New Opendoor program gives agents big bonuses

Agents can earn additional commissions for each referral made in a year

Opendoor's Eric Wu and Will Holmes (Twitter, LinkedIn, iStock)
Opendoor's Eric Wu and Will Holmes (Twitter, LinkedIn, iStock)

Agents working with Opendoor can start seeing more money in their pockets.

The country’s largest iBuyer just launched a new program that offers agents additional commissions when they refer transactions to the platform, Opendoor announced Thursday.

Opendoor Agent Access gives agents exclusive training and content to help them expand their business, according to a blog post by William Holmes, general manager of agent growth at Opendoor. It also comes with monetary perks.

On top of the commissions agents receive from their clients, they can also receive a 1 percent commission fee for representing a seller to Opendoor, a practice the platform has followed since November 2020 when the new program was still in the works, Holmes said.

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Opendoor Agent Access goes a step further, giving agents an additional bonus for each transaction they refer to Opendoor in a year.

“This is our way of acknowledging their contribution to the customer and to Opendoor and facilitating it,” Holmes said.

Agents receive an additional $5,000 bonus on the third and 10th transactions they refer to Opendoor, and a $10,000 bonus on the 20th transaction. Smaller bonuses in the $1,000-$1,500 range are given for transactions in between.

While any agent can join the program, those who have worked with Opendoor recently can already start taking advantage of it, Holmes said. The program works retroactively, meaning those who have referred transactions to the platform this year-to-date can already reap the benefits.

Opendoor has been on a roll in recent months, having just expanded to six additional markets in June not long after it surpassed 100,000 transactions in its seven-year history.