The Aussie listed property tech company says the production integration, training programs and support systems in the North American market are now 85% completed.
According to Openn’s (ASX:OPN) executive management team, a full commercial launch will occur in the first quarter of 2023 as current pilot partnerships continue to provide the potential to roll-out the company’s technology to more than 210,000 realtors.
OPN offers real estate agents a proprietary cloud-based software platform, helping them to sell property online with greater transparency.
With the company’s proprietary software now live in the US, usage will continue under pilot conditions during the December quarter.
Prepping the path for commercial launch
“The launch and transaction flow in the live environment is a significant milestone,” Openn North America president Duncan Anderson says.
“Importantly, this event triggers a series of steps that de-risk and prepare the path for commercial launch.”
Transitioning pilot profile to real world usage
Boston-based real estate group RE/MAX Revolution entered a pilot program with Openn in the December 2021 quarter, which was conducted through focus groups and beta testing in pre-production versions of the software.
Feedback from that process was then used to test and evaluate Openn’s value proposition for the North American market, as well as design the feature sets needed for commercial success.
“The transition in pilot profile from focus groups and beta testing to real world usage is a clear indication that the US and Canadian products are nearing commercial rollout,” Openn North America director of operations Eric Bryant says.
“It’s an encouraging sign that the North American real estate market is ready for transparency.”
Integrating with the Canadian Real Estate Association
Separately, OPN has also integrated its products and systems with the Canadian Real Estate Association (CREA) with the potential to become offered within the REALTOR.ca property sales website – Canada’s most popular and trusted real estate website.
With more than 516 million visits each year and 1.9 billion unique property page views in 2021, REALTOR.ca provides up-to-date listing information for residential and commercial properties in Canada.
Pilot programs are on track to expand agent participation and progress into live environment transactions during the December quarter.
This article was developed in collaboration with Openn Negotiation, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
