Openn Negotiation Ltd (ASX:OPN)’s patent for its online real estate sales system has been issued by the United States Patent and Trademark Office (USPTO).
Confirmation of patent number US 11,250,498 B2 from USPTO was received on March 30, 2022, with the date of the patent being February 15, 2022.
The patent for Patent Application No. 16/311989 was made by its wholly-owned subsidiary, Openn Tech Pty Ltd.
The priority date for the accepted patent was established by the original Australian application filed on June 23, 2016.
Patent details
The patent was accepted by USPTO on December 9, 2021.
Essentially, the patent covers the kinds of real estate sales processes enabled by the Openn platform, where agents facilitate the sale process between seller and buyer.
The US is considered the largest real estate market in the world, valued at US$2.5 trillion per year.
Property technology company
Openn Negotiation is an Australian property technology company.
It is developing a proprietary, cloud-based software platform that supports real estate agents while selling property online with greater transparency.
The Openn platform facilitates a negotiation process, featuring streamlined digital contracting and automated communication tools, which enhances a property transaction.
In turn, the solution provides buyers with real-time feedback through their device on how much competition exists and where their price stands in the negotiation in a bid to better the outcome of the sale.