This ‘proptech’ is transforming the way we buy and sell homes

Almost every industry has been forced to pivot and adapt to the increasingly digital world in the wake of COVID-19. Self proclaimed ‘proptech’, Openn Negotiation (ASX: OPN) offers a platform for the real estate industry to operate online.

The Openn cloud-based software platform supports real estate agents to sell properties by facilitating negotiation, contracting and communication to provide the best possible sales outcomes for the seller, buyer and real estate agent.

Since their ASX debut in mid June of this year, the Company has been making headway through partnerships with other real estate agencies such as RE/MAX, Ray White and LJ Hooker. The latest link to be added to the chain is the Professionals Group, a leader in the Australian real estate market.

The partnership will incentivise the Professionals to use Openn’s platform by uploading their listings and completing the sale of properties online for their clients.

David Crombie, CEO of the Professionals said: “The partnership comes after a substantial increase in activity within the property sector and follows a period where the industry has been forced to pivot the way it executes sales, given the restrictions imposed because of the COVID-19 pandemic.”

Managing Director of Openn, Peter Gibbons also commented, saying: “The Openn platform facilitates a real-time, online negotiation process to achieve true, current market value for a property, through the creation of competitive price tension.”

“As demand for property continues to rise and buying a home becomes more competitive, it’s more important than ever to offer solutions that the agent, seller and buyer can benefit from. The Professionals Group aligns with this philosophy and, as a company, aims to stay ahead of the game and offer the best outcomes for their clients.

“Our partnership with Professional allows their agents to provide both sellers and buyers a transparent and unique sales process on a successfully proven platform that delivers results.”

As at July 29, 2021, the platform had five record months with strong property upload numbers each month bringing the total number of properties uploaded each year to 3,000. The Company is aiming to eventually see 21,750 uploaded per year within the Australian market. The Company has also launched a pilot program in the US as an enabling tool that enhances the current sales process to assess the suitability of Openn in a different market.