The international real estate data giant CoreLogic has announced that its Australian real estate portal site OnTheHouse now has online auction bidding on some of its property listings.
The feature will allow portal browsers to submit a bid along with purchase terms from a section housed on the portal's property listings pages. The tool is a collaboration between CoreLogic and the ASX-listed auction platform operator Openn Negotiation.
Dirk Miller, General Manager, Real Estate Solutions for CoreLogic, said the new integration is in response to consumers demanding more convenience and transparency during property negotiations, as well as positive engagement with Openn’s online auctions campaigns that were integrated with OnTheHouse in 2021.
“OnTheHouse visitors told us that missing price/value information, along with general bidding, negotiation and competition pressures, are the most frustrating parts of the buying process. Openn Offers with OnTheHouse is an innovative partnership that helps solve this pain point and enhances the home buying and selling process for our agents, vendors and consumers."
Sean Adomeit, Chief Executive Officer of Openn, said the inaugural integration with OnTheHouse had helped boost visibility and engagement with auction campaigns run through the Openn platform, with the prop-tech confident its solution for private treaty sales will be just as well received.
"Real estate listing portals play a pivotal role in enhancing awareness and engagement for the campaigns conducted by agents using our platform. We've evolved from fostering understanding and acceptance to a tangible demand for digitally empowered sales.”
“Buyers, sellers, and agents have not only grown more at ease with digital sales methods but actively seek them out for the convenience, transparency, and efficiency they offer. As a result, agents partnering with Openn and OnTheHouse will empower homebuyers to effortlessly view, bid, make offers, and purchase new properties with just a few clicks."
Openn claims to have facilitated over 12,000 property sales since its launch in 2016 and is one of several startups offering online auction integrations to real estate portals. The new feature is described as "ground breaking for Australian real estate" and the larger portals that OnTheHouse competes with may well be taking note and planning their product pipelines accordingly.
Like Australia, the Irish real estate market sees a relatively high percentage of auction sales. Leading Irish portal Daft.ie recently built its own on-portal bidding platform while two Irish auction bid specialists Offr and Beagel offer their services to real estate portals.