Online auction vs traditional campaign

BY OPENN

DOES SALES METHOD REALLY MAKE A DIFFERENCE?

New properties hit the market every day, competing for buyers' attention. Some properties will outperform their counterparts due to a number of factors, including location, condition, price and marketing.

But what if the sale circumstances of the listings were almost identical?

Two similar properties listed 3 days apart in the same price range, with the same agent and marketing budgets, recently had a stark difference in buyer interest. Both properties were beautifully styled and located within postcode 3217 –a popular Greater Geelong hotspot.

The biggest differentiator?

One property was being sold via a traditional private treaty sales method, while the other was being sold via Openn’s transparent online auction method, Openn Negotiation.

The Result

The difference in property views and enquiries is compelling:

• Property page views:

796 (Private Treaty) vs 1,761 (Openn)

• Phone and SMS reveals:

0 (Private Treaty) vs 12 (Openn)

• Email enquiries:

3 (Private Treaty) vs 10 (Openn)

Continued over page

The Openn Negotiation sales method allows bids to be accepted from as early as day one, and the current bid is able to be revealed on all online portals. This unique feature has proven time and time again to be a powerful tool for igniting interest for properties, as buyers benefit from the transparency of the process.

In comparing the total views of the two properties on realestate. com.au, interest begins to increase again around day 12 for the Openn property. This is when the agent secured their first bid of $512,000, which was advertised online and provided confidence in the demand for the property, inspiring more buyers to get involved. A total of 5 qualified bidders participated in the online sale, which culminated in the property selling for $685,000 on day 18. At the time of writing, the other property remains on the market.

The Openn platform’s consistent ability to help both sellers and the buyers get the best outcome is what makes it such a powerful tool in any market condition.

Ultimately, no two properties are the same and there are a number of logical and emotional factors that can influence the outcome of a property sale. However, when faced with a scenario where the sale circumstances are comparable, but the results vary so extremely, it is hard to ignore the role sales strategy plays in achieving the best possible result.

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