Movable agent, Steven Dick, has set a record for the highest value property transacted on Openn – selling a commercial property via online auction for $9,830,000.
The result was achieved following a near 2-hour final bidding stage, which saw two bidders battle it out for 59 bids before the online hammer fell.
“At one point we had the vendor going ‘Oh, not again!’ when a bid came in and we had to remind her that each bid was $5,000 a minute she was earning. Even though it was going on for 59 bids, at $5,000 a minute, it was worthwhile,” said Steven.
Located at 2364 Pacific Highway, Heatherbrae in NSW, the commercial site is home to well-established tenants in the recreational vehicle sector.
“The sellers are a long-standing commercial client and their father unfortunately passed away, so they were going through a deceased estate phase,” said Steven. “This was a commercial industrial property with a really good tenancy mix in an area that's become synonymous with outdoor lifestyle businesses. So it was almost a perfect storm.”
Once the property hit the market, Steven was inundated with enquiries from keen investors.
“On our first email blasts to our existing database, we had something like 90 inquiries. Then subsequently, with using Real Commercial and Commercial Ready, we had a total of 161 inquiries on the property. So, that was a really good base to work from,” he said.
The campaign attracted a total of 7 qualified buyers, with the majority bidding from interstate or overseas.
“Openn is just such a flexible platform, it allows people to bid from wherever they are. In the final bidding stage we had a guy in Seattle, a guy in South Africa, a couple of guys in Newcastle, and a guy in Sydney. So that just couldn't have happened unless it was through Openn Negotiation,” said Steven.
This wasn’t the first commercial property Steven had sold for this family using Openn’s online auction method.
“Their last four properties have sold via Openn Negotiation, so there was never any doubt that that's the method they wanted to use for this latest property,” said Steven.
“And in fact, one of the beneficiaries had a private residential property he wanted to sell using the Openn Negotiation method. However in the end I wouldn’t reduce my commission rate, so he went with another agent. But when you get a vendor dictating to an agent that they've got to sell via Openn Negotiation, I think that's a pretty good testament to the product that you've got.”
Are you a commercial agent? Talk to us today to find out how Openn can help you sell more efficiently.