Have you heard this term before? YES? – as it says – OPENN IS A TRANSPARENT NEGOTIATION PROCESS
Some fantastic results has been achieved with this sales process in the residential property market and in a shorter time frame, resulting in very happy buyers and sellers. Openn Negotiation is a sales method that are being used more and more often with most Sellers very satisfied with the process.
Education and a high level of communication by the agent is key to the process. Some buyers compare it to e-bay – which gives you a bit of an idea of the process. This method is similar to a silent auction but with really great results for buyers as they can see that there really is another buyer (or more!) also bidding on the property they love as well as the price their competitor are prepared to pay. Buyers are not tied into the process and may leave at any time should they find another more preferable property. It remains the Buyer’s decision to increase their bid or leave the negotiation.
For Sellers, the shorter time frame in which property is sold proves to be a far better process resulting in less anxiety, fewer home opens and a firm indication of the interest and the perceived market value of their property. The Seller enters a reserve price and the upside of the Openn Negotiation sales method is that no ceiling is placed on the price of the property. Working with your sales agent this sales strategy to get your home sold in the shortest period and for the maximum price is undeniable one of the best with proven results.
Early contractual commitment is obtained from interested Buyers and the Sellers approve all contractual terms and conditions before the negotiation process commence. On the day of the Openn Negotiation the Seller works closely with the agent towards the best result for their property. An important note is that the Seller stays in control of the process. Should the Seller wish to accept a good offer sooner than the proposed Openn Negotiation Date, the date can be brought forward to suit the registered Buyers and Sellers. This is why it is really important for interested Buyers to not sit on the side line as observers but to ensure that their offer is in writing and registered with the agent.
For Buyers, the Openn Negotiation process gives confidence in the value of the property. Buyers are able to observe other competitive bids throughout the whole process and decide if they wish to increase their offer on the property.
Often in the normal private treaty process buyers feel they are kept in the dark, waiting for hours or days to know if their offer has been accepted, rejected or presented to the Seller. With Set date sales and other no price strategies some Buyers are scared or unmotivated to participate – often seeing the property sell for a price they would have paid. A property can not be sold unless the bid clock runs down, so buyers have enough time to increase their bids and not lose out on the property they have set their hearts on.
Sal Viljoen is one of the qualified Openn Negotiation agents and could be contacted on 0424 187 243 to find out more about this exciting process of selling property.