My guest in this episode is Peter Gibbons CEO of Openn Negotiation. That’s Openn with two Ns, a West Australian sales negotiation platform that creates competitive, private treaty sales. Now Openn’s special sauce is that it uses the psychology of an auction in a digital environment while offering the control of the private treaty process. As we discuss in this episode with the COVID-19 lockdowns continuing and increasing in some states, there’s now more need than ever before for agents to be transparent with buyers and to look at ways to create even better experiences for sellers.
(01:26): The Openn Negotiation elevator pitch
(01:49): The role of the agent with Openn and the problems that it solves for agents, buyers and sellers.
(03:15): How a lack of transparency in the real estate sales space creates a lack of trust.(05:08): How a former investment banker got into proptech and the role of red wine in the idea.
(06:05): Isn’t Openn an auction platform? Peter explains why its not.
(07:26): How the platform works and the elements that agents can control.
(09:09): Adoption levels and charging model
(11:26): What the data that Openn captures tell us about the sales process and buyer intent and how agents and other industries can use that.
(15:05): The competitive landscape of negotiation platforms.
(16:37): The psychology of auctions and how they apply to Openn
(18:22): How agents and sellers can decide which offer to accept.
(20:03): The social proof that comes from a transparent process and how it supports strong offers.
(21:47): Adoption levels during Covid.
(23:08): How Openn can work with ‘off market’ properties.
(25:28): The success of Openn and their focus on the Australian market.
(27:15): Can an Aussie business with a reputation for being about property auctions expand overseas?
(29:16): Pete’s insights into the next five years of real estate.
(30:42): The blossoming proptech scene in WA.
(31:31): The future of Openn