Openn Offers Leads The Way By Solving Transaction Kinks In Real Estate

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Right now, the largest cohort of homebuyers in the United States is made up of Millennials and Gen Z’ers. It is important to acknowledge that most Millennials want to buy a home of their own. Home sellers should respect Millennials and meet them where they spend most of their free time–online, surfing the internet. Think of these potential buyers as the first two generations that have grown up on technology. These buyers are very comfortable browsing websites and interacting with apps. Many Millennials do not remember a time when the cell phone, and eventually the smartphone, was not a daily part of their routine. Almost anything physical, such as a newspaper, magazine, or map, has always been on their phone, literally, at their fingertips
The idea of printed documents seems foreign to them. “Read a map? Why would I need to read a map? I ask Siri how to get to my destination and she gives me turn-by-turn directions.” Or what about asking one of these tech-savvy people to physically sign a document? At the very least, they look for the signature pad and happily sign on the “electronic dotted line.”
 
So, how are Millennials and GenZ’ers supposed to buy a home considering how off-putting printed documents can be?  What about all of the documents and disclosures that are necessary during the home-purchase process? Aren’t there legalities and compliance measures that force everyone to physically sign (using actual paper) documents? No, not anymore. Technology has made accommodations for most of those ancient measures. And what’s more, Millennials really want to buy a home; they just aren’t sure how.
 
No, not anymore. Technology has made accommodations for most of those ancient measures. And what’s more, Millennials really want to buy a home; they just aren’t sure how.

 

Openn understands that the members of these tech-forward generations do not necessarily need to accept a standard offer package during the home-purchase process. They simply can’t understand that they must wait for a package to arrive overnight (imagine the pressure of waiting 24 or 36 hours) or even wait for a document to arrive from a FAX machine. Some members of this generation are surprised they even need to wait for an email to arrive. Many of them expect to interface with a webpage or app to express their interest in a property or to apply for a loan.

Openn never thought twice about building a home purchase platform to make offers and accept offers from potential buyers. On the Openn platform, both buyers and sellers can see the transaction in real time. With Openn, a qualified buyer makes an offer, sees the competing offers and resubmits another offer, or steps out of the process, if necessary. Throughout the process, potential buyers can determine how their offer stacks up against the others. The seller monitors the offers and they accept or reject each offer.

This is a natural process that is entirely safe and protected. No one sees a name or any identifying information. The property address and attributes are plainly available. The potential buyers are all pre-qualified for the property (meaning they have the funds to purchase the property or, if necessary, they have qualified for a loan). From there, it is all about the offer, the price, the concessions (if any), and the time period to close the deal. 

When a home sale transaction is taking place on the Openn platform, no attention is paid to gender or race. The marital status is not in question; whether the buyer is single or married is not considered. There are no questions asked of the potential buyer about their previous homeownership. The platform does not favor an investor over a first-time buyer. None of those characteristics are part of the determining factors during the offer and acceptance process. 

The seller, with the help of a licensed real estate agent, considers all of the offers that are presented by licensed real estate agents. Ultimately, the seller selects the offer that meets their financial expectations. 

With Openn, any seller can interact with any buyer until the negotiation process is closed. That’s the point. The process is Openn to all and the transaction is fair and free of mountains of paperwork. It is a simple transaction that is discrimination-free and completely compliant. No need for multiple signatures throughout the process. Buyers can enter the process and stay in the running until the price is determined by both parties.

No waiting. No debating. Fair, equitable offers continue to move through the platform until the seller finds the best offer that meets their needs.

Millennials and Gen Z’ers are not surprised by this technology. Older generations might be astonished that no one is asking for multiple signatures or several supporting documents. That’s fine. If buyers and sellers trust the process and have confidence in their real estate professional, this technology will be embraced. It’s about time for a fair, open and transparent home sale. Welcome to the new way to buy and sell real estate. Openn is leading the way.
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