In an auction, a buyer will place a bid at an increment above the previous bid however, in an Openn Offer campaign the increment set by the agent is a minimum value that a buyer can improve on their own previous offer.
It is not dependant on the value of offers placed by other buyers.
|In this example to the left of an offer timeline, the minimum increment value is $5,000 and price transparency is turned on.|
Buyer 3843's first offer was $285k so the next offer Buyer 3843 makes has to be at the minimum increment of $5,000 or more and therefore their next offer is $290k.
If another buyer comes in at this point, they will place their starting offer at whatever value they choose and then each improvement will be at the minimum increment or above.
For example, a new buyer entering at $350k now, will mean their next offer will need to be $355k or more. The existing buyers do not improve on this offer but on their own offer.
|Copy and paste the below template to send to buyer to explain how the minimum offer increment affects them.|