In this guide, we'll cover the different offer settings available in Openn. As a Listing Agent, you'll determine these settings for Buyer Agents when you add a listing in Openn, specifically within the Property tab and the Instructions tab.
1. As you upload your listing, you'll have the opportunity to choose which options you want to share with the buyers and buyer agents, including showing the offer value, the ranking of each offer, and which offers are unconditional (i.e. offers with zero contingencies).
Below is a brief description of each option:
- Allow Observers: This allows buyers and sellers to observe 'live' offers that are submitted. Observers must be invited to join as an observer by the Listing Agent in order to gain access to this feature. Please note: Observers have limited viewing options and cannot see information such as offer values, buyer contact information, or offer documents. The 'Allow Observers' option is automatically selected by default and must be unselected if you choose to not allow observers on your listing.
- Show Offer Value: This option lets you decide if you want to show the actual dollar amount of every offer to every buyer agent and buyer that submits an offer.
- Show Offer Ranking: This allows buyer agents to see how their offer ranks against all other existing offers in the negotiation.
- Show Unconditional Offers: This option indicates which offers have zero contingencies (e.g. all cash, no inspections, etc.)
- Show Offer Submission Countdown: This appears beneath the Offer Submission Deadline. If you select this option, the buyer agent will see the countdown from the Offer Submission Deadline. Please note: You are not required to set a deadline and can sell the property at any time.
Once you've launched your listing, the offer settings will display on the property page under "Transparency Settings" for all participants to view, as shown below.
1. As you continue uploading your listing, you'll be able to determine which details the buyer agents must provide when submitting an offer.
You might be asking yourself: what do the choices mean (mandatory, optional, and hidden)?
Let's take escalations as an example:
- If you select "Mandatory", the buyer agent is required to provide whether or not their client's offer is subject to an escalation clause.
- If you select "Optional", the buyer agent will not be required to provide an answer, but will have the option to respond.
- If you select "Hidden", the buyer agent will not be prompted to provide a response (i.e. questions about escalations will not appear at all when the buyer agent is submitting the offer details).
Note: Some features shown in this guide may not appear exactly as shown - and in some cases may be deactivated - due to the features and settings for your particular account.