Openn and Canadian Real Estate Association launch platform integration

Property tech player Openn Negotiation and the Canadian Real Estate Association (CREA) have launched their platform integration for the general market.

Following the recent soft launch, the Openn platform and REALTOR.ca integration has been released to the general market across Canada, providing access to more than 160,000 real estate agents across the country.

REALTOR.ca is the ubiquitous online real estate listing platform in Canada – that country’s equivalent to Australia’s realestate.com.au. Owned and operated by CREA, REALTOR.ca attracts some 240 million visits per year, amongst the highest traffic for any Canadian website.

While the percentage of REALTOR.ca agency members who will subscribe is yet unknown, Openn Negotiation (ASX:OPN) expects the revenue impact of subscription fees, partner integrations and data analytics to be material.

In addition to agent or broker subscription fees, the company intends to generate revenue through partner integrations and data analytics.

Clear pathway to revenue in North America

The transition from start-up to revenue generation is now underway, with subscription revenue from agent users commencing in the second half of 2023.

“It’s enormously satisfying to announce this commercial rollout in partnership with the Canadian Real Estate Association,” North American president Duncan Anderson said.

“This transformational achievement is the culmination of a rigorous testing process and extensive integration which provides us with great confidence that we can roll the Openn products out en-masse to a very large North American market.

“Importantly for the company, the heavy lifting is over. The expensive build stage is over. The team transitions to an operational setting with lower costs and clear pathway to revenue.”

Transparency for Canadian property market

Openn’s transparency enabling property technology software delivers transparency to Canadian consumers buying and selling property, with REALTOR.ca operating as Canada’s largest and most trusted online real estate marketplace.

“Together, REALTOR.ca and the Openn Offers platform can help solve the perceived lack of transparency in the sales process that many consumers, governments, and REALTORs have been vocal about, and we want to do this in a way that will continue to keep our REALTOR members at the heart of the transaction,” REALTOR.ca vice president Patrick Pichette said.

The platform will display offers processed through the Openn platform to provide transparency and rapid education of the Openn process to the Canadian consumer at mass scale.

This article was developed in collaboration with Openn Negotiation (ASX:OPN), 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.