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Frequently Asked Questions

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What is Openn?

Openn is a smarter way to buy and sell property.

It streamlines the entire process, helping sellers achieve strong results, giving buyers real-time clarity, and allowing agents to manage everything more efficiently. With features like digital contracting, real-time offer tracking, and instant updates for everyone involved, Openn makes the journey faster, clearer, and more transparent for all parties.

What is Openn Negotiation (Online Auction)

Openn Negotiation is an online auction. Buyers will know this upfront, as the listing will clearly state that the property is being sold through an online auction campaign.
 
To participate, buyers simply scan the QR code or click the link provided by the agent. Buyers submit a starting price and begin the qualification process by providing their personal details and any proposed terms which may vary from the contract, such as deposit amount, settlement date, and any other conditions.
 
Once the seller approves those terms — and the parties sign the registration document — the buyer’s price becomes live on the property, and they receive a unique paddle number confirming they are qualified.
 
Qualified buyers can then see the other paddle numbers, the current highest bid, the final bidding stage date, and the bidding timeline. They can increase their bid at any time or wait until the final stage. If only one buyer becomes qualified and their price is acceptable, the seller can choose to sell at any time.
 

What is Openn Offers (Private Treaty / Sale)

Openn Offers is a private treaty sale process. It gives agents a centralised offer management system and allows buyers to track the status of their offer in real time.
 
Buyers access the online portal to submit their price, terms, and personal details for review by the agent and seller. Once these terms are acceptable, the agent will progress the buyer where they are allocated a paddle number and can improve their offer at any time.
 
From that point, buyers are granted whatever visibility the seller has instructed the agent to provide. This can include insights such as how many buyers are involved, price ranking, full price transparency, and or a final offer deadline if the seller chooses to set one. The seller can also accept an offer at any time, and the accepted offer may not be the highest if other terms are more suitable.
 
The listing will clearly state that the property is being sold via private treaty.
 

Why should I sell my vendor's property through Openn?

Openn provides buyers with transparency, while creating healthy competition.

This means that as an agent, you can offer far more value to your clients because they know exactly what is happening throughout the entire process. It connects you with more prospective clients and restores the value both vendors and buyers see in the profession by making the process clearer and user friendly.

Openn is a more effective and simpler way for you to work because it gives you the flexibility to choose the best sales method for your seller, receive bids and offers to a centralised location, approve buyers and negotiate all from the palm of your hand.

Is this replacing real estate agents?

Openn was created by agents, for agents. Only licensed real estate agents can list with Openn.

How much does it cost? 

Openn provides several pricing options designed to suit every agent's needs. Contact us here for more information.

How do I list a property? 

Before you can list properties on Openn, you must sign up to one of our agent packages. We offer a range of pricing options designed to suit every agent's needs. Contact us here for a quote.
 
You can also book a demo to better understand how the platform works.
 

What is the final offer/bidding stage?

The final offer or bidding stage brings the Openn process to an end. The platform will display a date and time indicating when this will begin. Once this starts, new buyers cannot be accepted and qualified buyers will participate and decide if they wish to improve their bid or offer further, under a countdown timer.

Each time someone improves their bid or offer, or the increment is adjusted by the agent, the countdown timer resets. This is designed to provide plenty of time for each buyer to determine their next improvement on price. The agent can pause the timer and speak to the owner to set new increments, determine when the home meets the reserve or call buyers direct to encourage an additional bid.  The agent is also able to adjust the final bidding stage date, if needed. 

In an Openn Negotiation, after the clock runs out, if the property has met reserve then it is sold to the highest bidder. If it has not met reserve, it is passed in and the agent will continue negotiations. In Openn Offers, while there may be a final offer stage date set, the property can still sell at any time. 

What if it doesn’t reach reserve price? 

If the property doesn’t reach the reserve price, it will pass in and the agent will negotiate with any interested parties, including the existing qualified buyers. 

Can we change the reserve price? 

In an Openn Negotiation, the reserve price can be changed at any time during the campaign; however, once the reserve price is reached, no additional changes can be made to ensure the legitimacy of the process. 

Can the property sell early?

Yes, in an Openn Negotiation, if a sole bidder enters a price that is acceptable to the seller, the property can be sold to them immediately.  

If there are other qualified bidders on the property, the final bidding stage must be conducted to give other bidders a fair chance to purchase the property; although, this final stage can be brought forward.

In an Openn Offers campaign, the property can be sold at anytime to anyone, on the vendor's instructions.

How do I know the buyers are real?

In an Openn Negotiation, all buyers are required to complete and sign a fully binding contract as part of the qualification process, which is then signed by the seller. As a result of this process, buyers will have confidence that each paddle on the bidding timetable is linked to a legally binding contract.

The contract documentation and verification process all bidders and sellers sign before being allowed to bid is more rigorous than traditional selling methods. This process has been through a thorough legal review to ensure compliance with the Auction Act. Dummy bids are impossible with an Openn Negotiation.

In an Openn Offers campaign, each buyer accepts the terms of use before their offer is placed. The real estate agent undertakes a comprehensive identity check before progressing their offer, and each buyer is represented by a unique paddle number.

What if a buyer withdraws? 

In a private treaty sale, buyers reserve the right to withdraw their offer at any time. Depending on the agent’s settings, your withdrawal may be submitted as a request so the agent can speak with you first, or you may be able to withdraw immediately without approval.
 
For an online auction or Openn Negotiation campaign, withdrawing as a bidder or withdrawing a bid is at the discretion of the auctioneer. This is governed by state-based auction legislation, and the auctioneer will decide whether a withdrawal is permitted in line with those rules.

Are we obligated to take the highest bid? 

In an Openn Negotiation, if the highest bid is above your reserve price, the property will sell on the agreed terms to the highest bidder; however, in an Openn Offers campaign, the vendor is not required to accept the highest offer.

Is Openn legal?

Absolutely, yes. All sales methods facilitated through the Openn platform have undergone a thorough legal review to ensure compliance in all states.

Additionally, the contract documentation and verification process all bidders and sellers sign before being allowed to participate in an Openn Negotiation is more rigorous than traditional selling methods.

Why should I sell my home with Openn? 

Choosing to sell your property with Openn ensures you capture a wide buyer pool, get real-time feedback from the market and have less days on market.

Buyers can be anywhere in the world and aren’t locked into specific conditions. They can submit their settlement date, deposit and even finance conditions for your approval from the start. This flexibility allows more buyers to participate.

With an Openn Negotiation, all buyers are pre-contracted and approved by you, meaning you have a real-time indication of how many qualified bidders are placing legally binding bids, from as early as day one.

Can I sell my property myself?

Openn is a sales platform managed exclusively by real estate agents. To sell your property with Openn, you need to do so with a real estate agent who has undergone our training program to become an Openn Certified Agent.

We have over 5,000 certified agents across Australia and New Zealand. You can search our "Find an Agent" portal for one in your area, or you can ask your preferred real estate agent to contact us at support@openn.com.au or 1800 667 366 to get certified today. 

Who can watch the Openn process?

Openn has an 'observe' feature, which allows people to view the process as it progresses.    

This feature is controlled by the agent and can be turned on or off at any time.  

Can a seller accept a cash offer over a subject to finance offer?

In an Openn Offers campaign, the vendor can accept any offer at any time, even if it is not the highest value.

However, an Openn Negotiation allows buyers with flexible terms which, in turn, allows the largest possible number of buyers to participate on a level playing field. In this instance, the vendor is not able to choose the winner. That is determined by whether the reserve is met and who is the highest bidder.

It is vital that you work closely with your agent to set your preferred terms or ask for their advice as to what is fair and equitable when approving buyers to participate.

Why is it important to qualify early?

If you like the property, it is best to get qualified straight away because it could sell at any time. The qualification process can take up to 24 hours.

What is the 'observe' feature?

This feature is made available by the agent. If you are unable to observe via the app, please contact the agent who will be able to assist.

It’s important to remember that being an observer does not mean you are qualified to participate in the negotiations, but it will allow you to observe the process.