Real estate agents utilizing MoxiPresent for their listing presentations in certain markets will soon have the ability to include a quick-close, all cash-offer from Opendoor.
The partnership between MoxiWorks and Opendoor is the second for the latter, a well-funded iBuyer startup, which partnered with W+R Studios last year on a similar offering.
“MoxiPresent has already helped agents win over 10 percent of the listings in the U.S. last year, and adding Opendoor’s innovative technology will make it even better,” York Baur, the CEO of MoxiWorks, said in a statement.
“MoxiWorks is about helping agents be great, and that means serving as a trusted advisor to clients as they contemplate the sale of their home,” Baur added. “Opendoor allows the agent to offer choice, and help the consumer choose the path that gets them the best outcome for their situation.”
MoxiWorks is a real estate technology startup with more than 340,000 agent clients, according to the company. The company offers MoxiPresent, a listing presentation and comparative market analysis, as well as website, customer relationship management tools and others.
Opendoor has continuously become more aggressive in partnering with real estate agents. Outside of the W+R Studios partnership, in April 2018, the company launched a program called Opendoor Agent Partner, which refers some of its seller clients to partner real estate agents outside of the company when the property falls outside Opendoor’s buy-box.
In July, 2019, Opendoor also announced a partnership with real estate brokerage Redfin in both Atlanta and Phoenix. In those two markets, Redfin now lets prospective sellers use its website and mobile apps to request an all-cash offer for their property directly from Opendoor, or a free meeting with a Redfin real estate agent, where the agent will present two selling options: 1) the Opendoor all-cash offer or 2) an estimate of how much Redfin could get if the seller wanted to list with the brokerage on the open market.
In 2019, Opendoor paid $133 million in commissions and referral fees to real estate brokerages. In 2018, it paid out only $50 million in commissions and referral fees. The company attributes the new tools and programs offered to agents as the reason for that growth.
Agents who refer clients to Opendoor ultimately have two options: Negotiate a traditional listing agent commission with the seller — who will also be paying Opendoor a transaction fee that averages 7.1 percent — or forgo the listing agent commission and receive a 1 percent referral fee from Opendoor.
The partnership will be live with participating brokerages in Sacramento, Austin and Raleigh-Durham, with plans to expand to additional markets in the future.