Shaun O'Callaghan of One Agency Surf Coast had to break a deadlock of offers on a Torquay property which he did by using Openn Negotiation.
After more than four weeks on the market 42 Price Street, Torquay, Victoria had two buyers and no way of breaking the stalemate.
It was a dilemma that Shaun O'Callaghan of One Agency Surf Coast knew he had to solve.
With both buyers being unconditional and unwilling to increase their offer of $1.2 million, the choice as to who should secure the Torquay property wasn’t simple.
For this reason Mr O'Callaghan turned to Openn Negotiation to extract the higher price needed in this multiple-offer scenario.
42 Price Street, Torquay sold on Openn Negotiation thrugh One Agency agent Shaun O'Callaghan. Photo: One Agency
“It was an awkward situation,” said Mr O’Callaghan.
“Because who would be blamed for them missing out? It would be my fault.
“The vendors were really clear that $1.2million was the mark and that was the price both buyers put forward.
“Both buyers felt pretty confident they were the front runner and therefore a decision should be made on the spot.”
By converting the private treaty listing to an Openn Negotiation campaign, the interested buyers would have the ability to compete transparently online.
When Mr O’Callaghan explained this option to his sellers they immediately felt it was the fairest way forward.
“They said to me ‘We don’t want someone to miss out due to the smallest of margins’,” said Mr O’Callaghan.
He uploaded the listing to the Openn Negotiation platform and got one of the buyers to put in a bid at $1.2million - the price both buyers initially put forward as their best and final.
Mr O’Callaghan set the Final Bidding Stage for the property to be the very next day and, after 35 minutes of competitive bidding, the property sold for $1,255,000.
The sellers watched the final bidding state in real-time from their home and were delighted with the result.
“They were over the moon,” said Mr O’Callaghan.
“At the end of the process a text message came through from them saying ‘This is phenomenal’.”
What is Openn Negotiation?
Openn Negotiation is Australia’s trusted property sales platform — combining components of traditional selling methods and technology to allow greater transparency, flexibility and ensure the best possible sale outcome is achieved.
Managed by a real estate agent, an Openn Negotiation is conducted entirely online, where pre-contracted buyers can start bidding from day one. The leading bid can be shown on all real estate advertising portals - even if it is lower than what the seller wants.
The sales process is very flexible as vendors can choose to allow buyers with conditions to participate and bring the final bidding stage forward to sell the property quickly.
All bids are binding, so once the hammer has fallen, the auctioneer has the authority to sign the final contract and complete the sale.
To learn more about Openn Negotiation, head here.
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