Selling a home is one of the most exciting (but also the most stressful) decisions a person will make.
Stress levels may increase if the home needs to be sold quickly, prompting the vendor to jump at the first offer, even if it is below market prices. On the other hand, some sellers may hold out for a higher, unrealistic price, which can become frustrating and disheartening for everyone involved.
Most real estate professionals would agree that the longer a property sits on the market, the less buyers expect to pay.
So how can an agent give their vendor the confidence they have reached the best market value for their house? The best strategy is maximum transparency.
By ensuring vendors have a comprehensive picture of market conditions, they will be better placed to identify good offers. They will be more likely to accept one promptly when it is made, rather than let it walk out the door.
With the Openn Negotiation platform, all offers are fully transparent. This level of transparency can be tremendously beneficial to your vendors. By showing everyone’s bid in real time, it helps them gain a realistic understanding of the market.
Ultimately, in order to achieve the best result, it’s crucial agents understand the motivations and needs of their vendors.
So what’s driving vendors?
1). THEY WANT THE OPPORTUNITY TO GET THE BEST PRICE
Unsurprisingly, price is the most important consideration vendors have when it comes to selling their house.
The vendor needs to know they are getting the most they possibly can for what is most likely their highest-value asset.
This often results in vendors instinctively saying ‘NO’ to the first offer they get, which could have been the best one they received. This is because the vendor doesn’t yet have any basis for comparison. They don’t know the market well enough to understand if it is a fair price.
The Openn Negotiation platform solves this problem. If a strong, opening bid is made by a qualified buyer, the vendor can choose to accept it, or the agent can advertise the bid on major listing portals to see if it excites the market and motivates other buyers to join the negotiation.
2). THEY WANT AN AGENT WHO HAS A PLAN
Vendors want to know the agent they are engaging has the experience and expertise necessary to get the best outcome possible for their property.
The agent should have a strong track record in the local area, understand the specific market conditions and establish a well-rounded selling system to attract the right buyers.
The marketing activity should be aggressive early on to attract buyers. The longer a property sits on the market, the less buyers expect to pay.
Openn allows the sales process to be conducted over a short and defined time-frame — avoiding endless home opens and the likelihood of the property going stale.
Not everything always goes to plan, which is why flexibility is strongly embedded into the Openn Negotiation process. The agent has the ability to bring forward or push back the final bidding stage under the seller’s instruction.
3). THEY DON’T WANT TO ‘GIVE’ THE HOUSE AWAY
Great agents commonly feel guilty when, in a private treaty scenario, a buyer who missed out calls them to say: "I would have paid more if I'd known what to pay."
It’s a conversation agents will never share with their vendors, as nothing upsets a vendor more than discovering they could have sold for more.
While it’s imperative agents do not over-price a property, which will turn off many potential buyers, under pricing is just as risky. An agent can struggle to negotiate a higher price if there is a lot of buyer interest.
Openn avoids the possibility of over or under pricing. By letting buyers start the bidding, there’s no risk of scaring buyers away. They have the opportunity to compete openly and follow the price up to the seller's reserve as the competition builds.
After a successful sale, the buyers who missed out know it's only because the property went beyond a price they could afford, and not because they didn’t have the opportunity to offer more.
The result is a negotiation process which gives the seller peace-of-mind they have achieved the best possible price based on market demand.
4). THEY FEEL LIKE THEY GOT A GREAT AGENT AND RECEIVED VALUE
Agents put a lot of time and expertise into listing and selling a property, but the vendor doesn’t always see that effort.
With the Openn Negotiation platform, vendors are able to see the impact their agent is having in real-time, the whole time.
Vendors see the number of bids coming in. They also see exactly what the market is willing to pay.
During the final bidding stage, the bidding may start to slow, at which point the agent begins negotiating in earnest with the competing buyers to secure the best result for the seller.
The seller is witnessing, firsthand, that their agent is doing all that’s possible to achieve the optimum market value for their property.
With this level of transparency comes trust.
The seller can rest assured they received value by using the services of a modern agent who has genuinely earned their commission.
Want to know more about Openn?
Openn is an online property purchasing platform designed to be transparent and fair for both buyers and sellers.
Created by agents, for agents, it allows qualified buyers to openly negotiate on price with the advantage of knowing exactly how many real competing buyers there are. In turn, the vendor can watch the process unfold and feel confident in the sale value of their property.
Keen to try it for yourself? The first step is becoming a certified Openn agent — sign up to a training session today.
Or, to see the process in action, download the app or sign up on the Openn website, pick a property and hit ‘Join as Observer’.