Online Confidence

With Lyn Cox

HOW CONFIDENT WOULD YOU BE IN MAKING AN OFFER ON YOUR NEXT PROPERTY ONLINE?

It is a question I’ve asked myself a lot lately as one home after another in my neighbourhood has been purchased by people who have never set foot on the block.

Making an offer on a home without seeing it in person can help you move quickly in a competitive market. Helping the buyer is technology that can give you enough information to make an informed decision remotely. The out-of-town and out-of-state buyers who can’t quickly get to inspect a property in person have better options than they did before.

In many instances, it has been the buyers who could do a virtual walk through or look at video and pictures of a property and decide it meets their needs, who have had the edge and secured the home.

SO, WOULD I TRUST MAKING AN OFFER ONLINE?

First, I’d have to know exactly where I stood with my finances. Then, I’d use online resources and take a good look around the neighbourhood, gathering information about everything from demographics to the local council’s policy on dogs. I’d research the market for recent sales and current listings. ‘Mouse hunting’, I’ve heard it called.

I know that with today’s technology, I can just about click my way through almost every step of a property purchase but, for me, the agent on-theground would remain my best friend when it came to the hard questions. Not only would they be my eyes, but I’d want them to hold my hand if I was making an offer on line.

In August last year, Australian-listed property technology company, Openn Negotiation Limited (Openn) signed a partnership agreement with RE/MAX Australia. Openn is a simple, seamless and technologically advanced system designed to bring an unprecedented level of transparency to the process of buying and selling real estate online. Through the platform, buyers can participate from anywhere in the world, in complete privacy. All you need is a device with an internet connection.

Buyers can bid multiple times – and simply stop bidding if they decide the price is too high and they see what is happening throughout the entire process. Because all buyers go through a stringent qualification process, each participating buyer knows their competition is legitimate. Seeing how many other buyers there are and where your price ranks gives you confidence in the value of the property in real time.

From the perspective of the seller, who get to approve all qualified buyers, Openn keeps you informed about your property, getting real-time notifications every time buyers bid, increase their price, or withdraw.

With that information, sellers can be more confident in their property reaching the maximum market value. Buyers can participate and compete for your home from anywhere in the world.

And through Openn, the sale process can be run like a private treaty or auction over a short, defined time. The choice is yours.