Openn Negotiation Limited (ASX:OPN)
Openn Negotiation Limited (ASX:OPN) operates a proptech business that provides technology solutions to enable the transparent negotiation and sale of real estate online.
Openn Negotiation's solutions are delivered online through its technology platform. The Openn platform combines the Company's proprietary technology for a transparent online sales process, with an online software platform to facilitate real time negotiation of property sale transactions.
The platform is designed to facilitate different types of sales methods. At present, it facilitates:
- Openn Negotiation the Company's primary product offering, is a sales process which combines the flexibility of a private treaty, with the transparency of auction price discovery; and
- Openn Offers supports a traditional private treaty process online with improved transparency
The Openn platform is a transactional tool used by real estate agents to conduct property sales online. Trained and certified Agents upload properties to the platform. Potential buyers are then able to view these properties. Those who wish to participate in a sale campaign can register and bid online through the platform via a web browser or mobile app.
Competing bids for a property are disclosed on the platform to participating qualified bidders. This provides all bidders with price transparency, allowing them to make an informed decision about improving their bid. Through these processes, Openn Negotiation provides transparency of market price and a consistent process for property sales.