	{"id":68535,"date":"2020-05-07T04:53:16","date_gmt":"2020-05-06T17:53:16","guid":{"rendered":"https:\/\/timesnewsgroup.com.au\/ballarat\/?p=68535"},"modified":"2020-05-05T14:37:57","modified_gmt":"2020-05-05T03:37:57","slug":"new-buying-and-selling-method-underway-in-ballarat","status":"publish","type":"post","link":"https:\/\/timesnewsgroup.com.au\/ballarat\/news\/new-buying-and-selling-method-underway-in-ballarat\/","title":{"rendered":"New buying and selling method underway in Ballarat"},"content":{"rendered":"<p>A THIRD major option for buying and selling homes in Ballarat is been launched.<\/p>\n<p>Known as Open Negotiation and run online or via smart phone app, the system is essentially a mid-way point between a traditional auction and a private treaty sale.<\/p>\n<figure id=\"attachment_68537\" aria-describedby=\"caption-attachment-68537\" style=\"width: 169px\" class=\"wp-caption alignright\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-68537\" src=\"https:\/\/timesnewsgroup.com.au\/ballarat\/wp-content\/uploads\/sites\/9\/2020\/05\/nestor-web-169x300.jpg\" alt=\"\" width=\"169\" height=\"300\" \/><figcaption id=\"caption-attachment-68537\" class=\"wp-caption-text\">Daniel Nestor, director at McGrath Ballarat. Photo: FILE<\/figcaption><\/figure>\n<p>McGrath Ballarat director Daniel Nestor recently became accredited to operate the process in the city.<\/p>\n<p>\u201cIt\u2019s a flexible terms auction,\u201d he said. \u201cWhat that means is a bidder can bid with terms or conditions in place.<\/p>\n<p>\u201cIn a traditional auction sense you would turn up on the day and be required to bid unconditionally, which means at the fall of the hammer if you are the highest bidder you\u2019ll be required to pay a 10 per cent deposit on the spot and the contract of sale is unconditional.<\/p>\n<p>\u201cWith Open Negotiation you don\u2019t need to be an unconditional bidder. When you submit you offer via the online platform you submit the terms or conditions that are attached to your offer.\u201d<\/p>\n<p>Along with a price and closure length terms, offers might often involve conditions like finance approval and building and pest inspections. They are the kind of things normally included with a private treaty type sale.<\/p>\n<p>Once submitted the conditions are considered by the vendor who decides to accept them or not. If it\u2019s thumbs up, the buyer\u2019s terms are then included in subsequent offers.<\/p>\n<p>Open Negotiation was launched in Perth during the mining downturn where it saw clearances of properties that had been sitting on the market for significant amounts of time.<\/p>\n<p>It\u2019s also been successfully operated by the McGrath office in Geelong for about 18 months.<\/p>\n<p>Mr Nestor said the process was developed following frustration with the two traditional ways of selling property, and that\u2019s where the other element of Open Negotiation comes in, you know where you stand when bidding.<\/p>\n<p>\u201cIt works for the buyer because there is absolute transparency around the offers that have been made,\u201d he said.<\/p>\n<p>\u201cSo if a buyer was to miss out on purchasing they would only have themselves to blame because they knew where the best offer was.<\/p>\n<p>\u201cThe reason it works for a vendor is obvious. When you put a property to competition that\u2019s what drives price.<\/p>\n<p>\u201cCompetition breaks records in the pool, and on the track and it\u2019s what gets you the best price for your home. When you\u2019ve got multiple people competing against one another, as opposed to against the vendor, that\u2019s when you end up with the best possible result.\u201d<\/p>\n<p>Kelly Dubberley currently straddles both sides of the fence.<\/p>\n<p>He and his family have been looking for an acreage property on Ballarat\u2019s south-eastern fringe to be closer to his job in Geelong, while at the same time looking to sell the former family home and current investment property in Tress Street, Mount Pleasant.<\/p>\n<p>Mr Dubberley said his experience trying to buy via the private treaty process had been frustrating with limited opportunity for him to put his best offer forward.<\/p>\n<p>\u201cWe\u2019ve probably looked at 10 different properties and out of those there\u2019d be six that we put offers in on and we\u2019ve had three different agents say they only give you an opportunity to put one offer in,\u201d he said.<\/p>\n<p>\u201cSo you\u2019ve basically been made you put your first and final offer, and that\u2019s it. There\u2019s no negotiating. With three of those 10 properties we would have come back and gone a lot higher, they were just the perfect fit for us as a family.<\/p>\n<p>\u201cI actually don\u2019t believe the vendors know that some agents are actually doing it that way. You want to get the best value for your number one investment. If I was in that position, I\u2019d be absolutely filthy that agent didn\u2019t do the best for me and go back and get them counter offering.\u201d<\/p>\n<p>When it came to selling his Mount Pleasant property, Mr Dubberley said the team at McGrath Ballarat approached him with the opportunity to use Open Negotiation.<\/p>\n<p>He said the trust and rapport he\u2019d developed with the team at McGrath, combined with his experience in trying to buy made the decision an easy one.<\/p>\n<p>\u201cDan approached us and said there\u2019s this new thing and floated the idea with me and my wife, Stacey, and I said let\u2019s go with that, 100 per cent,\u201d he said.<\/p>\n<p>\u201cIt\u2019s different and new, and without bitching about some other real estate agents, the way that we\u2019ve been treated is ridiculous.\u201d<\/p>\n<p>For more information check out Open Negotiation via <a href=\"http:\/\/openn.com.au\"><strong>openn.com.au<\/strong><\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A THIRD major option for buying and selling homes in Ballarat is been launched. Known as Open Negotiation and run online or via smart phone app, the system is essentially a mid-way point between a traditional auction and a private treaty sale. McGrath Ballarat director Daniel Nestor recently became accredited to operate the process in [&#8230;]<\/p>\n<p><a class=\"btn btn-secondary understrap-read-more-link\" href=\"https:\/\/timesnewsgroup.com.au\/ballarat\/news\/new-buying-and-selling-method-underway-in-ballarat\/\">Read More&#8230;<\/a><\/p>\n","protected":false},"author":141,"featured_media":68536,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[7],"tags":[],"post_folder":[],"class_list":["post-68535","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>New buying and selling method underway in Ballarat - Ballarat Times<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/timesnewsgroup.com.au\/ballarat\/news\/new-buying-and-selling-method-underway-in-ballarat\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"New buying and selling method underway in Ballarat - Ballarat Times\" \/>\n<meta property=\"og:description\" content=\"A THIRD major option for buying and selling homes in Ballarat is been launched. 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