New Pilot Project in the Works for Real-Time Tracking of Offers on Homes

Published November 28, 2022 by Real Estate Leads

One of the most troubling aspects of our overheated housing market for would-be buyers is how it can be difficult to stay on top of what the most recent highest offer is on a home, and this can be especially true when offers are coming in fast and furious. That is pretty much the norm in Vancouver and Toronto areas where real estate is hot and it seems to have been by and large insulated from the dips seen elsewhere in the country simply based on supply and demand.

The majority of real estate agents that will be working with prospective buyers are going to be conscientious and diligent realtors, and they’ll be doing their best to navigate the firestorm of offers that may be coming in for a home that their clients are very much hoping to buy. But it can be hard for both them and the individuals who are wishing to be new homeowners but facing the stiff competition that is standard if you’re aiming to buy a home in a popular metro region of Canada.

There’s a potential fix on the horizon coming out of Australia for that, and one that like so many these days really leverages new digital technology. What also leverages this type of technology is our online real estate lead generation system here at Real Estate Leads, and what it can do for realtors is make it more likely they have more of those clients to be working with in the first place. It does that very well, and so many agents have already gotten on board and have their leads doing well when it comes to growing a client base for their real estate business.

Let’s take this week’s entry to look at this new Openn Offers software and what it can do to give your clients an advantage when working through

Right As They Come

Looking at it simply, Openn Offers is a digital version of the current offer and acceptance process used in Canada. It gives buyers and sellers and their realtors near real-time feedback on where any offer may stand on the property and this means realtors like you are better equipped to facilitate the negotiation process with better transparency and equality for consumers while providing realtors with an efficient solution to manage offers.

It also looks to have a lot of potential for multiple-offer scenarios. As the offers come in and are being managed in the software, elements of the offer details will become visible on and what this app does is automate the current process so that any written offer can still be subject to conditions within an agreed-upon due diligence period. Which makes it so that it is NOT like an auction.

Instead it is a better setup for the back-and-forth negotiation on the price between interested buyers and the sellers that should occur naturally.

Anyone making an offer will still be required to complete and sign a fully binding contract facilitated by a realtor. Prospective buyers must have their identity checked and verified, with buyers and sellers having confidence that each offer they see is linked to a legally binding contract.

Better Transparency + Bidding Advantages

This technology looks like it may have serious potential for empowering the consumer with more transparent information surrounding real estate transactions and to reinforce the legitimacy of the offer process, especially for multiple-offer scenarios. The belief is that it will also do well for demonstrating realtors’ commitment to protecting public and client interest in a fair and informed real estate market. At the same times, it should ensure transactions are handled in a way that is balanced between the interests of buyers and sellers.

The developer states this software should ‘help keep realtors at the heart of the transaction’ with a good balance between instructions from their seller and local regulatory requirements. Openn Offers will have back-end controls in the system to allow for displayed information that is suitable for different provinces across the country.


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