- The company said its various pilots have been progressing well
- Three more pilots will provide access to some 180,000 more realtors
- Other revenue opportunities included monetising data and analytics
Proptech company Openn Negotiation (ASX: OPN) has announced it is in detailed pilot planning with three additional MLS groups. The company said the planned pilots are expected to tap into markets that include over 175,000 real estate agents.
Earlier this year, OPN announced pilots in Canada, Northern California/Bay Area, and North Carolina.
OPN said in a statement that: “The Company now considers it has sufficient breadth of pilot access to cover the needs of the broader market and is focused on consolidating these learnings into the first commercial release.
“The Company will update the market in relation to any material information related to its pilots should they occur.”
In the company’s market launch strategy, it stated the work completed with REALTOR.ca has laid the bedrock for a significant opportunity for scale adoption.
OPN said it will complement the potential for scale adoption by offering all Canadian agents a basic version of Openn free of charge, with a premium version opening up options for automation, performance management, market insights, and lead generation tools.
Subscriptions, OPN said, is expected to be between CA$40 to CA$60 (A$44 – A$66) per month per user, with other, more comprehensive packages available.
Canadian Real Estate Association’s (CREA) CEO Michael Bourque said: “Multiple offer scenarios have become increasingly commonplace in today’s real estate environment.
“Canadian property buyers and sellers seek greater confidence in the process, while Canadian REALTORS seek tools to enable and more easily manage these situations. We’re very excited about the potential of this pilot to address both.”
Among other opportunities, Openn said it was investigating the idea of monetising property sales data and analytics as the company’s market share grows in various geographical markets.
The company is also in discussion with significant users of aggregated analytics in the US and Canadian markets.
These opportunities range from high level risk modelling to property level automated valuation support.
Measure of success will be commercial agreements with at least one major finance industry brand to support the development of analytical tools for commercial use.
