The Real Deal New York

Opendoor is testing co-listing agreements with agent teams

The startup is experimenting with a “preferred agent partnership” program
October 23, 2018 12:00PM

Opendoor is seeking to add agent teams across the country. (Credit: iStock)

Home-flipping startup Opendoor is testing co-listing properties with agents outside the company.

The company has selected about a dozen agent teams for its “preferred agent partnership,” Inman reported. The program gives Opendoor the prospect of more deals while the agents get the company’s referral fee and chance to market its for-sale property.

Opendoor is seeking to add agent teams across the country, the report said. The company wants to reach 50 markets by the end of 2020. It plans to be in 18 markets by the end of this year.

The new program is a shift in approach for the company. Opendoor previously listed homes on MLS sites on its own. It used tools such as smart locks and sensors to allow prospective buyers to see the homes without an agent present to facilitate. The company will still do that, but also give agents the option to host open houses.

As a part of the partnership model, Opendoor will also make homes it does not want to buy available to agents for a referral fee.

Last month, Opendoor made its first acquisition with its purchase of discount brokerage Open Listings. The deal meant that Opendoor would both employ buyer’s agents and also work with agents from other brokerages.

Opendoor recently snagged $400 million from SoftBank, bringing the company’s financing to $2 billion. The capital will help expand services and launch new products, the company said. [Inman]Meenal Vamburkar