Online property sales platform Openn has entered a commercial arrangement with CoreLogic that will see its software further integrated into CoreLogic’s onthehouse.com.au website.
The announcement follows a trial arrangement first announced in 2021, with the new agreement to see several of Openn’s products offered to CoreLogic’s subscriber database.
This new commercial arrangement has now been expanded to allow several of Openn’s products to be offered to CoreLogic’s subscriber base of more than 9000 real estate agencies.
The deal will see CoreLogic promote Openn products to its users.
Openn offers products that facilitate online auction, tender and private treaty sales.
onthehouse.com.au is a property research website which provides information about homes for sale, apartments for rent, market insights and trends to help consumers with decisions about where and when to buy, sell or rent.
Openn Chief Executive Officer, Sean Adomeit said that while the final details of the product integration were being “teased out” it was likely that it would see the expansion of the number of Openn products available on the onthehouse.com.au site.
“What our existing agreement entailed was an integration of our auction based platform into CoreLogic, which resulted in some pretty compelling results from their perspective in regard to increased impressions, time on page, and users returning on the basis that they find live interaction pretty exciting, relative to what else is available globally today,” he said.
“We’ve got a pretty tight product schedule over the coming months.”
Openn Managing Director, Peter Gibbons said the agreement would assist the company in achieving its market share goals.
“This is a material expansion to the previously announced pilot integration with onthehouse.com.au and CoreLogic,” Mr Gibbons said.
“Since listing on the ASX in July 2021, we have articulated a pathway to achieve five per cent market share in the total addressable housing market in Australia and New Zealand.
“This collaboration will help to deliver on this goal which will in turn, open up significant opportunities with regard to use of the unique, real-time data that Openn’s technology enables.”
The announcement follows news in 2022 that the company had secured a pilot agreement with two major North American real estate groups.
The agreement saw the company pair up with Canada’s largest single-industry trade association, the Canadian Real Estate Association (CREA), and North Carolina-based multiple listing service, Triangle MLS.
The agreement involved plans for Openn’s offer management software ‘Openn Offers’ to integrate with the REALTOR.ca website.
Mr Gibbons said that the latest agreement with CoreLogic was a testament to the technical advancements these pilot programs had allowed.
“The development of the commercial relationship between CoreLogic and Openn is clear evidence that the ‘behind-the scenes’ work being done by our technical team on several pilots announced domestically and in North America in the last 12-18 months will result in meaningful financial outcomes for Openn,” he said.
CoreLogic Executive, Product, Data and Analytics, Tim Jenner said that the deal follow a 12-month evaluation period.
“Our team has collaborated with Openn over the last 12 months in evaluating and integrating the Openn software into our systems,” he said.
“We are now ready to provide onthehouse.com.au users with a unique software solution, which we believe will transform the property sales experience for buyers, sellers and agents, keeping the agent at the heart of the transaction.”
He predicted the partnership would add another dimension to the research products CoreLogic is able to provide.
“CoreLogic aims to provide our users with leading-edge property analytics and transparency into the property transaction and Openn’s technology will undoubtedly enrich our suite of research tools and reports,” he said.
“We’re incredibly excited about the huge commercial opportunity that Openn’s unique data delivers.
“We are a group with unparalleled access to property market participants and professionals and we anticipate that our partnership with Openn will help to deliver transparency to the real estate industry”.
