins. As such you need an Auctioneer (complimentary when selling with The Haus)
Throughout an Openn Negotiation campaign, there is full price transparency. And just like an auction, the current bid (price) will be updated throughout the advertising.
Openn Offers
As Openn Offers operates under a private sale or private treaty legal framework, the agent is able to control whether qualified buyers can see the prices submitted by other buyers via an on/off app setting. If the app setting is turned on, then buyers can see where their offer ranks in terms of price, providing greater transparency than traditional private treaty.
An Openn Offers campaign does not require an auctioneer and given it is not an auction, the agent would not reveal any prices outside of the platform. Only qualified buyers are informed of the price ranking through the app.
Openn Offers also allows the vendor, guided by the agent, to accept an offer which may have a lower price but more favourable terms. They may also accept any offer at any time – which means they don’t have to proceed to the final stage.
Shared features
There are a number of shared features the Openn platform offers across all sales methods. These include:
- A countdown timer and final stage to help build anticipation, competition and bring each process to a close.
- The capability to turn on or off the registration of interest feature.
- Contract automation – so agents can execute the final contract of sale by uploading any document, applying the fields they’ve captured from buyers and routing it for digital signatures.
- The ability to embed a “make a bid” or “make an offer” button directly onto an agents’ website and,
- A property report which can be automatically generated as a PDF at the end of the campaign with statistics on how the sale ran.
Which method should you choose?
It really depends on your property and your situation.
If you believe that there will be strong competition for your property or you are unsure of market price for your property, then Openn Negotiation is the way to go.
On the other hand, if your property is less likely to attract strong interest or price is not the most important factor, then Openn Offers is the way to go. You can also start with a traditional campaign and switch to an Openn Offers campaign as soon as you receive multiple buyers.
At this point in time, you can switch between the two campaign styles at no extra cost.
That’s a wrap! Hopefully this helps you to understand the key differences in features between the sales methods available on Openn.
If you would like to learn more, simply get in touch here.
(Images and text supplied courtesy of Openn)
