Back to humans? Opendoor program will refer some sellers to partner agents

They’re asking agents to apply

National /
Apr.April 10, 2019 10:00 AM
The “Opendoor Agent Partner Program” will refer some seller clients to partner real estate agents outside the company (Credit: iStock)

The “Opendoor Agent Partner Program” will refer some seller clients to partner real estate agents outside the company (Credit: iStock)

Opendoor CEO Eric Wu said in March that agents needed to face up to automation and accept an “adviser” role. Now it looks like the company is pivoting back to humans.

The iBuying start-up announced a new program Tuesday that will refer some of its seller clients to partner real estate agents outside the company, Inman reported.

The “Opendoor Agent Partner Program” will refer sellers whose property falls outside Opendoor’s requirements for all-cash offers to “Agent Partners,” the company announced in a blog post. The new program is the result of four years of consultation with agents, Opendoor said in the post.

While Opendoor’s requirements for an all-cash buy vary depending on the market, they generally purchase houses valued between $100,000 and $500,000, built after 1960 and located on a maximum lot size of half an acre, according to their website.

Agents who want to partner with Opendoor won’t pay upfront for the referrals, the company said, but will pay a referral fee when a sale closes. The fee averages one percent of the property sale price, unless otherwise noted in the agreement, Inman reported.

The announcement of Opendoor’s new program comes as rival company Zillow pivots from an advertising-driven model to home flipping through Zillow Offers.

Earlier this year, Opendoor removed the “Buy It Now” button from its website and app, following complaints from realtors outside the firm.

In September 2018, Opendoor got $400 million in funding from Japanese conglomerate SoftBank. They acquired Open Listings, a discount brokerage that offers homebuyers a 50 percent rebate on a buyer’s agent commission, allowing the company to employ buy-side agents and work with agents from other brokerages. [Inman] – Decca Muldowney


Related Articles

arrow_forward_ios
Eric Gordon
Eric Gordon on the evolution of the residential data game — and how to stay competitive in the new world
Eric Gordon on the evolution of the residential data game — and how to stay competitive in the new world
Big Tech locations in NYC
MAP: Here’s a look at all the Big Tech locations in NYC
MAP: Here’s a look at all the Big Tech locations in NYC
What will proptech look like in 2019 and beyond?
What will proptech look like in 2019 and beyond?
What will proptech look like in 2019 and beyond?
Zillow's Rich Barton and Opendoor's Eric Wu (Zillow Group, LinikedIn, Getty)
After iBuying debacle, Zillow partners with Opendoor
After iBuying debacle, Zillow partners with Opendoor
Metaverse real estate values are plummeting (Photo Illustration by The Real Deal with Getty Images)
Metaverse land prices down 80% in six months
Metaverse land prices down 80% in six months
From left: Opendoor CEO Eric Wu and FTC chair Lina Khan (Getty Images, Opendoor)
FTC slaps Opendoor with $62M fine for “misleading” sellers
FTC slaps Opendoor with $62M fine for “misleading” sellers
From left: Brivo's Steve Van Till and Crown Proptech's Richard Chera (Getty, LinkedIn/Steve Van Till, Crown Proptech)
Chera family fails to raise cash for Brivo proptech merger
Chera family fails to raise cash for Brivo proptech merger
Better CEO Vishal Garg (Getty, Scott Rosenthal, CC BY-SA 4.0 - via Wikimedia Commons)
SEC probing Better as SPAC deadline looms
SEC probing Better as SPAC deadline looms
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...