There’s no denying it
We’re seeing a cooling market all around Australia at the moment, with published statistics showing that the value of homes, the number of transactions and the auction clearance rate are all generally lower than that of previous years.
Unfortunately, this has led to many potential sellers experiencing a strong level of uncertainty as to where they should be setting their reserve prices, and this is having a flow-on effect upon the days properties are on the market. With conditions being more unpredictable, how do you offer assurance as an agent that you can achieve the best outcome?
The market has been showing figures that the Australian real estate industry hasn’t witnessed in quite a few years, especially with the hot market conditions experienced around 2016.
Market forces have been fluctuating quite significantly, which means that sellers aren’t sure where to set their reserve price or what the value of their home is right now. Additionally, supply has been up and buyer numbers are reduced, leading sellers to apply larger discounts in order to make a sale.
This, together, has led to the average days on market increasing around the country.
Sellers are looking to agents
While these statistics are indicating a slowing market, people still need to sell and others still want to buy. Understandably, now more than ever, your potential vendors are looking for agents who can offer them more assurance.
They want better guidance and proof from you that they’re getting the best result, despite these conditions.
How do you offer this?
Imagine being able to offer your client a much simpler way to get the best possible price!
Openn is an online platform that allows qualified buyers to openly negotiate on price with the advantage of knowing exactly how many real competing buyers there are.
By showing everyone’s bids, all buyers know what price they need to beat. Buyers under transparent competition will always pay more because they have social proof of competing buyers.
So Openn is like an auction, but the bidding can start from as early as day one. The sales process is conducted over a short and defined time (between 1 – 4 weeks), providing certainty and avoiding the property going stale or into the ‘dead zone’.
The platform, Openn Negotiation, maximises the number of buyers eligible to bid by giving the vendors the power to approve flexible terms. Once pre-contracted and approved, you know that each buyer is serious and legally obligated, should that buyer win.
Openn is a way to offer far more certainty and efficiency in the difficult market that we are experiencing today, because:
- you’ll get the best price possible for a property - buyers will compete with each other transparently to help drive the price up.
- you’ll have a better idea of when the property will sell - as the sales period is more clearly defined.
This is reassuring during a time when vendors are unsure of what their property is worth and where they should set their reserve.
The statistics speak for themselves
When compared to the rest of the country, the average days on market with Openn compared to other selling methods are as follows:
Openn is actively demonstrating itself as a highly effective method of sale that’s growing in popularity. In market conditions where your clients are looking for a better way, it’s your opportunity now to offer it to them.