App to sell houses
IT has been likened to the eBay for selling houses, with predictions 10 per cent of all home sales will be using a new WA-designed app in a year.
Forrestfield-based real estate agent Aaron Lane from Professional Stirling Clark said the app, called Open Negotiation, was an open and competitive online auction that was proving popular with sellers.
“The only way to achieve a great result in any real estate market is to have multiple people who all want to buy the same home,” he said.
“The app allows sellers to pre-approve terms and conditions and allows the buyers to then participate in Open Negotiation.
“The approved buyers are then able to bid for the property in an online auction where they are able to see what the other parties are offering. Approved buyers are asked to submit an opening bid, with the first opening bid setting the advertised price for the property.
“If a higher opening bid is submitted then this becomes the new advertised price.”
Mr Lane said Open Negotiation was a good option for buyers and sellers.
“The auction takes place four weeks after first launching the marketing, which helps keep days on market down for sellers because we all know that after four weeks properties get a stigma and people think what’s wrong with it,” he said.
“On the flip side, buyers often miss out on properties they love when purchasing through traditional private treaty sales and can miss out on their dream home by only a few thousand dollars because they didn’t know how much they needed to pay to be the most attractive offer.
“Buyers have confidence they are paying true market value as they can see there are other genuine interested parties and their bids, rather than having to guess.”
Mr Lane said the new system was already gaining popularity.
“The Open app was launched four months ago and there has been more than $55 million transacted.”
Seller Noel Harland and agent Aaron Lane .