Openn Negotiation

Openn is a platform that facilitates real time communication and negotiation in a property transaction. Openn Negotiation combines flexibility of a private treaty with the transparency of auction price discovery. Openn Offers supports a traditional private treaty process with improved transparency. Openn Tender allows buyers to submit tender offers digitally before a set deadline for the agent and seller to review. It was launched in Australia in 2016, and has seen significant growth largely due to COVID-19 restrictions on traditional home inspections and on-site auctions.

Operations
The Openn platform has been built with the intention to offer multiple sales methods for property transactions. Openn Negotiation is the primary product offering and sales process – it combines the flexibility of a private treaty with the transparency of auction price discovery.

Functionally, the Openn platform provides agents with a tool to facilitate real time communication and negotiation between all stakeholders in a property transaction. The platform provides additional benefits to agents such as digital contracting, data retention and integration to agency customer relationship management (CRM) systems to promote efficient work processes and improved outcomes for their customers.

Openn Negotiation's online bidding platform is transparent for buyers, sellers and agents.

Since 2017, Openn Negotiation has sold $4.95 billion worth of property in Australia.

Voluntary Administration
On 6 May 2024 Openn advised the ASX that Richard Tucker and John Bumbak, of KordaMentha, have been appointed administrators to the company to “maximise the chances of continuing in existence”. If this isn't achievable, Openn says the voluntary administration will result in “a better return for the creditors and members of the company than would result from an immediate winding up of the company”.

Partnerships and integrations

 * August 2021 – CoreLogic onthehouse.com.au
 * April 2022 – The Canadian Real Estate Association REALTOR.ca

Awards

 * March 2021 – United States National Association of Realtors REACH Program

Patents

 * Australian Patent – 2017280108
 * US Patent – US 11,250,498 B2