Australian-listed property technology company, Openn Negotiation Limited (ASX:OPN) has entered into Pilot Agreement with US Multiple Listing Service (MLS) organisation, Broward, Palm Beaches and St. Lucie Realtors, Inc. (BeachesMLS).
Under the agreement the companies will conduct a pilot programme for the Openn platform with BMLS and its members, and prepare for launch of the platform.
The agreement is through the company’s wholly owned subsidiary, Openn North America Inc. (Openn NA).
We are truly grateful to the Beaches MLS team for their support and guidance. Their message to Openn is consistent with feedback from across the USA and Canada,” Duncan Anderson, Executive Director and CTO of Openn and President of Openn North America, said.
“Consumers demand transparency and there is a material unmet market need for agent-to-agent collaboration tools.
“Openn resolves both, and our market entry is well timed. Partnering with BeachesMLS involves systems integration, product validation with member agents and planning for commercial launch. This is now our 6th pilot programme with partner organisations and brings total member access to around 256,000 agents.”
Eric Bryant, Openn North America Director of Operations said Broward, Palm Beaches and St. Lucie Realtors,Inc. / BeachesMLS and Openn is a partnership that provides great opportunity to learn from one of the premier Realtor Associations in the country.
“There is a new wave of buyers and sellers that are hyper-connected and want to be involved in the entire transaction. This tool also strengthens the relationship with Realtors and their customers, allowing another level of transparency. As a result, this industry trend gives all parties a streamlined process that displays all offers so deals can move quicker.” said Dionna Hall, Chief Executive Officer of BeachesMLS.
Under the Pilot Agreement, the Pilot will operate for an initial period of up to 6 months, during which Openn NA. and BeachesMLS will test and evaluate the potential market fit and demand for the Openn platform with Beaches MLS members.
The groups will work together to obtain feedback on the platform from real estate professionals throughout south east Florida.
The parties will explore, through the Pilot program, a longer-term agreement for ongoing collaboration with a view to expanding the roll out of Openn Offers to the BeachesMLS Region and integration into BeachesMLS MLS system platforms; Corelogic/Matrix and FBS/Flex.
Either party may terminate the Pilot Agreement at any time by giving the other party 30 days written notice. The Pilot Agreement otherwise contains various provisions considered customary for an agreement of this nature, including warranty, liability, intellectual property, publicity and confidentiality provisions.
At this stage, an accurate estimate of revenue generated from the Pilot is not able to be assessed as there are no commercial terms in place. There are no financial commitments, implications or licencing arrangements under the Pilot Agreement and there is no consideration payable.