What is Open Negotiation?
It’s a relatively new way to sell your property where buyers inspect it as normal and then if interested they register online, where they can place transparent bids that can be seen by any other buyers who are registered.
Its very much like an auction that is carried out over the internet, with a longer set period of time, usually with the same conditions that would be part of a private treaty sale- like being subject to finance and inspections with a nominal deposit being required.
Is It Worth Using to Sell Your Property?
I have already had a number of clients ask me this question…
I’m very progressive and love technology but only if it can improve the outcome for my client and be more efficient.
At this stage, it’s really more of a gimmick that turns more buyers off than it does attract.
Ultimately it seems more beneficial as a unique selling proposition for an agent to differentiate their services from others to win more business.
Follow the Market
Until such time that the public prefers it and I can be sure it’s going to capture the whole market out there and get a better result for my sellers, then I would suggest clients continue to use private treaty.
It’s similar with the use of Auctions here in WA, despite there being many great benefits to selling that way. Unlike over East, Perth Buyers are not used to them as the primary method of sale, so most are uncomfortable and shy away from properties being sold by auction.