Openn (yes, that's two N's) Negotiation is a method of sale and bidding system.
It is simply an online auction. But, it is different to a standard auction in that it:
1. Allows flexible conditions. Unlike a standard auction where you must be unconditional at the fall of the hammer, you can make your bid subject to conditions (e.g. finance, preferred settlement date, etc.). If you are the winning bidder then the property goes Under Offer subject to your conditions; or Sold if unconditional.
2. Starts as soon as the first bid comes in. There are two main phases:
a. The Campaign Bidding Stage
Where new bidders get qualified and place their initial bid. This starts as soon as the property is launched on the market. The highest bid is made public but you need to be registered to see the full bidding timeline. Bidders can withdraw their bids at any time.
b. The Final Bidding Stage
Where all the qualified bidders participate in a final bidding stage and the winning bidder is awarded the sale.
In a nutshell
Simple, secure and transparent.
As a qualified buyer, you'll will see where you stand and how many other buyers there are. No more wondering if your competition is real.
You're in control
Once you’re qualified, you're in control. You can choose to improve your price and knock the competition out early, or you can wait for the final stage to begin.
Stay in the loop
Track the negotiation 24/7, from start to finish and receive alerts every time a new bid or offer is made. Then manage your price at the click of a button.
No. Openn Pty Ltd trading as Openn Negotiation (openn.com.au) is an ASX-listed public company (ASX: OPN). It has been running since 2016 and there are thousands of agents Australia-wide (and now internationally) using this system.
Certified Openn Agents have an agent login to manage the process but can only interact and make changes that are permitted by the legislativelly-controlled system.
No, those are where you submit your best offer and then the agent comes back to negotiate with you. None of the bidders has knowledge of the other bids (QLD legislation). These are just different approaches of attracting private treaty offers.
Openn is a real auction under auction legislation.
It is transparent. As a qualified bidder, you are able to see all the other bidders, their bids and improve your bid at any time.
1. No price guide.
Queensland legislation prohibits any price guide or indication in an auction. The property will sell for what the market believes it is worth provided it meets the reserve price.
2. Presided over by a Licensed Auctioneer.
The auction is presided over be a Licensed Auctioneer whose details are accessible from the bidding site. If you are the winning bidder, then the Auctioneer transfers the details from your authority to bid form (including your terms & conditions) to the Contract of Sale and can sign it on your behalf. They do so under statutory authority.
Typically yes. Just like a standard auction, the sellers will set a reserve which they can change at any time during the campaign bidding stage prior to the final bidding stage. If the reserve is hit at any time then it will clearly show that the property is "on the market" at which point the reserve can no longer be changed.
Then the property will be passed in and we can negotiate with any bidder. We will typically go to the high bidder first so you want to make sure you stay in front.
No. The auction must finish in a final bidding stage to give all qualified bidders a fair chance to participate.
The seller can only choose to award the sale directly if there is a sole registered bidder or choose to negotiate with any bidder if the property passes in.
A sole registered bidder may remain if all other qualified bidders formally withdraw their active bids.
Only if you have completed the registration process, are officially qualified to bid and your initial bid has been approved.
From there, improving your bid is a two-click (submit + confirm) process once you are an active bidder.
Just like a standard auction, you fill out an Authority to Bid form (sent electronically via DocuSign) and provide necessary identification details. You must do this and place your initial bid during the campaign bidding stage prior to the final bidding stage.
The information that you provide here is what gets transferred to the Contract of Sale and must be accurate.
If the sellers accept your conditions then you are qualified. You then bid on equal footing to the all the other bidders. You just need to be the winning bidder on price.
As long as you provide proof from your financier prior to the finance date then you can withdraw with no penalty and your deposit fully returned. We then put the property back on the market.
However, to qualify subject to finance, we do request that you have pre-approval from your financier and we do require a 10% deposit to show your serious commitment to the purchase.
We only need your deposit if you are the winning bidder. This is typically 3 days from contract date (i.e. final bidding stage completion).
You can specify your preferred terms & conditions (e.g. settlement date, special condition) during the qualification process.
If the sellers accept your terms then these will be transferred to the Contract of Sale if you are the winning bidder.
No, like a standard auction there is no cooling-off period.
By signing the Authority to Bid form, you are entering into a legally-binding agreement to complete the Contract of Sale according to the details provided if you are the winning bidder. The information you provide in this form will be transferred to the Contract of Sale along with your winning bid value for the purchase price and it must be signed (the auctioneer has statutory authority to sign on your behalf if you do not).
That means that the information you provide in the Authority to Bid form (e.g. full legal names, specific terms & conditions) are final. No further changes or negotiation can be undertaken after the auction is completed unless by express agreement by both buyer and seller. For example, if you have agreed to no finance condition then you cannot add it afterwards. Any variance risks defaulting on the contract, the loss of your deposit, and additional legal costs.
Therefore, please ensure the Authority to Bid form is accurate before signing and only agree and bid to what you can commit to.
No. Bidders will only know if the winning bid was conditional (Under Offer) or unconditional (Sold) once the final bidding stage is complete.
That's right. You do everything from your computer Internet browser or mobile device (browser or download app from App store) in the comfort of your home.
Mobile works well for:
Computer recommended (mobile okay for advanced users) for:
No! We've had bidders from 18 to 80.
We will give you very clear instructions to follow all the way through the stages (written and video).
We will ensure that you are ready and comfortable going into the final bidding stage.
We can pause the final bidding stage at any time if you are having technical difficulties.
You can withdraw from the process at any time before the final bidding stage commences.
You will not be able to re-enter without requesting to resubmit a new higher bid.
We endeavour to give you adequate notice of the time and date.
This is scheduled based on the interest level and can be brought forward or pushed back with 12 hours notice. It must be held between 8am and 9pm local time and is typically held around 7/7:30pm in the evening so you can participate from the comfort of your home.
Only qualified bidders with an existing active bid can participate and we close registrations a few hours before the final bidding stage.
The final bidding stage allows all bidders to improve their bids until there is a winning bidder. The winning bidder then purchases the property subject to their agreed terms and conditions. Most final bidding stages last between 20 and 45 minutes.
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 can have confidence that each paddle on the bidding timetable can be linked to a fully 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 and has been through an incredibly thorough legal review to ensure compliance with the Auction Act.
Dummy bids are impossible with an Openn Negotiation.
This can happen only by:
1. The final bidding stage being moved forward (with 12 hours notice between 8am - 9pm)
2. Awarding the sale to sole bidder
A sole bidder could be the initial bidder. Or, a sole bidder can remain if all the other registered bidders formally withdraw from the bidding.
If you are qualified then you will receive all notifications and can't miss out so get qualified asap!