Opendoor, an “iBuyer” that makes quick offers on homes and can close in days, is gearing up to expand to Orlando and Tampa, Florida.
The expansion will mean squaring off in new markets against competitor OfferPad and Zillow Instant Offers, an iBuyer marketplace that includes OfferPad but excludes Opendoor.
Opendoor, which has raised more than $300 million in funding, recently posted job openings for general managers in both Tampa and Orlando.
The hires “will lead a cross-functional team to drive growth, ensure a delightful customer experience for both sellers and buyers, and oversee efficient daily operations that produce beautiful homes, as quickly and efficiently as possible,” the postings say.
Responsibilities will include overseeing spending on homes and marketing, building “processes that inspire trust” and representing Opendoor to the local press and industry partners.
Real estate experience is considered a bonus qualification for candidates.
Opendoor did not respond to a request for comment on its expansion plans for Tampa and Orlando.
Opendoor competitor OfferPad has already gained traction in Tampa and Orlando.
OfferPad started buying homes in the two markets around a year ago, and has listed or sold over 200 properties in them, according to multiple listing service (MLS) data provided to Inman. In Tampa alone, it’s currently “securing around 100 homes a month,” according to OfferPad CEO Brian Bair.
Orlando is also one of two markets — the other is Las Vegas — where Zillow Group is testing Zillow Instant Offers, a pilot program that allows homeowners to quickly sell their homes to institutional investors. (OfferPad is one of those investors, but Opendoor is not.)
Zillow Instant Offers has been a “great partner” to OfferPad so far, said Bair, who used to be one of the country’s most productive real estate agents.
Bair confirmed that OfferPad has purchased properties through Zillow Instant Offers but declined to comment further when asked if the program had meaningfully increased demand for OfferPad.
Zillow Group told Inman it has not expanded Zillow Instant Offers beyond Orlando and Las Vegas, and declined to disclose the number of homes sold through the program so far.
Both Opendoor and OfferPad are currently purchasing homes in Phoenix, the Dallas-Fort Worth area and Las Vegas.
In November 2016, Opendoor reportedly was hoping to expand to 10 cities in 2017.