Openn Negotiation Ltd (ASX:OPN) is confident its new partnership with Australian property focused payment and cash flow solutions group, Realty Assist Australia Pty Ltd, will improve user experience and increase market share.
The collaboration signals the proptech’s broader intention to partner with complementary third-party property technology groups and will further Openn’s ambition to develop deeper data sets for future monetisation.
Realty Assist is a fast-growing property technology business that facilitates efficient settlement of agents’ commissions and vendor-paid advertising costs. The underwriting of these payments and fees substantially reduces financial risk for agents and has propelled the company’s rapid market growth.
Software and market information integration
The deal will see the integration of the two companies’ software, and their combined market sales information will provide future commercial data analytics opportunities.
Realty Assist’s access to vendor information complements Openn’s deep understanding of buyer behaviour and together they create an aggregated database of substantial value to enterprises wishing to leverage vendor and buyer activity.
The agreement will also allow Openn and Realty Assist to cross-market their products to a combined network of real estate agents and offers substantial commercial potential for the two companies and their stakeholders.
Openn managing director Peter Gibbons said: “As two of the fastest growing proptech businesses in the Australian and New Zealand markets, it makes perfect sense for Openn and Realty Assist to join forces for this powerful collaboration.
“Both groups help to improve the experiences of buyers, sellers and agents in property transactions in different ways and this collaboration allows us to help each other grow market share.
“We’re always excited to partner with ‘best-of-breed’ technology groups and see Realty Assist as a great brand for Openn to work alongside for mutual benefit.”
Novel proprietary software
Openn aims to improve transparency in real estate transactions for the benefit of stakeholders via the company’s novel proprietary software.
The technology has been rapidly adopted in the Australian and New Zealand (ANZ) property markets, with more than $5 billion worth of sales transacted via Openn since 2016.
The company remains focused on capturing a 5% market share for all residential property transactions in the Australian market by June 2024.
Achieving this level of penetration will generate an in-depth statistical set of data which can create multiple revenue streams.
What’s next for Openn?
Openn intends to address a significant unmet need to provide valuable data for the ANZ property sector.
The company is also moving on the lucrative North American proptech market and has multiple pilot programs underway with listing service groups in the USA and Canada.