- Openn has incorporated a US company, and appointed a Director of Operations
- The US market was one the company had set its sights on
- Openn also released a free private treaty version of its online negotiation tech
ASX-listed proptech Openn (‘OPN’) has been in operation for five years in Australia, but has always set its sights on the US market.
The recent listing on the stock market has provided the funds to make its move stateside, and in appointing a US Director of Operations, Eric Bryant, as well as incorporating a US company “Openn USA Inc” they are well on their way.
According to a statement from Openn, Mr Bryant brings more than 25 years’ experience in the industry, joining the company from First American Data & Analytics, a wholly-owned subsidiary of First American Financial Corporation (NYSE:FAF) where he is currently the National Accounts Director.
Previously, Mr Bryant led his own national real estate technology consultancy, a role that included several years as host of the radio talk show ‘Keeping it Real Estate’. He will start his role with the Openn on 9 September.
“The US offers a market opportunity of approximately 4.8 million private residential property sales per annum. The scale of market size, combined with the interest we’ve
been receiving for Openn generally, makes it the perfect time to build our US presence and capabilities.
Peter Gibbons, Openn MD
“The gap analysis and initial value proposition phase of the pilot program is complete, the technical work currently underway now is focused on preparing the legal framework, product features and user training for first production transactions under pilot conditions in calendar Q4. The current plan is to launch the commercial release of Openn into the US market within first half of 2022.
“Eric’s strong skill set and vast experience in the US market brings immense value to our American expansion program and to Openn as a whole as we continue to pursue our strategic objectives,” he said.
Openn has also announced that Executive Director and Chief Technology Officer, Duncan Anderson, has been appointed to the Openn USA Inc. board as President Director in addition to his current roles and responsibilities.
In addition to Duncan, Openn’s other executive directors, Peter Gibbons and
Darren Bromley, have also been appointed to the board of Openn USA Inc.
Last week, the business released a new (free) version of its service in Australia – Openn Offers – to deal with private treaty sales. Up to now, the Openn system had been used where all pre-conditions were approved, and the only final clincher was price.
With the new version, a myriad of terms and conditions can be handled between the agent, buyer and seller(s).
Real estate agents can access unlimited free Openn Offers listings by attending a complimentary training session.
“From the outset, our vision was to provide agents with the ability to use Openn to conduct any method of sale,” said Peter Gibbons, Openn’s founder and Managing Director.
“We began with Openn Negotiation, our unique hybrid process combining elements of traditional auction and private treaty methods, and we’re incredibly excited to release a pure private treaty solution in Openn Offers.
“When private treaty is the best strategy for a property, Openn Offers is an efficient way to manage multiple offers and provides sellers with the flexibility to accept any offer, at any time.”
Openn Offers was initially distributed to selected agents in May 2021 on a trial basis.
Brad Scott, Principal of Smart Real Estate, participated in the Openn Offers trial and ran several successful sales using the process.
Notably, his campaign for 8 Quambone Street in Worongary QLD had 45 qualified buyers participating, with a total of 68 offers made, before selling for $1.46 million in eight days.
“I had appraised the property between $1.1million and $1.2million, and the buyer was cash unconditional, so my vendors were thrilled,” said Mr Scott.
With multiple offer scenarios common in the current market, Mr Scott said the Openn Offers process helps agents manage offers more efficiently and maintain positive relationships with buyers.
“The Openn app keeps buyers informed every step of the way. At all times they can see how many buyers there are and where their own price ranks,” he said.
“It’s much more transparent than the alternative and gives them confidence to make the decision to improve their price, or let it go.”