Opendoor, one of the leaders in the iBuyer space, is testing a new program that involves co-listing properties with real estate agents outside of its organization.
The company has already identified a number of real estate firm it intends to partner with in the program, as it bids to expand its business model that offers a fully digital homebuying and selling experience.
Opendoor enables sellers to obtain an ‘instant’ (as in, within a few hours) cash offer on their property, and the sales can be completed without needing to market the home in the traditional sense.
The company’s latest idea differs from its traditional approach somewhat. Previously, its always listed the properties it owns on the MLS, using technology such as smart locks and sensors that enable buyers to tour the homes without a real estate agent being present.
With the partnerships however, Opendoor says it’s looking to “supplement” that approach so that real estate pros can host open houses in its homes. Under the partnership, Opendoor will provide listings it doesn’t want to purchase to its agent partners for a small referral fee.
Opendoor has been busy expanding its business this year and says it’s planning to be operating in 18 markets by the end of December, before expanding to 50 U.S. markets by the end of 2019. The company’s vision is shared by strategic investors, who’ve pumped more than $400 million into the company since its launch.