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Digital auction platform Openn Negotiation has recorded what may be Australia’s largest online home sale, with WA agency Mint Real Estate selling a $4.73 million home through the site.
The sale of the luxury Perth home caps off an important year for the platform, with over 1,500 agents now certified to sell properties through Openn Negotiation’s transparent bidding system and an average property sale price of $717,529.
Openn Negotiation managing director Peter Gibbons said the platform’s offering was resonating with buyers and agents alike due to the efficiency of the sale process, which often resulted in strong word-of-mouth referrals for agencies that signed up as users.
“We developed Openn Negotiation after lamenting the sheer confusion that is caused for all participants in the transactional process of buying and selling a home,” Mr Gibbons said.
“Agents frequently tell us Openn Negotiation has transformed their relationship with both buyers and sellers.”
Mr Gibbons said buyers were often put offside by traditional private treaty sales where they were kept in the dark about other offers, while the process could be equally inconvenient for sellers who were forced to stay by the phone for updates from their agent.
“Recently, an agent shared with us a story of a couple who were successful buyers in a property bought via Openn Negotiation, and enjoyed the process so much they asked the agent to sell their own home using the same method,” he said.
“At the time of the sale, the couple were away on holiday in Italy but didn’t miss a thing because the whole process works online, and sold it for an amazing price. This is what the future of real estate has the potential to look like.”
Mr Gibbons said the platform’s strong business case was reflected in the recent closure of its series A funding round where it picked up $3.5 million from venture capital investors.
“Through our connection and engagement with industry partners, we have identified a number of value-adding opportunities which will assist an agent with the whole process of buying and selling a home,” he said.
“We’ve seen a tremendous amount of support from the real estate community and expect to see continued growth.”
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