Zillow, which largely exited iBuying after losing its shirt, has entered into a partnership with its former rival. Open door This could dramatically change the situation for both companies and change how homes are sold in America.
By partnering with the nation’s largest iBuyer, home sellers can use the platform to seamlessly request an Opendoor offer to sell their home, Zillow says.
“At Opendoor, we’re working to transform what is often considered one of the most stressful times in life – moving home – into an easier, safer and faster e-commerce experience,” said Andrew Low Ah Kee, president of Opendoor. he said in a statement. “By bringing together Zillow’s market-leading audience and Opendoor’s e-commerce platform, more consumers have the option to sell to Opendoor and save themselves the stress and uncertainty of a traditional sales process.”
According to Zillow, Opendoor offers are available on Zillow, and customers can use the service as a stand-alone offering or bundle it with other Zillow home marketing services such as financing, closing and agent selection. The companies also said Zillow customers can work with a “licensed Zillow consultant” to help them understand different home selling options.
Zillow receives a referral fee when a customer sells to Opendoor, and typically customers who choose to sell are connected to a Zillow Premier Agent Partner.
“We know choice is important to customers and when they look at all their selling options up front – including selling on the open market – they can make the best decision Zillow Premier Agent Zillow’s chief operating officer Jeremy Waxman said in a statement that the acquisition of a partner and financing. “This unique partnership combines Zillow’s audience and product power with Opendoor’s sales solution in one easy place, so customers can evaluate their selling options and easily package them with other Zillow services to buy and finance their next home.”
This announcement comes days later. Federal Trade Commission Opendoor announced a $62 million fine for deceptive business practices, iBuyer said ended in 2019.
Opendoor on Wednesday announced the launch of a new product called “Exclusives,” where homes are listed on Opendoor 14 days before they are listed on the MLS.
Properties listed on the platform are on a first-come, first-served basis, eliminating bidding wars and price negotiations. Prospective home buyers can book and fill out a contract for the home entirely online. According to Opendoor, home buyers can back out of the purchase at any time and receive a full refund of the actual cash deposit.
According to Opendoor, when a home is listed as “Exclusive” it is offered at a lower price than it is listed on the MLS, but not within a 14-day window. The company agrees with the assessment.
Currently, the program is live in the Austin, Houston and Dallas-Fort Worth metropolitan areas.