Two years after launching its Agent Partner Program, Opendoor has introduced Agent Access, a new referral program that allows listing agents to earn a 1 percent commission for every seller who chooses to accept an Opendoor cash offer.
“Since our first partnership with agents over two years ago, we’ve been listening, learning, and building better relationships so we can provide the best possible experience for agents and their clients,” Opendoor General Manager of Agent Growth Will Holmes said in a written statement on Thursday. “We’ve made it a priority to invest in technology and partnerships that help agents focus on their clients’ needs.”
To join the program, agents must request an Opendoor cash offer through the Agent Access homepage and include their MLS ID. The MLS ID allows Opendoor to track closed transactions so agents can be credited.
The program offers four rewards tiers, including member (1 to 2 transactions), silver (3 to 9 transactions), gold (10 to 19 transactions) and platinum (more than 20 transactions). Each tier offers a 1 percent commission with options for bonuses from $1,000 to $10,000 for silver, gold and platinum agents.
Commissions will be paid from Opendoor Brokerage to the participating agent’s brokerage at the close of escrow; however, transaction bonuses will be paid at the end of the calendar year. Opendoor will also retroactively award agents points for their transactions from January until the start of the program, the company explained.
“In the most competitive housing market in a generation, and with record-low inventory and high demand among buyers, homes are flying off the market at a record pace,” Holmes said about the benefit of making an Opendoor cash offer an option for sellers and joining the program. “For the two-thirds of sellers who are also buyers, they have the daunting process of not just selling their home but also finding their next one.”
“And if their purchase is contingent on their home sale closing first, the process can be incredibly slow, stressful and uncertain,” he added. “In a recent Opendoor survey, 32 percent of sellers cited finding their next home as a top concern, only second to 36 percent of sellers who said price was their top priority.”
For agents who aren’t sure Agent Access will fit their business needs, Opendoor’s Agent Partner Program is still going strong two years after its debut.
With the Agent Partner Program, unrepresented sellers whose homes don’t qualify for a cash offer are matched with an agent partner to complete their transaction on the open market. Homebuyers can also be matched with an agent as well if they’re unable to find the perfect home through Opendoor. Agents pay a 1 percent referral fee at closing, a previous Inman article explained.
However, the company noted agents are barred from participating in both programs simultaneously. “This is separate from our Agent Partner Program,” an explainer read. “Agent Access is focused on helping agents refer listings to Opendoor, whereas our Agent Partner Program is for listing or buying with Opendoor. Opendoor Partner Agents are not eligible to participate in Agent Access.”
Opendoor will announce additional Agent Access program perks, such as professional development training and content, directly to program participants in the coming months.