Opendoor’s Partnership With eXp Officially Goes Live

Key Takeaways:

– Opendoor and eXp Realty have launched a partnership to provide cash offers to eXp agents representing homesellers
– Agents can type the seller’s address into eXp’s ExpressOffers platform to receive a preliminary offer from Opendoor
– Agents can refer sellers to Opendoor or represent them in deals with the iBuyer
– The partnership aims to streamline the process for agents and make cash offers available to eXp Realty’s nearly 90,000 agents
– The iBuyer sector has experienced challenges in recent years prompting companies like Opendoor to focus on partnerships for growth

inman:

The companies’ integrated technology will streamline the process to make Opendoor cash offers available to eXp’s tens of thousands of agents.

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After nearly five months, Opendoor and eXp Realty revealed Thursday that their new partnership is live and available to tens of thousands of agents.

The partnership will provide Opendoor cash offers to eXp agents representing homesellers. According to a statement from the companies, agents can type their seller’s address into eXp’s ExpressOffers platform, then answer a few additional questions. They’ll then receive a “preliminary offer” from Opendoor within the platform. If they want to proceed, they’ll be directed to the iBuyer to continue with the process.

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The statement adds that agents can either refer their sellers to Opendoor or represent them in deals with the iBuyer. The statement did not say how much Opendoor will pay, but did note that “within days of closing” agents “will be eligible for a commission and Agent Access points for additional rewards.”

The two companies first announced a partnership in early October. At the time, eXp revealed that the move represented a pivot for ExpressOffers to focus on just one partner company. When the platform first launched in 2019, it pulled offers from multiple iBuyers. However, major players in the space, such as Redfin and Zillow, have since bowed out, leaving only Opendoor and rival Offerpad as the remaining major iBuyers.

The winnowing of the iBuyer field captured the relatively hard times the sector has experienced. Though fast and tech-enabled cash offers were once hailed as the future of real estate, the higher rates, slower price growth, and low inventory of 2022 and 2023 prompted a debate within the industry about the future of iBuying.

The leaner times of the last two years have subsequently prompted iBuyers to get more creative, including by focusing on partnerships such as the one with eXp.

For its part, Opendoor reported earnings earlier this month and revealed that it lost $91 million in the fourth quarter of 2023. That was a marked improvement over the loss of $399 million one year earlier.

In Thursday’s statement, the companies revealed the launch of the partnership will make cash offers “officially available to eXp Realty’s nearly 90,000 agents.”

Ellen Pool

The companies also pointed to eXp agent Ellen Pool, who said in the statement that “once I went into the portal and said that my clients had accepted the Opendoor offer, it was the smoothest, easiest process after that.

“The Opendoor option will be part of every single one of my listing presentations going forward,” Pool added. “You never know what someone’s going to say yes to until you ask them.”

Email Jim Dalrymple II


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Property Chomp's Take:

is a commonly used element in HTML that is used to group together and style elements on a webpage. In this case, the

element is being used to organize and present information about a new partnership between Opendoor and eXp Realty.

The article explains that the integration of technology between the two companies will streamline the process of making Opendoor cash offers available to eXp’s tens of thousands of agents. This partnership allows eXp agents to easily access and present Opendoor cash offers to homesellers through the ExpressOffers platform.

The article goes on to detail how agents can input a seller’s address into the platform, answer a few questions, and receive a preliminary offer from Opendoor. If the seller decides to proceed, they will be directed to Opendoor to continue the process. The article also mentions that agents can either refer sellers to Opendoor or represent them in deals with the iBuyer.

Furthermore, the article discusses the background of the partnership, mentioning that it was first announced in early October. It highlights the shift in focus for eXp’s ExpressOffers platform from multiple iBuyers to just one partner, in this case, Opendoor. The article also touches on the challenges faced by the iBuyer industry in recent years due to factors like higher mortgage rates and low inventory.

Overall, the

element in HTML is being used effectively in this article to present information about the Opendoor and eXp Realty partnership in a clear and organized manner. It demonstrates the importance of using

elements to structure content on a webpage and make it more visually appealing and easy to navigate for readers.

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