Buyers browsing for homes online may soon be able to keep track of purchase offers made on properties by the minute.
The Canadian Real Estate Association (CREA) recently announced its plans to launch a pilot project that will display real-time tracking of offers on Realtor.ca listings. Openn Offers, an offer management software by Australian prop-tech company, Openn Negotiation, will be integrated on Realtor.ca as part of the project.
The pilot will begin this summer in select markets across the country.
“Multiple offer scenarios have become increasingly commonplace in today’s real estate environment,” said Michael Bourque, CREA’s Chief Executive Officer, in a press release. “Canadian property buyers and sellers seek greater confidence in the process, while Canadian realtors seek tools to enable and more easily manage these situations. We’re very excited about the potential of this pilot to address both.”
CREA said that Openn Offers is the “latest in a series of initiatives to deliver meaningful data points to the site.” Over time, Realtor.ca has introduced website features for users such as transaction history including sold data, agent reviews and neighbourhood statistics.
The Openn Offers cloud-based platform uses streamlined digital contracting and communication tools to provide homebuyers with real-time feedback on how much competition there is between offers and where their price stands in the negotiation, which will produce “an optimal sales outcome.” Openn also says that it plans to launch a 60- to 120-day pilot with Triangle MLS (TRIANGLE) in North Carolina with a group of 20 to 100 real estate agents.
“Through six-plus years of development, execution, and innovation in the Australian market, we have proven that both the real estate professional and consumer benefit greatly from enhanced transparency,” said Duncan Anderson, executive director of Openn and president of Openn North America. “We are thrilled by the opportunity to partner with CREA to introduce Openn Offers to the Canadian marketplace.”
The conversation around purchase offer transparency has been playing out in Canadian politics as of late.
During the 2021 federal election, Prime Minister Justin Trudeau campaigned on the creation of a Home Buyers’ Bill of Rights that would put an end to blind bidding, where buyers do not know what other parties are offering on a property. In the 2022 budget, it was confirmed that the Minister of Housing and Diversity and Inclusion would engage with provinces and territories over the next year to create the bill.
“This opportunity is well-timed and well-suited for our market,” said Jeff King, CEO of the Real Estate Board of Greater Vancouver (REBGV). “We are excited to participate in a by realtors for realtors solution that provides equality of access to information and facilitates increased transparency for the consumer.”
