Realtors Express Concerns Over Open Offers Implementation

Image by : unsplash

Realtors in Canada are expressing concerns about the implementation of the Open Offers system on Realtor.ca. Open Offers, developed by Open Negotiation, is aimed at increasing transparency in the negotiation process by providing real-time tracking of offers. The system has been operating as a pilot project since last fall and is expected to be launched soon. However, some real estate boards, such as the Calgary Real Estate Board, are opposing the adoption of Openn Offers without input from local boards, stating that it goes against how they do business in Alberta. They argue that the focus should be on training realtors rather than relying on technology.

Openn's goals for the Canadian market are ambitious, aiming to capture at least 10% of the market within two to three years and have 25,000 subscribers by the end of 2024. Openn has already made an impact in Australia, where it has been used by 4,000 agents and facilitated over $5.3 billion worth of property transactions. Openn's transparency-driven approach has been successful in some Australian markets, improving efficiency and reducing time on the market for properties. The company believes that transparency provides better-informed buyers and sellers, leading to more efficient market outcomes.

Openn offers a subscription-based model in Canada, with the premium version costing about $50 per agent per month. The premium version includes in-depth analytics and additional lead opportunities for agents and agencies. Openn also aims to work with real estate boards to drive better decision-making at the policy level, potentially impacting policymaking with the help of data captured by the platform. Openn sees the opportunity to monetize data by providing market analytics to consumers, policymakers, and developers, allowing them to analyze sales and identify pent-up demand.

Read the full article on: REAL ESTATE MAGAZINE