Well....., one bloke spruiking OPN shares (giving unlicensed financial advice, and who should be expecting a chat from ASIC some time soon), Real Estate Geelong is a one or two man band running about number 15 or 20 in the Geelong real estate market. Has a grand total of ONE (1) current listing on Openn. I'm sure they have been Openn supporters from time to time but as for coherent reliable analysis of Openn I don't think so.
The fact in the Openn business model was originally a "transparent auction style" using an online system. They have a stated aim of 5% of the Australian market. The fact is Domain have 150,000 properties for sale in Australia. Openn have 132 auction-style listings currently. Virtually NO Australian agents are using this mode. It is an absolute failure in Australia.
The bloke from Real Estate Geelong is incoherently rambling that OPN will somehow usurp realestate dot com. OPN have attempted to pivot to being a portal for real estate listings by private treaty. This enabled them to inflate their numbers for a while by counting such listings as if they are somehow equivalent to the original auction concept. But of course they are not equivalent. NO ONE will use Openn's portal to search for property.
Currently there are only 1670 listings in total on OPN This includes about 1400 so called "Openn Access" listings- these are simply standard real estate listings- There is no reason for any real estate agent to spend a cent on these as they offer no prospect of generating any enquiries. There is absolutely no reason why anyone would even think to use Openn to access these. 60% of people search realestate dot com ,35% search domain and 5% use the motley cavalcade of competitors such as onthehouse, allhomes, property dot com etc etc. Add Openn to this latter list.
It is very revealing that OPN's latest presentations have totally dropped any listing or revenue stats for the Australian Market, but are merely acting as if the company is a transferring it's hugely successful business model across the world.
It might happen but don't hold your breath (or take much notice of unlicensed investment advice).
OPN Price at posting:
5.8¢ Sentiment: Sell Disclosure: Not Held
(20min delay)